Guest blog post by David Bremer, Branch Manager for Shamrock Financial (NMLS# 22633)
It’s a common thought among potential home buyers – I can’t buy a home until I have enough of a down payment. Many think that this down payment must be at least 20% of the home’s sale price. While having a large down payment is certainly a great financial move, you don’t have to have this amount. For instance, you could be allowed to purchase a home with only 5% down, 3% down, or even nothing at all!*
Given the tightened lending practices, a 0% down payment sounds like a pipe dream these days. But there are people who are still eligible for this type of loan – military personnel, for example. Considering the sacrifice that they make to this country, it’s a little that can be given in return.
This special type of loan is known as a Veteran’s Administration (VA) loan, or VA loan for short. While it is provided by most lenders, the VA guarantees it. There are some of the benefits of a VA mortgage:
There are some points you need to be aware of:
Those brave men and women who are part of the American military are heroic people who willingly put themselves in harm’s way for the sake of their nation, democracy, and peace. Therefore, helping them out to purchase a home seems like a small but necessary way to show appreciation for their service. If you are a member of the American military and are interested in purchasing a home, contact Shamrock Financial or your lender about a VA mortgage – your dreams can become a reality.
*This blog is for information purposes only and is not an advertisement to extend customer credit as defined by Section 12 CFR 1026.2 Regulation Z. Program rates, terms and conditions are subject to change at any time.