Problems with Finding Money for the Down Payment?

A VA Loan May Be the Answer.

For those who qualify for the Department of Veterans Affairs' no-down-payment loan, finding the money for a down payment isn't an obstacle.

This loan, unlike other zero-down loans, has no restrictions on income, debt ratios, savings or credit scores.

For 2006, the VA loan limit in Hawaii is $625,000.

Traditionally, when obtaining a loan with less than 20% for a down payment, the borrower must pay for Private Mortgage Insurance (PMI).  Instead, with the VA loans, the borrowers must pay what is called a "funding fee."

Currently, this fee is equal to 2.15% of the amount being borrowed, and is generally rolled over into the mortgage.

Not sure if you qualify? Click here.