We are applying for a VA loan. We would like to get money at closing to help with the move etc.
2007-10-09 09:10:38 · 7 answers · asked by deptofstate 1 in Business & Finance ➔ Renting & Real Estate
yes, If you are a USAA member and use there home buyers advantage program you can get money back. USAA will recommend a Realtor for you. There are a couple of details to the program but I don't recall them right now. IF you are a USAA member then just go to their website and look at the program. We got almost $1300 back. If we would have sold our home with an agent that used the same program we would have gotten money back from selling with the program also.
2007-10-09 18:56:18 · answer #1 · answered by KM 3 · 0⤊ 0⤋
usually, cash back at closing only happens for repairs and they are usually escrowed and released when the work is done and a receipt is provided.
If my memory is correct, VA loans already make the seller pay certain closing costs associated with the sale.
Don't try to get into a deal where you are getting cash back at closing, it is not only unethical, but it could come back to haunt you if someone in power (govt, mortgage company) finds out about it.
2007-10-09 09:58:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It's possible in some states, but never with a VA loan. That is strictly verboten on VA loans.
2007-10-09 09:21:25 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
There is a FHA AmeriDream Loan it is only good til the end of the month. They give you up to 10% of your closing costs back.
2007-10-09 12:42:34 · answer #4 · answered by Jbaby 2 · 0⤊ 0⤋
Nope, it's not allowed. There are some instances where you can finance repairs on specific loan programs, but not expenses for the move or cash in hand.
2007-10-09 11:07:51 · answer #5 · answered by matzael 3 · 0⤊ 0⤋
Not an ethical way. I would never allow my sellers to get involved in some cash back at closing deal.
2007-10-09 09:15:27 · answer #6 · answered by godged 7 · 0⤊ 1⤋
only with FHA...but for repairs on the house...
2007-10-09 09:13:43 · answer #7 · answered by Anonymous · 0⤊ 0⤋