In most cases there’s no required down payment with this program. If the price of the home is over the appraised value or higher than the VA loan limit you’ll need to pay a down payment.
Since the government sponsors VA home loans, there’s no Private Mortgage Insurance. As a result qualified buyers will experience lower closing costs and monthly payments.
VA loan rules limit how much a borrower pays in closing costs. This means you might end up paying less in closing fees than with other loan options. The program allows sellers to cover part or all of the closing costs.
