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Q814: Is it possible to get a loan from the VA to help with purchasing a new home? I have good credit (750+), I’ve been approved for a VA loan, but I have no money for the costs associated with buying a new home. I was told by loan officer I don’t have to put any money down, buy I still need money for closing costs, and other incidentals.
A1: VA does not loan money. They provide a certificate of eligibility to you. This tells the lender that the VA will back the loan if you default. If you have a service connected disability you won't have to pay the VA funding fee. You have to be able to qualify for the loan in your own right. Most commercial loans require a 20% down but with the VA you won't have to do that. (DS) 1/25/22
A2: VA is not a bank but plenty of banks and credit unions give small loans to veterans for expenses when buying a house. Navy federal credit is a good one to use. (JB) 1/25/22