Nashville Mortgage News- LOW to NO Down Options-VA Loans
ByNashville Mortgage News- LOW to NO Down Options in TN- VA Loans
This article is first in a series of several, highlighting loan programs still offered to prospective buyers in Tennessee who are needing low, or no-downpayment loans. I’ll be discussing the programs in more detail in future articles, so this will be an overview. So let’s get to it.
For those who are active-duty or retired military, VA loans still offer 100% financing on purchases. Rates are competitive with conventional and FHA loans, and these loans do not have monthly mortgage insurance (think PMI), which is a big benefit. You can get fixed rate loans (30 and 15) or adjustable. Most people opt for the fixed rate programs, especially with rates historically low. We’ll go into more depth about VA in a future post.
For the majority of us who aren’t eligible for a VA loan, there are still a few options. Stay tuned for a brief article about USDA loans in my next Nashville Mortgage News article.
