Home Buying in Mobile>Question Details

Bbhonduras, Home Buyer in Mobile, AL

Changed My mind on Down Payment for a VA Loan? Can I do that?

Asked by Bbhonduras, Mobile, AL Mon May 23, 2011

I recently filed for a VA loan with USAA. At first we were planning on putting down 5%. However, We have changed our mind and would like to change this to 0 down. This is a VA loan so I beleive the APR will still be the same and only thing effected will be the ratio. However we are still good there. If I can change it do I have to start all over again, meaning back from square 1 with filling out a BOOK of paper work and filing it again. We have already gotten the appraisal and inspections and are closing in 7 days.

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Bbhonduras,
If you are 7 days from closing you would likely be creating a mess. The file would have to be resubmitted and re-underwritten at the new terms. This can take serious time and would likely delay your closing, require an extension and may void your rate lock.
You will need to ask your lender to be certain, but this is what I would anticipate this close to closing.
0 votes Thank Flag Link Mon May 23, 2011
You shouldn't have to. Check with your lender. They will tell you what you are able to do and not able to do.
0 votes Thank Flag Link Mon May 23, 2011
The best idea is to check with your lender. In my estimation, I believe that it is possible to change it at this point. But the loan officer will have to send the loan through underwriting again which could hold up the sale for a couple of days. The debt to income ratio will have to be verified. I'm not a mortgage person, but I'd encourage you to quickly call your loan officer and check it out.
0 votes Thank Flag Link Mon May 23, 2011
Why aren't you asking the VA?
0 votes Thank Flag Link Mon May 23, 2011
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