Home Buying in 43537>Question Details

Cara, Home Buyer in 43537

Are VA or FHA loans more beneficial for the buyer?

Asked by Cara, 43537 Fri Aug 8, 2008

We've been approved for a VA loan, but I've seen so many groups that help pay closing costs, I'm not sure if we've made the best decision. Any advise is appreciated. Thanks

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I personally would favor the VA loan in most situations. There is no down payment requirment and no monthly PMI. Both programs will allow the seller to pay your closing costs for you , up to 6% of the purchase price. You may want to ask your lender about the USDA program as well. It has a lower up front MI and less inspections. Most of Ohio qualifies. 877-784-0077
0 votes Thank Flag Link Mon Aug 11, 2008
Cara,
That is a great question and may be best discussed with the lender that approved you. A recent housing bill which was passed will be changing the down payment assistance programs in October, so your timing for purchase may be a consideration with the FHA loan. But, if you are a first time buyer, this bill also could provide you as much as $7500 in a tax credit given. The National Association of Home Builders has a helpful website regarding this new housing bill at http://www.federalhousingtaxcredit.com. Hope this helps!

Melissa Utterback, ABR
The Danberry Co., Realtors
419-787-8311
http://www.melissamovesmaumee.com
0 votes Thank Flag Link Fri Aug 8, 2008
Hi Carla,
FHA and VA usually allow you the least down payment. Depends on your situation. A conventional loan is easier for the sellers and they like them the most However if you are a first time home buyer, there is a group that has been around for over 17 years just now in the Ohio area and are targeting the first time buyer and have made arrangements with certain lenders to do 0 down and 0 closing costs. If you think this is something you are interested in, call me direct and I will give you a contact name and number. You must attend a free workshop. 440 341-9100.
0 votes Thank Flag Link Fri Aug 8, 2008
Cara - I would have your lender give you good faith estimates all three ways (FHA, VA & Conventional) to see which works out to the best terms for you. Also keep in mind that some sellers are willing to pay closing costs for you. If you have further questions or would like to work with a full time Realtor (free of charge), give me a call.

Jeff Kessler, Realtor
Century 21 Kasten
419.320.7198 (direct & text)
419.382.8009 x128 (24 hr voicemail)
0 votes Thank Flag Link Fri Aug 8, 2008
Cara,

That is an excellent lender question, and you can email the lenders I recommend to get an answer. Their contact info can be found on my website at: http://www.realliving.com/Christina.AsadEdwards/MeetTeamEdwa…

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
http://www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
0 votes Thank Flag Link Fri Aug 8, 2008
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