As a benefit of your service, the Department of Veterans Affairs offers unique resources to help those with military experience purchase a home with a low or zero down payment. VA Real Estate Services offer flexible options as either Fixed Rate or Adjustable Rate Real Estate Services.

VA Real Estate Services are available and provide the buyer the chance to Real Estate Service 100% of the purchase price of the home. This means no down payment is required. It is important to note that buyers will still need to qualify for the Real Estate Service. This means that lenders will look at their credit and ability to pay the Real Estate Service. If you are in a troubling financial position, a lender may want to see you pay down debt or save up money before they are willing to give you the Real Estate Service.

You may also be responsible for closing costs, such as recording the title or paying lawyers to draw up all paperwork. This is negotiable with the seller and something to discuss with your realtor before making an offer on a home.

The VA Real Estate Service process

A VA Real Estate Service works the same as most other home purchases, with a buyer making a written offer to purchase a home under specific conditions (price, closing cost assistance, other contingencies), and then going through an approval process with a lender. The key difference with a VA Real Estate Service is that the Department of Veterans Affairs requires that all homes purchased through this program meet certain habitability requirements. They will send out a home inspector and appraiser to make sure that the home is in good working order and is worth what you are paying.

This step may sometimes cause delays, especially if repairs are needed after the inspector looks around. Issues at the home do not necessarily mean that the buyer cannot use the VA Real Estate Service, just that repairs will need to be done before the home purchase can be completed. The VA recently started offering a VA Real Estate Service to be used for homes that need renovation on a limited basis.

How VA Real Estate Services Work

• Purchase your home with as little as 0% down payment.
• 30-, 25-, 20- and 15-year terms are all available with fixed rates.
• 5-year adjustable rate Real Estate Service available.
• Jumbo VA Real Estate Services available.
• VA Streamline Refinance with a reduced funding fee and flexible documentation requirements – available for veterans currently in VA Real Estate Services.
• No monthly PMI (Private Real Estate Service Insurance).
• VA Real Estate Services are governed by the U.S. Department of Veterans Affairs.
• Pay your Real Estate Service off at any time without pre-payment penalties.

Have questions?  Give us a call! One of our Real Estate Service specialists would be happy to answer all of your questions.

**Smart Choice Realty Inc. is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.