VA Loan With No Down Payment in New Jersey

How buying without a down payment works

The VA guarantees part of the loan, which protects the lender. Because of that guaranty, eligible borrowers with full entitlement can often finance the whole purchase price. Lenders still review credit, income and the home's appraisal, so approval isn't automatic.

Entitlement: the key piece

Your entitlement is what the VA guarantees for you. If you've never used your VA benefit, or you've paid off and sold a prior VA-financed home, you typically have full entitlement. If part of it is tied up in another VA loan, a down payment may be needed on a larger purchase. Your Certificate of Eligibility (COE) shows where you stand, and I can pull it for you.

What you still pay for

• VA funding fee: a one-time fee that can usually be rolled into the loan. Veterans receiving VA disability compensation and some others are exempt. Check the current chart at VA.gov.
• Closing costs: these can sometimes be covered with seller concessions, lender credits or NJ assistance programs.
• Earnest money and reserves: plan for a deposit when you make an offer, which typically goes toward your costs at closing.
• NJ property taxes: they vary widely by town and are part of your monthly payment. Some disabled veterans qualify for NJ property tax exemptions.

Where NJ veterans buy

I help VA buyers across the state, especially near Joint Base McGuire-Dix-Lakehurst in Wrightstown, Pemberton, Browns Mills, Bordentown, Manchester, Jackson and Toms River.

Don’t see your town? VA loans work for eligible homes anywhere in NJ and PA, and veterans, Guard/Reserve members and some surviving spouses may be eligible, not only active duty. See your VA options or call/text (609) 665-3460.

Why use a broker for a VA loan

VA sets the program rules, but each lender adds its own guidelines on top. As a local mortgage broker in NJ, I compare several VA lenders so your file goes to one whose guidelines fit. Compare VA with other options in VA vs. FHA in NJ, or grab the free VA loan checklist.

Source: U.S. Department of Veterans Affairs, VA.gov home loans. Program rules can change.

David J. Hutchison II, NMLS #63021 · NEXA Mortgage, LLC dba NEXA Lending, Company NMLS #1660690 · Equal Housing Opportunity. All loans subject to credit approval, property eligibility and lender guidelines. Not affiliated with VA, HUD/FHA, USDA, the Department of Defense or any government agency.