Home Buying in 55106>Question Details

stonescircle…, Home Buyer in Fort Bragg, NC

I qualify VA Loan program, My credit is near 800, have secure income but will not have down payment, need to purchase home, what are my options?

Asked by stonescircle612, Fort Bragg, NC Fri Jun 14, 2013

And how do I start this process? Just work with realtor and loan officer?

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Joey Torkildson’s answer
This is a great question! I'm in the military myself with the 652nd En. Co out of Hammond, WI. I've been in now for 13 years and I work with a lot of vets! The VA loan program is great. I'm also a Homes for Heroes affiliate so I give 25% of my commission back to heroes like yourself. Plus you can get other discounts on your loan, your title services, your insurance, and more. Let me know if you would like more info and thank you for your service! My direct number is 651-210-1038 or you can email me at joeytorkildson@edinarealty.com.
0 votes Thank Flag Link Tue Jul 9, 2013
as the spouse of a vet I can tell you that VA is a no down loan up to a certain price. otherwise a very small down at a larger loan. Talk with a loan office and then contact a me to help you buy in Minnesota. Good house hunting.we thank you for your service.
0 votes Thank Flag Link Fri Mar 14, 2014
va usually has low to no money down programs for veterans http://www.mnhomescontractfordeed.com/hennepin-county
0 votes Thank Flag Link Fri Mar 14, 2014
Like the others who have posted here, I want to start by thanking you for your service.

One of the benefits for veterans is the 0% down VA loan, but like others have mentioned there will be other costs. VA allows for the seller to contribute up to 4% of the loan amount toward the buyers expenses, so you MAY be able to purchase with no money of your own.

One other thing to consider is first time buyer loans. If you're really buying in the 55106 area, if you meet the income and purchase price guidelines you may be able to use things like the MN Housing, CityLiving or similiar programs even if you are not a first time buyer, as long as you haven't used such a program in the past. Just another benefit of being a veteran. Those programs offer a below market interest rate may provide down payment and closing cost assistance.

I'm happy to answer any additional questions you might have.
0 votes Thank Flag Link Mon Jun 24, 2013
As the widow of a disabled veteran and have helped many veterans secure a home, the VA loan is zero down, closing costs can be paid by seller and or yourself. The funding fee can be put on the loan and figured in your monthly house payment. My advise is to talk with loan officer and make sure you are okay with the payment irregardless of what they qualify you for.

Sometimes you will qualify for more than you are comfortable with.

I would love to assist and wish you well on your home search.

Maureen Cato-Spicer
0 votes Thank Flag Link Sat Jun 15, 2013
1) VA does not need a down payment so you are good!

2) There are still closing costs however that can be almost 3.5% of the sales price. Any REO/short sale properties the bank will only do 3% of your closing costs, so you will probably have another $1500 to contribute. If you buy from a traditional seller we can ask them to cover 4%, and this will allow us to rebate you on the appraisal, etc...

3) Inspection $300 and appraisal typically $450 bucks.

4) Earnest money does not have to be that large...$500 I have even seen on traditional sales. Sometimes with bank owned properties they have a specific amount they want, which would be higher.

To start the process you will want to choose a Realtor & Loan officer. The majority of all buyers choose a Realtor and then use their lender referral, because we tend to work with some of the best lenders in MN. I would certainly love the opportunity to be interviewed if you are considering hiring a realtor since I do a lot of work in the zip code you are buying in. I helped one of my best friends go VA 6 month's ago and it is a wonderful loan product!

If you have already chosen a Realtor good luck!

Chris Block
0 votes Thank Flag Link Sat Jun 15, 2013
The previous two people are correct. You do not need a down payment. There are some expences you will need to prepare for though. There are earnest money, home inspection, and appraisals. I am a disabled Army Veteran and I am very familiar with Army life and all entails that come with that. I would be honored to work with you and answer any questions you may have about moving to MN.

I have a great loan officer who loves working with Veterans in this area. Give me a call this weekend and we can discuss this. Also, thanks for serving.

Chad Kenning
Greater Midwest Realty
0 votes Thank Flag Link Sat Jun 15, 2013
If I'm reading your question right, and nothing has changed with VA financing, you don't need a downpayment. It's VA. Your a soldier...this is one of the ways our country tries to pay you back for your service...the zero down VA loan benefit...so grab a loan officer that's good with VA loans (I'd recommend Movement Mortgage if you're buying near Ft Bragg). Then get out there and buy that home! Let me know if you need a direct referral to a good agent and/or loan officer. 952-451-2900
0 votes Thank Flag Link Sat Jun 15, 2013
If you don't have any money for a downpayment, then you don't need to purchase a home. You should contact a loan officer to determine how much money you should save to have a manageable mortgage.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Jun 15, 2013
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