Have you ever heard of a “double zero down VA purchase mortgage”?
Neither had I until I read in the Everett Washington HeraldNet newspaper about this name given to the VA Loan program that qualified Vets can use to buy a home by the article’s author.
Let’s look more closely at what the author means by the double zero-down VA purchase mortgage.
For starters, the author appears to coin the VA purchase mortgage as “double zero-down” simply because of the features of the VA loan program.
The features of the VA home purchase mortgage allow for a qualified Vet to buy a home with no money down – yes – 100% financing.
Even after all the ruckus from the mortgage and real estate crash in 2007-2008 qualified Vets can still get a mortgage with no down payment. So this is the first part of the double zero-down – no money out of the Vet’s pocket for down payment.
Next, the second feature that makes up the double zero-down VA loan program: tremendous latitude in “seller concessions” towards the Veteran home buyer’s closing costs.
VA loans allow for a seller to contribute a considerable amount of money to the Vet homebuyer’s homebuying costs. Suffice to say, with what the VA allows for seller assistance a Vet can buy a home with no money out of their pocket. In fact, in some cases and with some lenders the Vet can even get their sales contract deposit returned to them depending on what they negotiate with the seller.
So the bottom line – if you are a Vet and you don’t want to spend any money check into getting a VA double zero-down mortgage to buy a home.
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