Special offer

National News Forgets to Mention NO DOWN Payment VA Loans

By
Real Estate Agent with Coldwell Banker United, Realtors - Subsidiary of NRT LLC #0473270

Early this morning, around 5:30 AM, I was watching a national cable news network report on the state of the real estate industry recovery.   The main focus of this report was on the "fact that is is getting very difficult to buy a home" because:

"You MUST have a credit score of at least 720 to buy a home.
You MUST have at least 20% down payment to buy a home."

OR YOU ARE NOT GETTING A HOME AT ALL!


Now, this report and others like it, does apply to a certain group of home buyers.    But the situation is different at Ft. Hood, and I'd like to "TELL THE REST OF THE STORY!!!

At FORT HOOD,TEXAS, in the Killeen, Copperas Cove, Harker Heights area that serves so many members of the military armed forces, it is NOT true that it's hard to buy a home. 

No down payment VA loans drive this military market, and local lenders are highly experienced in helping buyers who want to use their VA loan benefit.

Local lenders tell me that, if you have a credit score of at least 620, and are eligible for a VA loan, you need NO down payment to buy a home. 

If you are not eligible for a VA Loan, you may qualify for an FHA loan.  This loan does require a down payment, but only 3.5% of your sales price, meaning on a $100,000 home, your down payment is only $3500.  

So take heart!  Don't believe everything you hear on the news or read in the newspaper or online. 

VA Loans are alive and well, require a reasonable credit score,  and require NO downpayment.

 

Mary Ann Daniell is a licensed Texas Realtor with over 11 years experience helping military families in PCS moves buy and sell homes in the Killeen, Copperas Cove, Harker Heights, Ft. Hood area of Central Texas.

Houses for Sale at Fort Hood TX

Comments (4)

Steve and Jan Bachman
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA
Realtors - Northern Virginia

Great post for our folks in the service Mary Ann. Remember when no one used VA? Now they are hot, hot, hot! Great terms and rates for all eligible vets.

Aug 13, 2010 07:24 AM
Gary Steuernagel ASSOC. BROKER, ABR, CRB
Keller Williams Southwest - Sugar Land, TX

Great Post, and not to forget the Texas Veterans Land Program and of course that the $8,000 and $6,500 tax credits are still available to veterans/military personnell that were/are deployed.

Aug 13, 2010 08:10 AM
Mary Ann Daniell Realtor
Coldwell Banker United, Realtors - Subsidiary of NRT LLC - Killeen, TX
Delivering Successful Results Since 1999

Hi, Steve and Jan - you are so right!   With the 100% conventional financing gone for the forseeable future, those VA loans are hot again.

Gary -  Thanks for reminding everyone that those tax credits are still available for certain military personnel who were deployed prior to April 30,2010!   And the Tex Vet Program is GREAT for buyers who want to purchase land!  I believe it's a 5% down payment right now, with great interest rates!

Thanks ya'll for stopping by and commenting!

Aug 13, 2010 10:32 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Don't forget a nice assumable and easy to streamline FHA loan also!  Buyers will be sitting on goldmines on FHA and VA loans when rates go up!

Aug 18, 2010 12:33 PM