Home Buying 101: Department of Veterans Affairs Mortgage
Figure out your needs
Monthly cost of owning a home
Ideal Neighborhood
Financing Your Purchase
The FHA Mortgage
The Conventional Mortgage
The Adjustable Rate Mortgage
Phase 2: Looking
Looking at homes
Types of homes
Single Family Homes
Townhomes
Condminium
Twin Homes
Multi-Family Homes
Types of sellers
Traditional
Short Sale
Foreclosed
Researching A Home’s Public Information
Phase 3: Buying
Making an offer that counts
The Purchase Agreement
Buyer Letter to Seller
Inspections: Why get one?
Radon Testing
Sewer Line Scope Inspection
Fireplace Chimney Inspection
Mechanicals
Phase 4: Closing
Closing Costs Explained
Title Work
Appraisals
Underwriting
Utility Bills
Preparing for the Closing
The Closing
The DVA Mortgage
The DVA mortgage is for US Veterans. It is a mortgage program sponsored by the Department Of Veteran Affairs, hence the name. It provides some unique benefits to Veterans, namely a 0% down payment mortgage. Also, with certain levels of disability, veterans can waive a portion or all of the property taxes.
Pros:
- 0% down payment program
- No set minimum credit score
- No PMI required
Cons:
- Maximum loan amount may be too small for some homes in the area
- Only for Active Duty, or American Veterans or surviving spouses, or National Guard/Reservist members
- Has similar standards to FHA on work orders