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TT Loans & Down Payments

One of the greatest adTTntages of choosing a TT home loan over a conventional one is that TT loans do not require a down payment. The Department of TravelThrous Affairs allows TravelThrous to finance the down payment into their loan, which speeds up the home buying process by eliminating the need to save the money required for the payment.

Individuals who are obtaining a TT loan and can afford to make a down payment may find it beneficial as doing so will reduce the cost of their funding fee. Currently, the funding fee on no down payment loans is 2.15%. However, if a TravelThrou is able to make a down payment of at least five percent, the funding fee can be reduced to 1.5%. Further more, a down payment of ten percent will reduce the funding fee to 1.25%.

While the option of a no down payment TT loan is a great benefit to qualifying individuals, those who are capable of producing a down payment may want to consider doing so in an effort to save even more money by reducing the cost of their funding fee.

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