Home Buying in 49534>Question Details

Kristen, Home Buyer in 49534

My Fiance and I are thinking of buying our first home, and my Fiance qualifies for a VA loan, my question is,

Asked by Kristen, 49534 Mon Apr 21, 2008

we don't have a lot in savings for closing costs and new furniture, is there a way to include a small amount in our mortgage for both of those things

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Hey Kristen,
Best way is to get seller to contribute to your closing costs! Happy to help you get that done.

0 votes Thank Flag Link Wed Nov 28, 2012
Kristen, In all cases, there will be a clause stating something to the effect of "as allowed by lender" It may also specifically reference points and pre-paids.

I suggest speaking with several lenders, the VA will have a list of qualified companies.
0 votes Thank Flag Link Mon Apr 21, 2008
Closing costs are negotiable and a number of costs have to be paid by the seller (VA requirements). Have your lender provide you with a Good Faith Estimate see what the costs might be. VA does not allow for personal items in a mortgage (not in our state), but if the seller is willing to pay all or most of the closing costs (buyer's) then you should fare well. In my area, it is customary for sellers to pay most all of closing costs. Talk to your REALTOR and see what is customary where you are currently living.
0 votes Thank Flag Link Mon Apr 21, 2008
I do quite a few VA loans, and to answer your question closing costs would be no problem. The seller is allowed to pay all normal and customary closing costs, and is also allowed to contribute up to 4% of the appraised value towards other out of pocket items such as property taxes and insurance. With the furniture though you'd be on your own, unless you could convince the seller to leave some of those things.

I'd recommend scouting some estate sales or taking advantage of some 0% interest deals that are always offered by the furniture places.
0 votes Thank Flag Link Mon Apr 21, 2008
The FAQ section of this website may help. http://www.homeloans.va.gov/

There are other options that you may qualify for besides VA loans. For instance, USDA urban Development loans also allow 100 percent financing in some areas. I believe their website is
0 votes Thank Flag Link Mon Apr 21, 2008
In this market, it it easy to get the Seller to contribute monies towards Buyers closing costs. Check with the loan officer doing the VA loan to see if this is allowed in their guidelines, and, if it is, up to what percentage. The furniture will have to be bought completely separately and cannot remotely be a part of the transaction. Check out Craigslist for great deals on furniture!
0 votes Thank Flag Link Mon Apr 21, 2008
Kristen, Lenders have tightened their guidelines due to the subprime mortgage fiasco. Only a lender would be able to give you an answer if they would allow money for furniture. This may be a seperate transaction, but please do not even apply for credit until you actually close on the home. Lenders recheck your credit just before closing and that could cause you to loose the home.
Web Reference: http://www.mi-living.com
0 votes Thank Flag Link Mon Apr 21, 2008
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