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Pampeltin, Home Buyer in

Do I need 20 per cent down with a va.?

Asked by Pampeltin, Mon Jul 8, 2013

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VA loan is 100% financing. You do not need 20% down. However you will need closing cost of about 4% and they finance in your funding fee. You can ask the seller to assist with the closing cost. Find a great Realtor and fun shopping.
1 vote Thank Flag Link Mon Jul 8, 2013
Hi Pampetin,
The short answer is "no." VA has the option of putting 0% down up to a certain price point. I would love to discuss the advantages and disadvantages of VA financing with you and assist you with your purchase in Oceanside. I have lived here since I was three and no one knows it better. Contact me and we can get started right away!

Thanks!
​Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
info@mcallisterhomes.com EMAIL
0 votes Thank Flag Link Thu Jul 11, 2013
I love my VA Buyers !! My local and direct VA Lender and I have closed numerous escrows here for our interstate VA Buyers transactions with certifiable VA benefits for serving in our US of A Military.
Our VA clientele has been happily served by us for over 4 decades! Experience counts here, especially AS VA ALSO REQUIRES APPROVAL OF YOUR FINANCING. Hire a local VA Realtor. Call/text/email maureen@landangel.com or 760 622 6855 today and lets get you pre-approved financially first , then go shopping for your own home!!
Web Reference: http://www.coastal.biz
0 votes Thank Flag Link Wed Jul 10, 2013
As others have already answered, VA offers 100% financing to qualified veterans. Being approved for the loan is a "must" in this competitive market and another "must" is to be assisted by an experienced Realtor who knows how to navigate this real estate market that unfortunately is more friendly to cash offers than 100% financing. Also remember that because of prices and interest rates, this is an excellent time to purchase a home; be realistic, this might not be your dream but it will be a great investment for years to come. I am currently handling a sale with VA financing; I would love to assist you too in your purchase; please contact me.
0 votes Thank Flag Link Tue Jul 9, 2013
If the purchase price was above $500,000 in San Diego County, it could affect your ability to do 100% financing. Also, if the appraised value is lower than the purchase price(a common occurrence these days), you may have to increase your down payment.

If you are considering a condominium, the community must be VA approved. That can be checked at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

On any transaction, the VA loan requires termite clearance(as well as other basic home functions to be operable). This can be an issue particularily on short sales where the home may not be in great condition, and no one wants to pay for those repairs(but there are solutions...).

Working with someone experienced with VA buyers is key so you don't get frustrated in this competitive market.
0 votes Thank Flag Link Mon Jul 8, 2013
Hello Pampeltin, I am a Veteran as well and specialize in VA/CalVet and many other loan programs. The VA or CalVet purchase loans are zero down however if you put 5% down or more you get a lower funding fee. It only takes a few dozen questions to qualify you in minutes and go over your options. Here are some links to study and consider that I offer.

http://www.under640ficoscoreloans.com/Pages/VAHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/CalVetHomeLoans.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm 7 days
http://youtu.be/MrygA2_8fAY

If my response was helpful, consider clicking thumbs up or BEST ANSWER!
0 votes Thank Flag Link Mon Jul 8, 2013
Joanna is correct. If you are thinking of purchasing a home the most important thing is to get pre-approved. If you need a recommendation for a lender please don't hesitate to contact me.
0 votes Thank Flag Link Mon Jul 8, 2013
First of all; thanks for serving.
If you have that much saved; Kudos!
You will need it, one way or tother.
You also can pre-pay the Funding Fee, (assuming you are not exempt).
You can also buy-down the Interest Rate.
Between the Closing Costs, the Appraisal and Inspections, and the rest in Savings for a Reserve, you will need it.
A nice position to be in.
Have you talked to your local VA office and gotten your Certificate of Eligibity?
If you have gotten a Lender yet; I had a recent succes with the Navy Federal Credit Union, (they serve all four services.)

Good luck and may God bless
0 votes Thank Flag Link Mon Jul 8, 2013
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