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Question about financing down payment and closing costs through the VA?
I want to buy a home under an affordable housing program in NYC. They are asking for $65,000 (15% of total value) to cover down payment and closing costs. I don't have anywhere near this much, but I have a good salary. I am a veteran, could the VA help me with the initial costs plus the mortgage?
- 1 decade agoFavorite Answer
Yes, VA will be your best bet. You will have to pay a funding fee on a VA loan, which is a certain percentage of the loan value, so it's not as cheap in the long run as a conventional mortgage. But, you don't have to pay PMI on a VA loan and you can finance the entire purchase price as well as closing costs and even the funding fee.