I want to purchase and close on a home by June 1st. I have excellent credit. I plan to use my VA loan which

Asked by Sharon, Sherwood, AR Wed Feb 18, 2009

includes a disablity rating requiring no money down. How can I get the lowest interest rate and do I have to pay closing cost or can it be added to the loan amount.
Thanks, Sharon
Sherwood, AR

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Maria Carpen…, Agent, Little Rock, AR
Wed Apr 29, 2009
Hi Sharon,
The VA rates are pretty well established by Hud, therefore Lenders are going to be very comparable. You can however buy down the rate, you must however calculate the points and the differance in the amount per month and how long it takes to pay back that point . with the historical low rates it is not wise to pay for points.
closing costs must be paid either by the seller or buyer those can not be added to the loan amount .A professional Realtor representing your interest shoul be able to negotiate that in the contract. I help a lot of Veterns , and in Most cases my clients got a check at closing. There is a lot of talk about Buyers agent and getting representation , the bottom line is A Realtor who does just that and not want to just sell you a home but provide you with accurate information an the market and knowledge about appreciation and the best way to get into a home before you buy. That is why our clients of the past 15 years have not called me with having to file foreclosure or even the threat of losing their home . because they were represented properly and not just sold. We have built our Buisness on Honesty and Integrity.
Web Reference:  http://www.excelrealtyar.com
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Luke Allison, , Asheville, NC
Wed Feb 18, 2009

The best way to go about getting a "lower-than-market" interest rate on a VA loan would be to have the seller pay as much in closing costs as possible (as a percentage). Typically on a $150-$200k purchase, closing costs are about 3-4%. However, if the seller agrees to pay up to 6% then you can use the extra funds to buy down your rate below market.

It is a pretty simple process and it should allow you to get into your new home with little to nothing out of pocket and buy down your rate at the same time.

If you have any questions, please let me know.
Luke Allison
Flagstar Bank

Apply Online: flagstarloans.com/lallison
0 votes
Steven Black…, Agent, Little Rock, AR
Wed Feb 18, 2009
That should not be a problem. I recommend that you find a Buyers Agent who can assist you with finding the right home and protecting your interest throughout your purchase experience. Your Buyers Agent can also assist you in finding a reputable lender as well. This is a great time to buy and I wish you the best. If we can be of any service to you, please let me know. I have an entire team of Buyers Agents who specialize in assisting buyers in our one stop shop environment. http://www.FinancingAtYourFingertips.com or http://www.StevenBlackwood.com and we will be happy to assist you. Whatever you do, make certain that you find a Realtor who works with Buyers so that you have good representation and a pleasurable experience. Best of luck to you. Steven
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