William, Home Buyer in Woodland Hills, UT

Looking Into Buying a Condo or Townhouse in Woodland Hills-Military Vet.

Asked by William, Woodland Hills, UT Thu May 8, 2008

I'm looking into buying a condo or townhouse with my new fiancee. I was looking in Woodland Hills because of the new condos being built and merger of two huge malls, which will only grow in 5 years. I am thinking of investing to sell later. I am a Military Veteran. My credit is in the mid 600. Is it possible for me to buy with no down payment? What possible downside do I have. Sorry, this is a newbee question.

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Solomon Greene’s answer
William,

Congratulations on your decision to buy a home. There are several Woodland Hills communities in the MLS system across the State of Georgia where your post appeared. However, no cities appeared with that name. If you are looking in Georgia, please give some thought to the many down payment assistance programs available to military and ex military firs time home buyers. The credit score you provided should be more than enough to qualify for some of those programs and you'll be surprised to hear how little will be required to close on the property. Please read over the blog at the link below and take a look at the fliers to the left.

Good luck in your home search and please call should there be any questions.

Thanks
Solomon Greene
REALTOR® / Consultant - Keller Williams Realty Atlanta Partner
(678) 775-2677
0 votes Thank Flag Link Wed Dec 3, 2008
The Va loan may be an option, but its not a guaranteed option. When I got out I tried to use the Va Loan about a year or two later. The requirements are very strict. The upfront cost can also be very expensive. Currently buying property myself and representing other military personnel, I would want to know about it if you managed to buy in today's market with no down payment. The most military friendly institutions that I know of are NAvy Federal and USAA, and I have not seen them give no money down to any of my investors in the last four months, thats including tier 1 credit historys.

I think the best bet for you would be either to contact USAA, all thier advice is free if you start the process online. I would also look into the FHA loan. That is how I financed my first property, it was 3% down. Just make sure you buy right!
0 votes Thank Flag Link Tue Dec 2, 2008
The Va loan may be an option, but its not a guaranteed option. When I got out I tried to use the Va Loan about a year or two later. The requirements are very strict. The upfront cost can also be very expensive. Currently buying property myself and representing other military personnel, I would want to know about it if you managed to buy in today's market with no down payment. The most military friendly institutions that I know of are NAvy Federal and USAA, and I have not seen them give no money down to any of my investors in the last four months, thats including tier 1 credit historys.

I think the best bet for you would be either to contact USAA, all thier advice is free if you start the process online. I would also look into the FHA loan. That is how I financed my first property, it was 3% down. Just make sure you buy right!
0 votes Thank Flag Link Tue Dec 2, 2008
William,

Are you looking in Georgia or California??
0 votes Thank Flag Link Thu May 8, 2008
William,

The VA loan is the perfect loan for you. We can even creatively adjust the fees so you can come out with little out of pocket as possible. Please feel free to check out my award winning website and feel free to ask any questions you may have.
0 votes Thank Flag Link Thu May 8, 2008
William,
Congrats on trying to buy a home. If you are a vet, you may qualify for a VA loan. They offer a true 100% Loan, but check around as they usually have a little bit higher fees up front.

Another government loan is FHA. Although they require a 3% down payment, it is possible to do a down payment program where you would need minimal money out of pocket.

The best thing you can do is check with a REPUTABLE lender in your area, have them review your credit as well as debt and income. They will be able to give you a realistic view of what you would qualify for.

Not all lenders/banks offer VA loans, but I recommend checking first with your credit union or bank. Suntrust is one that I recomment (they are not in all states) and I have worked with some good lenders with Bank of America and Chase. Also check with a Realtor. They usually are a good resource.

Good luck!

~Cassandra Bickel, Realtor
0 votes Thank Flag Link Thu May 8, 2008
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