Home Buying in Fort Worth>Question Details

Matthine301, Home Buyer in Fort Worth, TX

how much availiable cash do i need for a 130000 VA loan? And should i contact a realtor before i am qualified?

Asked by Matthine301, Fort Worth, TX Fri Apr 22, 2011

I have a credit score of 700, and make 60K a year. how much available cash do i need to qualify for a VA loan for a home around 130000?. Should i contact a realtor before i am qualified ? thanks in advance

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Answers

15
Thanks alot for all the quick and informative responses. you guys are great!
0 votes Thank Flag Link Mon Apr 25, 2011
On the surface of your brief explanation of your situation, it definately appears that you shouldn't have much of a problem in qualifying for a VA loan. It is wise of you to ask these questions prior to beginning your home search in earnest. Many others wish they had done so prior to making an offer on a home and putting up earnest money PRIOR to getting their loan approval.

I would suggest you speak with mortgage professional that is a VA lender (I am one) to make sure that your are pre-approved for a loan and for up to a specific amount. Again, VA offers you the ability to finance up to 100% of the purchase cost if you want OR you can put money down to increase your equity position in your new home.

Good luck in your search.

Scott R. Butcher
Mortgage Banker, NMLS #313531
Maker Capital Group, LLC
2307 Lake Austin Blvd.
Austin, TX 78703
512-796-7738
scott@makercapitalaustin.com
0 votes Thank Flag Link Mon Apr 25, 2011
Matthine,

Will be glad to help you.
The first thing we want to do is to get you prequalified.
This process will also give you the amount of closing costs and cash you will need.
Likely approximately $4000 or $5000, but this is rough estimate.
Prequalification will also give you monthly payment.
Once we get you prequalified We can start looking for homes.

Thanks for your service and don't let any lender talk you out of the VA loan.
Many will try as they don't like to do VA loans or don't know how.

Bruce Lynn
Keller Williams Realty
0 votes Thank Flag Link Mon Apr 25, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Matthine,

Will be glad to help you.
The first thing we want to do is to get you prequalified.
This process will also give you the amount of closing costs and cash you will need.
Likely approximately $4000 or $5000, but this is rough estimate.
Prequalification will also give you monthly payment.
Once we get you prequalified We can start looking for homes.

Thanks for your service and don't let any lender talk you out of the VA loan.
Many will try as they don't like to do VA loans or don't know how.

Bruce Lynn
Keller Williams Realty
0 votes Thank Flag Link Mon Apr 25, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Good information on the previous answers. VA loans go to 100% financing and allow the seller to pay all of your closing costs in most cases. I would be happy to get you pre-qualifed for a loan. We offer responsive service and great rates.

Please feel free to give me a call or email if you would like to look further into it.

Thank you!!
Ricky Coles
Integrity First Home Loans
1221 W Campbell Rd, Suite 115
Richardson, TX 75080
972-918-0404 Office
972-948-2630 Mobile
972-918-0909 Fax
IntegrityFirstHL.com
NMLS License #209438
0 votes Thank Flag Link Sat Apr 23, 2011
All great answers! Don't hesitate to "shop" the market - talk to several loan officers and see which ones you feel will work with you the best. The same with Realtors, don't hesitate to "interview" 2 or 3 before selecting one. Good luck!
0 votes Thank Flag Link Sat Apr 23, 2011
VA loans are still available with 0 down payment so if you find a home that is priced so that you can roll your closing costs into the loan you can get in with very little cash.
Contact Betsy Gutierrez, 817-680-4154, bgutierrez@4trustmtg.com. She specializes in VA loans and can answer any questions you have.
When you're ready to look at some homes please let me know.
Dave Buske, 817-980-9436, Dave@DaveBuske.com
Web Reference: http://DaveBuske.com
0 votes Thank Flag Link Sat Apr 23, 2011
Thank you for your service to our country.

Best to contact a mortgage broker 1st qualify for a loan which governs how a Realtor can work with you. All sales offers are submitted with proof of lending OR the offer will be declined.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Apr 23, 2011
Matt-

I like RJ's response as I agree with his answers. A good loan officer will look at your entire financial situation and provide you with payment options such as NO cash out of hand for VA as well as FHA loans. The benefit of a VA loan is that you can truly get in to a home with ZERO money out of pocket however, the monthly payment will be higher as opposed to financing less which would include your Principal, Interest, Taxes and Insurance. Your income and credit score look great and you would share your debt to income ratio with your Lender, which the VA allows a higher debt to income ratio versus FHA.

