No Down Payment Home Loan Options – Still Exist – Part 1

Mortgage and Lending with Strategic Mortgage NMLS#160440

This is part one of a two part series on something that many home buyers seem to think has gone away, but has not, the no down payment loan. As we have touched on in the past, with the proper qualifications and program knowledge, there are still many no down payment options available for home buyers in the current marketplace. The first of these no down payment options is one that has been around for a long time and will continue to be, the Veterans Administration Home Loan.


Now, of course the Veterans Administration backed home loan, is something specifically for active duty members and veterans of our nation’s armed forces. It is a specially designed program for these individuals and provides some of the best loan terms, rates and options around. Let’s look a little more at the purchase or refinance options available for the program.


First of all, when it comes to the purchase of a home, the Veterans Administration home loan provides for up to 100% financing, meaning that a veteran can put as little as a zero dollar down payment down to a purchase home. In addition, closing costs are permitted to be paid by the seller as well in a purchase, when using a VA loan, meaning that a veteran can get into a home for literally next to nothing. In addition, the credit standards are flexible, with generally only a 620 credit score or higher needed to qualify for a home loan and no monthly or annual mortgage insurance payments, such as in FHA loans or conventional loans with a less than 20% down payment.


Furthermore, when it comes to a refinance, which has become more and popular as home loan interest rates have dropped again, VA home loans provide many options. The most attractive of those options being the VA Irrl refinance program, which is a streamlined refinance that in many cases provides for no appraisal or just an automated value to make the refinance work. In addition, there is generally limited documentation needed and minimal fees as well. Making Veterans Administration refinance programs some of the best available.


Thus, when it comes to no down payment home loans, the Veterans Administration home loan program cannot be beat if you qualify as a veteran. Despite lower credit standards, more streamlined refinances and lower down payments, VA loans are some of the best performing loans around and will be here for many years to come as a benefit to our nation’s veterans.


For more information on  current home loan programs and options for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: or online at



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