do you have to pay the down payment when you apply for the loan or is it after you your house is build and you start paying on the loan?

Asked by Chris Biltz-Ott, Hampstead, NC Wed Apr 18, 2012

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Denise Phill…, Agent, Jacksonville, NC
Sat May 5, 2012
It is normally at closing. However, with a VA loan a military person can buy a home with NO MONEY DOWN and with a very small deposit. I have seen new homes with as little as $49 or $99 down.
Many people do not no that anyone can buy a home that is a VA foreclosure that is owned by the VA even if they are not military with No Money Down except the deposit ($500 to $1,000) and you can
get the deposit back at closing. I am certified in foreclosures. email chaun128 at yahoo. Investors
can buy a VA foreclosed home with 5% down.
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Elias Anguia…, Agent, Fairfield, CA
Wed Apr 18, 2012
Your downpayment is usually required at the time you close your escrow.. At the time you submit your offer you will be required by the seller to put a deposit in escrow as well as they may want to verify that you in fact have the funds for the downpayment and closing costs.

Good luck..

Elias
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, ,
Wed Apr 18, 2012
Typically at closing is when you would put down your down payment, but it will depend on a few other things. However, if you are building, your builder might require you to put a certain percentage down prior to breaking ground as your earnest money deposit. If you are purchasing a previously owned home your earnest money deposit may only be 1% of the purchase price.

This is a great question for your Buyer's Agent who you want to have representing your interests. If you've already selected one, they should be able to get clarification for you promptly.
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