Home Buying in 85331>Question Details

Jesse7672, Home Buyer in 85331

i have recently put in an application with my bank. im a first time home buyer claiming va but my mortgage said i have to have 3000 dollars in my

Asked by Jesse7672, 85331 Tue Jul 6, 2010

acct by the end of this month in order to the closing, is there any advice on free goverment loans in the el paso,tx area pls advice

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0 votes Thank Flag Link Mon Aug 11, 2014
You can Contact Micheal Briles at (602) 751-4727. I'm sure he can help
0 votes Thank Flag Link Tue May 6, 2014
Please contact this lender and he will be able to guide you and advice you 480 326 -2659
0 votes Thank Flag Link Sat Oct 12, 2013
Ryan Buckley Realtor®
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
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0 votes Thank Flag Link Mon Feb 11, 2013
VA loans, as stated in another answer, can be zero down no closing costs. Your Realtor should have also counseled you concerning seller paid closing costs. That is always an option!
Might want to call him and see what that option will net you unless the P&S Agreement is already signed.
If it has been signed then you'll probably have to provide the closing costs at closing. Sorry, don't know of any free government loans for closing costs and gifts or loans generated to pay closing costs can be a serious issue with the VA as well.
Sounds to me like you need to have a serious discussion with your Realtor!
Good luck.
0 votes Thank Flag Link Fri Sep 10, 2010
Hi Jesse,

VA loans are as close to a free mortgage as you can get because VA eligible borrowers are not required to have a down payment. However, there are closing costs, lender fees, title/escrow fees, prepaids, etc that are required to be paid as a condition of getting a loan. Up to 4% of the purchase price can be paid by the seller towards these fees, if negotiated in your purchase contract. So, while you VA eligible borrowers can purchase a home with $0 down, borrowers still need cash for closing costs and the like.

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0 votes Thank Flag Link Tue Jul 6, 2010
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