How embarrasimg to be associated with incompetence. Not all RealtorsÂ® are created equal. Frankly, your VA loan maybe one of the smartest loans to use at this time. With a VA loan, you have minimal down payment requirements, can get a seller subsidy up to 6% (normal is 3%), I believe up to 9% total; with the additional subsidy which may be used to pay off debt, upgrades among other things. For first time users, no down payment requires a 2.15% fee, down payment of at least 5 percent but less than 10 percent requires a 1.5% fee, and down payment of 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, down payment of at least 5 percent but less than 10 percent requires a 1.5% fee, and down payment of 10% or more requires a 1.25% fee. The BIGGEST future benefit maybe that the Loan is Assumable! That means that you can currently borrow money at a click above 3% Interest (LOWEST Ever basically), then in the future when rates are higher, you can play banker and pass along some savings or allow a Vet that could not purchase otherwise to buy your property, with you making the intererest. In the event that they do not pay, you foreclose on them, regain the property and either sell it, rent it or keep it.
Here are the Assumable Rules for a VA Loan. As always, Realtor'sÂ® do not provide lending, insurance or make any claims to play lawyer and you should contact a professional in any such field to assure accurate and competent current information.