Phase 1: Thinking
Phase 2: Looking
Phase 3: Buying
Phase 4: Closing
The DVA Mortgage
The DVA mortgage is for US Veterans. It is a mortgage program sponsored by the Department Of Veteran Affairs, hence the name. It provides some unique benefits to Veterans, namely a 0% down payment mortgage. Also, with certain levels of disability, veterans can waive a portion or all of the property taxes.
Pros:
- 0% down payment program
- No set minimum credit score
- No PMI required
Cons:
- Maximum loan amount may be too small for some homes in the area
- Only for Active Duty, or American Veterans or surviving spouses, or National Guard/Reservist members
- Has similar standards to FHA on work orders