Tim Bradford 216-324-8113

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0% Down VA Loans

 Zero Down Mortgages for Veterans

The United States Department of Veterans Affairs (VA) offers zero down mortgage financing to qualifying veterans. The VA designed this mortgage, which is guaranteed by the Veterans Administration as a long-term financing option to eligible American veterans or their surviving spouses (provided they do not remarry). A veteran may request their certificate of eligibility from the Veterans Administration to determine if they are eligible for a VA mortgage. This mortgage type allows the qualifying veteran to purchase the residential property with no down payment. A funding fee charged by the Veterans Administration (ranging from 0 to 3.3% of the sales price) is typically added to the mortgaged amount. This loan type also allows the seller of the property to pay customary closing costs and pre-paids for the veteran. This allows most veterans to purchase the house with little to no money out-of-pocket.

The VA mortgage loan has follows general debt to income ratios.  All debts, including: the mortgage payment, installment loans, revolving debt, child care expense, alimony & child support are included in the debt to income ratio. In addition, this loan type requires the veteran to meet the residual income requirements as set by the VA. Residual Income is a calculation showing the remaining income after debts and expenses, which includes: taxes and utilities.

Currently, the VA offers zero down financing for qualified veterans up to FNMA's Loan limits  although this amount may be higher in designated high cost counties. Appraisals are ordered through the Veterans Administration and completed by licensed appraisers. The funding fee charged for this loan type is typically waived for disabled veterans. There is no mortgage insurance charged on a VA loan. Even though the Veterans Administration insures the mortgage for veterans, applicants must be qualified for the mortgage through a licensed mortgage lender. Credit history and acceptable credit scores will impact the ability to be approved for any mortgage type.

Additional Documentation needed for a VA loan includes the following:

• Copy of DD214

• Certificate of Eligibility

Preparing yourself to obtain a mortgage will eliminate potential headache and frustration. Having your house in order and using a reputable and knowledgeable lender experienced in handling VA mortgages will make your home buying experience a more pleasant event. Investigate the reputation and history of your lender. Talk to your family and friends about who they used for their mortgage financing. A personal referral from a friend or family member will create a higher comfort level. 


Timothy Bradford, Loan Officer
American Midwest Mortgage Corporation
6363 York Road, Suite 300, Parma Heights, OH  44130
Direct:  (216) 324-8113
Cell:  (216) 324-8113
Office:  (440) 884-5000 Ext. 269
Fax:  (440) 884-5034
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