| | Conventional | FHA | Veterans Admin (VA) | 5/1 & 7/1 ARM | CalPERS | Jumbo | | |
Veterans Administration (VA) |
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| The VA loan program for owner-occupied housing is one of the best loan programs in the free world. It is possible for a veteran to obtain 100% loans up to the current loan limit with absolutely no down payment and the seller or builder is allowed to pay all of the veteran closing costs, making the total cash required to purchase, in some instances, zero. If the veteran desires higher priced homes, he generally is required to make a down payment on the amount exceeding the current guaranteed loan limit. Generally, the Veterans Administration is a little more liberal than conventional lenders would be with regard to the veteran's credit standing and qualifying for the VA loan, although recent VA underwriting changes make the qualifying criteria similar to conventional mortgages. |