My husband and I have $10,000 saved for a house. We are planning on using his V.A loan. Should we save more for a down payment . It is a buyers market

Asked by Charlenef375, Schenectady, NY Mon Feb 24, 2014

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Kristina Miller’s answer
Kristina Mil…, Agent, Clifton Park, NY
Sat Mar 8, 2014
Hi Charlene,

With a VA loan you have the opportunity for 100% financing for your home. It would be a personal choice if you wanted to save more for a down payment but it isn't necessary if you are ready to purchase a home now. The interest rates are still low so now is a great time to purchase a home! I am an agent with Coldwell Banker Prime Properties out of Clifton Park. I would be happy to help you find a home and guide you through the process. Thank you! Kris Miller 518-378-2159
0 votes
Sheena, Home Buyer, 12306
Fri May 16, 2014
Check out 311 Chiswell Road Schenectady, NY 12304
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Jannice Sher…, Agent, Latham, NY
Thu Mar 20, 2014
VA loans you have the option for 100% financing. Your good to go if you want to.
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Jason Bustel…, Agent, Schenctady, NY
Tue Feb 25, 2014
Great question Charlene and everyone has given you pretty sound advice. You are in a better position than most when they decide to purchase a home. Eventhough you do not have to pay money down to acquire a loan, there are other costs that are part of purchasing a home. Both inspectors and attorneys will typically cost $400-600 and a full year of home owners insurance is paid prior to close which can range from $500-1000 or more depending on how expensive the property is. Certain lenders will require you to escrow taxes which can mean paying a full year up front at closing. My recommendation is to shop around for the best loan for your situation, needs, and preferences. Some buyers preferred escrowed taxes while others do not. I can only advise you the best I can on the lending side because that is not my area of expertise, but I can help you with your home search if you like. They are so many details that come into play that are unique to each and every buyer; this is where I provide a very personalized experience for each individual buyer. Feel free to email me at, call/text me at 518-330-2230, or start your home search by downloading my mobile app. by texting 518homes to 87778.

Take care and stay warm,
Jason Bustelos; LREB
New York Realtor Group LLC
0 votes
Anne Daley, Agent, Guilderland, NY
Tue Feb 25, 2014
Hi Charlene,

The advantage of being able to use the VA mortgage is that you have some of the typical fees associated with the loan reduced - that's good! The more downpayment money you have the more equity you will have in your new home right at the start. That being said, money is CHEAP right now so you may want to finance as much as possible and keep your cash for the closing costs and intial upgrades to the home. You will need to escrow your property taxes so keep that in mind. Depending on where and what you buy, your tax burden will obviously be higher or lower.

I can explain all of this and the whole buying process with you at any time. I'll provide you lots of cool tools and the experience that will make this a smooth process. Please feel free to give me a call.

Great question and kudos for being on the road to homeownership!
Anne Daley
Associate RE Broker
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Nina Lee, , Troy, NY
Mon Feb 24, 2014
Hi Charlene,
Closing costs encompass more than just down payment; plus there are other expenses with which many first-time homebuyers are unfamiliar. A loan officer could give you an estimate of how much to save for closing costs (e.g. taxes, attorney fee, title insurance, homeowner's insurance). (Your agent's commission would most likely be paid by the seller.) Some of the $10k may also be used for home inspection prior to closing, home & garden maintenance/repairs, home furnishings, and any increase in utility bills over your current utility bills. With $0 down payment, $10k should be enough, if your family already has an emergency fund. For those who wouldn't qualify for a V.A. loan, there are loans with 5% down payment (FHA, SONYMA, HomePath, etc.)

As a buyer's agent providing complimentary concierge service, I could help you from mortgage prequalification to property tax grievance (in May) to prepping for higher resale and/or purchases of investment property. Work with me to find out how your family can save & enjoy more from life for years to come.

Email: Nina.Lee at
Call/text: 518-882-8081
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Jason Kennedy, Agent, Schenectady, NY
Mon Feb 24, 2014

$10,000 in the bank gives you a lot of leverage. Lots of great properties to choose from in our area. A good agent is a must.

Jason kennedy
Prudential manor homes
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Hank Wilson, Agent, Bowling Green, KY
Mon Feb 24, 2014
Kudos for saving $10,000 to begin with. With a VA loan there is no down payment necessary and no mortgage insurance. You can keep that money in savings as an emergency fund or apply it as a down payment despite there not being a requirement just so you don't have to take out that much more in a loan. Without knowing your financial situation I can't suggest one or the other. Just know that with the VA loan you don't have to put anything don, let alone the $10,000 you have saved.
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Erin Evans, Agent, Schenectady, NY
Mon Feb 24, 2014
I'm an agent in the area and would be more than happy to help. We have plenty of listings in Schenectady. It depends on what kind of mortgage you decide to go with and what you are pre approved for. Feel free to contact me any time with any questions you may have!

Erin Evans
Coldwell Banker
(518) 649-2758
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Linda Lorenzo, Agent, McKinney, TX
Mon Feb 24, 2014
Good for you for saving that much. VA loans do not require a down payment but the seller does have to pay some non-recurring costs you are not allowed to pay. You need to connect with a lender who can guide or a Realtor who can refer you to a lender. Good luck.
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