Ashley, Home Buyer in Smithfield, VA

My fiance and I would like to buy a home soon, but we have just finished paying off car and other debts, and

Asked by Ashley, Smithfield, VA Sat Jul 12, 2008

don't have a down payment. Do we really need one? He is retired military, so we have VA backing, and we are looking to buy in/near Smithfield, VA. Also curious about a great buyer's agent if you know one.
Thanks!

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10
COLDWELL BAN…, , Moberly, MO
Wed Jul 16, 2008
Sounds like you have taken great steps toward home ownership. Congratulations! Assuming you have also maintained good credit, you should be able to purchase a home. You need a good & experienced agent. My best advice is to ask your friends, co-workers, etc. to see which agent they used & liked. You can also contact the broker/manager of an agency and explain your situation. Ask them to place you with an agent with the needed skills. I also suggest you should always work with a REALTOR. That person is a member of the National Association of Realtors and subscribes to a strict code of ethics.
1 vote
Debt Free Da…, , 85260
Sun Jul 20, 2008
You can see if you qualify for the ameridream program. You can get a gift of 3% equity. You can also get your closing costs covered. Let me know if you have any other questions.
Web Reference:  http://GetPrequalified.com
0 votes
Theresa, Home Seller, Smithfield, VA
Sun Jul 20, 2008
Hi, My name is Theresa and we have a home for sale in Smithfield Va. My agent is Petra Tucker with Gsh Realty 757-513-4482. You can view our house online also ( virtual tour ).Please call! The community is quite! We Just lowered the price to 279000.00 Oh! 3 bdrm 2 full bths huge family room and more amenities. .50 acres lot and a nice workshop outback... Please view tour!!! Now!!! Thanks Theresa
0 votes
Jeromy Wilke…, , Charlotte, NC
Wed Jul 16, 2008
Honestly, Va may not be the way to go. I understand that the benefit is there, but what they put these great individuals through is awful. Mountains of paperwork, and they tend to rip appraisals apart. this can be good thing, but many times it just drags out a process that shouldn't be too difficult. Like the comments about interviewing agents, you absolutely should shop for your mortgage as well. Contrary to popular belief, a mortgage can be customized to meet your concerns of today and your goals of tomorrow. Do Not Settle for some cookie cutter loan that anyone can get you. It's your money and your home, do what's best for you. If your a first time home buyer, check out fha.com and fha.gov. Great websites with loads of information about the process and programs to assist with the down payment, which is only 3% with FHA and you can have the seller pay it. Hope this helps, happy hunting, and if you have any questions, feel free to email me
0 votes
Katherine Mc…, , Lockport, IL
Wed Jul 16, 2008
I would definitely take advantage of the VA loan and it would also be best to have some money in savings to back you up in case you run into some unforseen expenses when you do finally purchase a home. I would also like to refer myself as the best agent out there but I live too far.
0 votes
Lola Jones, Agent, Bossier City, LA
Wed Jul 16, 2008
Ashley, Congrats on your upcoming marriage date! RE: your question.. it is so wonderful that you are managing your finances to the point of being debt free or anywhere !!! You sound pretty smart already!!! A down payment is not required--but is helpful*... there are various programs where a motivated seller may be able provide down payment assistance for you. You will need to consider as to whether you will be able to cover your "closing cost" and your "prepaid cost" before you get too excited about that possibility.* Look at the whole amount you would be asking from the seller and then consider if you need to offer them a "full priced offer" or possibly a little more to help off-set what you are asking---which will be out of pocket for the seller. Your agent can help you further with this...Best wishes to you both!!!
0 votes
Steve Young, Agent, Mount Pleasant, SC
Wed Jul 16, 2008
I reiterate the congratulations! Recently VA loans have been very competitive,so it is a good time to consider it. Has his VA ever been used before? If so, the funding fee charged by the VA goes up substantially each time it is used- so that is a caveat to be aware of.

I agree that it is wise to interview 3 agents. Siince you asked, I can provide a great agent in your area to include in the interview process. I just need to know a couple specifics.
0 votes
Bryan, Home Owner, Hillsborough, NC
Wed Jul 16, 2008
How wonderful you have paid off all of your debts as well as your car! That is the first step to financial freedom. The next step is to start a 10 year savings plan and save enough money to purchase an affordable house for cash and buy it outright. Even with the VA backing you are far more prudent to always live within your means and that means living debt free. The economy wouldn't be in such a state if more people would have actually purchased homes and cars they could afford and have paid cash for them rather than finance. Don't be swayed by mortgage brokers or real estate brokers both of whom only make money by convincing people to make poor financial decisions. Stick to a savings plan and in no time at all you will have enough to buy a wonderful and affordable home in Smithfield!
0 votes
Mary Sitton, Agent, Hendersonville, NC
Tue Jul 15, 2008
Dear Ashley,

Congratulations on your upcoming wedding! I am excited for you and wish you all the best. Home ownership is possible with little to no money out of pocket but I would like you to consider having at least 3 months of income in your savings account (preferably more) to cover unexpected expenses that may arise with home ownership. You will sleep better at night knowing that you are prepared in the event of an emergency.

I would also like to thank your fiancé for serving our country and for protecting our freedom.

Again Congratulations.
0 votes
Larry Story, Agent, Greensboro, NC
Sat Jul 12, 2008
Ashley,
Well great that you have been paying things down. The VA loan will be great. One thing is you might need to repost your question by putting the area first with the state or zip code because right now Trulia has your question pointed at Smithfield, NC. Remember to interview several agents just as you would interview someone for a job.

Hope this helps,
0 votes
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