On a home if I am going with a VA loan?
Or can I get a home with no $$$ down with a VA loan.
Thank for your help!
2006-08-29 10:57:13 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It is possible to get a house with no money down. In fact, in Florida there are grant programs that will supply up to $30,000 assistance to help you buy your home. It is dependent on income and home prices are capped at a certain limit.
If you don't happen to live in sunny florida then you might consider other alternatives such as some concessions by the seller. With a FHA loan, you can write up to a 6% seller contribution to your closing costs.
There are other creative ways to finance with little to no money down. Check with your local lending institution or a reputable mortgage broker. One last bit of advice. You should NEVER have to pay a mortgage broker up front for services. The only things you have to pay for up front are an appraisal and a survey. Everything else should be payable at closing. If someone asks you for a 'processing fee' go find another lender.
I hope you found this information helpful. Please go to my website at www.flwaterhomes.com if you have any other questions.
Jim Reske, Realtor
ERA Advantage Realty, Inc.
Port Charlotte, FL
2006-08-29 11:10:17 · answer #1 · answered by Realtor Jim 2 · 0⤊ 0⤋
VA will do a 100% loan for verterans. There are qualifying terms.
FHA will do w/3% down, and again qualifying terms. Both will allow a seller or some other person to pay the closing and prepaid costs for you.
There are other loan products that will do 100% with qualifying terms. You may also do an 80% first mortgage and a 20% second mortgage to get your desired 100% financing. On conventional financing, you can also ask the seller to pay the closing costs but you will be expected to pay the prepaid costs.
I personally never recommend 100% financing. What happens if you must sell in a yr? You are up-side down and will have to pay to sell the home, meaning bring money to the closing to sell it. If you need 100% now will you have the funds in a yr to sell? Think hard before you jump..
2006-08-29 19:15:36 · answer #2 · answered by hithere2ya 5 · 0⤊ 0⤋
You can get VA financing for 100% of sales price and the seller can pay all your closing costs and prepaids. In other words you can get into a home using VA without any money out of your pocket.
2006-08-29 11:08:51 · answer #3 · answered by Karen R 3 · 1⤊ 0⤋
If you go through VA, I believe the down payment is 5%.
2006-08-29 11:02:14 · answer #4 · answered by longhats 5 · 0⤊ 1⤋
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2014-06-04 14:19:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Depending on the purchase price and qualifications, you can do $1 down. The closing costs can be paid by the seller to keep your total expenses to the $1.
2006-08-29 11:06:18 · answer #6 · answered by Anonymous · 0⤊ 1⤋
approximately 20% or $35,000 for a in many situations occurring loan. in case you have chose a loan fee decrease than $a million,000 you may elect greater or less a $50,000 down fee in spite of the loan style. of course, this does not evaluate assets taxes and assets vendors coverage into that $a million,000 fee
2016-12-11 17:29:31 · answer #7 · answered by ? 4 · 0⤊ 0⤋
about 20% is good to have.
You can by with 0 down in lots of areas.
2006-08-29 11:50:33 · answer #8 · answered by FreeMedicalcamps.com 2 · 0⤊ 1⤋