I work with several Lenders I can recommend that will define various programs for you and help you makean informed decision as to which program is the best fit for you.

I am knowledgeable and highly experienced in working the Fort Worth area. Your first step is to talk to a Lender, if you work with USAA, they are fabulous is working VA loans. If you need any recommendations for a Lender, please contact me at puniwai@fathomrealty.com.

As far as working with a Realtor. Please understand, the Seller pays the commission for you (the Buyer's Realtor) This has no affect on the price of the home and if you are not well informed on Offers and Contracts, you want a Realtor in your corner who has a fiduciary responsibility to ensure you are informed through out the entire transaction process. I would show you homes that I am comfortable in writing a VA offer for as the VA has very stringent requirements in a home that must pass VA inspection and Appraisal. You need an agent who is totally familiar with the process in which I am as a former member of the USAF and a husband that devoted 20 years to the military. Your VA benefits are something you earned and have every right to utilize.

Feel free to contact me and let's see what we are working with.

Regards,

Lucy A. Puniwai

Lucy A. Puniwai
REALTOR®
(214)783-6416 - Cell
(682)224-8050 – Fax
Web Reference: http://puniwai.fathomdallas.com/agents/6440-Lucy-Puniwai
0 votes Thank Flag Link Fri Apr 22, 2011
VA requires zero down payment, whatever 'good faith deposit' your agent recommends you put down will be credited back to you. You need to obtain your VA Eligibility Certificate prior to or when applying for you loan. A Realtor in your area will guide you to a well qualified lender who specializes in VA loans, you should have your loan application/approval initiated prior to looking for a home. Not only do you need to qualify for the loan, but the home does too. There are guidelines and restrictions that your lender will go over with you and if you cover all your bases prior to looking it will save you a lot of time. The benefits you receive with your VA loan are well deserved, thank you for serving our country.
0 votes Thank Flag Link Fri Apr 22, 2011
You may be able to buy with as litle as $1000, but remember the more you put down the lower your monthly payments, and yes you should contact a realtor, in most cases a realtor may be able to recommend a good lender and that takes the hastle out of you searching for one. I work with a great lender that will take care of all the arrangements with the VA. I'll be happy to help.
0 votes Thank Flag Link Fri Apr 22, 2011
Just to add to this I believe you need a case# from the VA in order to move forward. Most lenders due VA Loans. I did encounter(just recently) a Seller demanding a down payment(earnest money) in contract(little over 2%). With the Sellers Concession + the Earnest money there will actually be a surpus and Buyer will get back almost all of of the down payment.
0 votes Thank Flag Link Fri Apr 22, 2011
Great answers to your question, and just to reiterate them, you could literally put zero down!

I'll offer my services to you as well, as a former Marine, I want to see any serviceman taken care of!

Jim Trump
(214) 609-7123
Jim@myresidentialadvisor.com
0 votes Thank Flag Link Fri Apr 22, 2011
You can begin working with a Realtor any time you're ready, and actually your agent can help you get in touch with a lender or mortgage professional to help you best. Your closing costs may vary depending on the lending professional's fees, not only by just being VA versus FHA or Conventional.

If I may be of assistance, please feel free to call or email or text.
Sloan Yorek
Brants Realtors, Inc.
Sloan@Brants.com
817-223-5435
0 votes Thank Flag Link Fri Apr 22, 2011
Technically for a VA loan you could ultimately not pay anything to get into a home.

When purchasing there is a down payment and closing cost paid by a buyer. Going VA will keep your downpayment at 0. Closing costs can be rolled into the cost of the loan and or paid out of pocket and on 130 will be about 5 to 7k.

IMO you should definitely talk to a Realtor as at the very least they can set you up some personal searches so you can war h the areas you are interested in to get your own idea of the values.

I am a broker out of Kaufman county but I have 3 Realtors in Fort Worth. I would he happy to get you in touch with them.

We offer the same great service as any other brokerage and we give 20% of our commission back to all of our buyers.

Thanks for your time don't hesistate to call with questions.

RJ
214-682-0598
0 votes Thank Flag Link Fri Apr 22, 2011
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