$0 Down 100% Financing with a VA Loan for Boise Veterans
VA Loans
• Veterans are not required to put any money down on the first $806,500 loaned in Boise on a VA Loan (0% down and 100% financing).
• The VA Loan allows sellers to contribute up to 4% of sales price towards closing costs, pre-paid items, VA funding fee and tax reserves. This can even go towards paying off collections, judgements or leases at closing (in a competitive market this may need to be added to the sales price or paid by the VA buyer).
• Upon an accepted offer the VA buyer will deposit an earnest money as good faith for the purchase. This amount is typically 1-2% of the sales price. This will go towards closing costs and if unused be returned at closing to the Veteran.
• We recommend all buyers obtain a home inspection of the property. This is not required by the VA although it is used in negotiating potential repairs with the seller and gives a Veteran buyer a detailed report of the condition of the home. The VA has minimum property requirements for a VA loan and our team is experienced in identifying possible issues for our clients.
• The lender will order a VA appraisal of the home, and this will determine the value of the property and also show the lender that the home meets the required VA standards. (We help our buyers look for issues during home showings and inspections and can work with many sellers to correct items that may come up).
• Closing of a VA Loan in the Boise area is currently taking between 30-45 days from an accepted offer. We can speed up this process to as little as 15 days by completing inspections and ordering appraisal quickly.
• Veterans will need a minimum credit score of 580 and lenders may have additional requirements.
Multi-family 2-to-4-unit purchase transactions will also work with a VA Loan on owner occupied purchases up to $1,551,250.
• The VA Loan program is best with a fixed rate loan and lenders offers offer a 15 year and 30-year mortgage options.
• VA funding fees may be waived with a 10% or greater service-connected disability.
• Boise Veterans can obtain their Certificate of Eligibility by applying online or working with a local VA lender.
• Other terms and conditions may apply, contact your local VA lender for details.