Question by bobieduval904: I have a va home loan certificate for the amount of 30, cheap more about 000. Does the certificate serve as a down payment?
I am looking to purchase a home, cheap and i am unclear about the certificate i recieved from the Veterans office. Is the certificate for a down payment. How do i go about using the certificate. And what is the max on a VA home loan
Best answer:
Answer by Busy Lil Bee
Go to the Veterans Affairs website and enter your information it will give you the maximum loan amount. You nromally do not need a down payment with a VA home loan. Are you currently working with a VA Rep. on this and if so what have they told you about your situation? What does the VA certificate say exactly? Sounds like from what you have said – that VA Certificate would be your eligibility certificate. So when you are ready you bring that with you to the Bank or Mortgage Co. to get started with buying a home. A word of warning – VA can be very picky when they send in their experts to inspect the home you are bidding for. Expect that the older the home is – the longer the entire process is and it can be a big pain for both buyer and seller. Meaning if their inspectors (electrical, plumbing, etc.) see any possible needed repairs expect VA to demand those repairs be fixed before the deal goes through! Good luck!
What do you think? Answer below!
It is not a down payment certificate. It is your VA eligibility certificate that tells you lender you are an eligible veteran. As for the amount your lender can tell you that based on your credit/income etc. Not sure on max VA- it was in the $ 200,000’s- but your eligibility cert has some to do with it as well as debt to income ratio etc.