Home Buying in 94132>Question Details

Mills, Home Buyer in 94132

Va home loan with NO money down? Fantasy or Reality in the Bay Area.

Asked by Mills, 94132 Thu Jul 31, 2008

I'm a VET and have the certificate for a VA Loan - I've got no money down - who can I work with in the bay area?
Is it possible to get something this way?

Thanks!

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Hello Mills, yes if you are a Veteran you may qualify for VA or CalVet zero down purchase loan programs. There are costs such as earnest money deposit, appraisal fee and closing costs which you can be refunded most of it at closing.

I am a Veteran as well and it only takes a few dozen questions to qualify and go over your options.

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0 votes Thank Flag Link Thu May 22, 2014
Hi there,

Thank you for your service to our great country!


A Veteran may obtain a VA Loan in Alameda County up to $1,050,000 with no down payment.

My name is Jimmy Vercellino and I am a Marine Corps Veteran and Mortgage Banker Specializing in VA Home Loans and I would be honored to serve you.

For more information you may visit my website at http://www.VALoansForVets.com

Semper Fidelis,
Jimmy Vercellino
0 votes Thank Flag Link Thu May 22, 2014
Financing under VA (Veteran's Administration) underwriting involves following a few steps unique to this program, as you no doubt already know (or will soon discover). I helped a veteran last year to buy a house, and although it took a bit of doing and a lot of patience, at the end of the exhaustive house-hunt, pre-approved loan in hand, we wound up with a bank owned house where we were the high bidder, and although initially we had outlined the terms according to the pre-approved financing package, there was a slight change that required the buyer to put money into the transaction, however, the seller credited nearly $10,000 and the net effect was a wash, resulting in nearly a 100% financed transaction. Oh, and by the way, the buyer was a retiree! Way to go! So, it is not a fantasy, providing you're willing to be patient and go where such transactions are plentiful. In our case, that wound up being in Pittsburg, CA (near Antioch).
0 votes Thank Flag Link Thu Aug 26, 2010
It used to be a fantasy because of the loan maximum. I did a few in Oregon years ago. The hard part here is finding a lender knowledgeable and qualified to do one. (Maybe some will chime in?) Several times in the past 2-3 years I tried different VA lenders and none would return my phone calls.

Now that the lending climate has drastically changed, I am optimistic that we will see these here.

Part of the problems--why sellers were leery of VA loans--were that sellers have to pay all or most of your closing costs and the appraisal is tougher--repairs may have to be done prior to close of escrow or there would be escrow hold-backs. I haven't seen nor used escrow hold-backs for some time but am negotiating one now on an REO sale.

I think that the time is right for VA loans as they are government backed (or guaranteed) and the prices are well within their guidelines for most of the Bay Area.
0 votes Thank Flag Link Thu Jul 31, 2008
VA loans are making a comeback in part because they are one product in an ever-shrinking pool of financial products which permit borrowers to purchase with no money down. That is not to say that there are no costs associated with the loan. VA charges an upfront "funding fee" that can be as high as 3.5 percent of the loan amount - however, you can tack that fee on to the loan amount. In addition, just because you can put zero down, it does not mean that you will not need SOME cash out of pocket to cover your closing costs (lender fees, taxes, title insurance etc) which will cost you several thousand dollars at closing if the seller does not agree to pay all or some of them. You should get a recommendation for a good lender in your area who will break down all of the requirements for VA loans, but as a quick answer to your question, yes, in general one can get a VA loan which will allow you to put zero down. The official government link for VA is also below for your reference.
0 votes Thank Flag Link Thu Jul 31, 2008
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