This week's caller asked :"I Know I Can Buy a Home Using My VA Loan. Is It True I Don't Have To Put Any Money Down?"
We get this question a lot. The answer is yes!
Best of all since Prince William County Virginia is located near Quantico, Fort Belvoir and within an hour of the Pentagon, the Navy Yard and Ft. Meyers real estate agents typically prepare sellers to expect this type of offer.
Now let me share some even better news with you. In the current market conditions, our real estate team has been able to help many VA Home Buyers get most if not all of their closing costs paid. ( that will all depend on the motivation of the seller, however we always go to bat for our buyers. Remember we work as a Buyer Agent for you. Not the seller.
The snapshot below is of the final Hud-1 Statement from Monday on a home that was closed for $510,000 here in Prince William County Virginia. You will see on Line #201 it shows the VA Buyer put up an earnest money deposit of $5000.00 at time of contract.Then on Line #303 notice the VA Buyer received $5224.95 back from the settlement attorney on Closing Day! Success!
Now here are a few other things you should know if you would like to buy with your VA Certificate of Eligibility.
- If you have used your VA Loan before but the home was sold quite some time ago, you can use your VA Loan Again.
- VA Buyers can purchase up to $818,750 with No Money Down ( if you qualify)
- Sellers can pay all of your closing costs ( if they have enough equity...not all do)
- The time it takes to do a VA Loan is typically 30 days.
- You do not have to be Active Duty to purchase a home.
- Disabled Vets have additional benefits when purchasing a home with No Money Down Financing
- You can buy any home with VA Zero Down Financing ( unless the home will not appraise)
- Buying a Foreclosure Home can be tricky with a VA Loan ( call me, I share with you why...)
- The VA Appraisal Process will keep you from overpaying for a home! If the VA Appraisal comes in lower than the agreed sales price, buyer can walk away, seller and buyer can split the difference or seller comes down in price. Typically is it the later that takes place.
- If you are thinking you want to buy a home with your VA eligibility before rates go up...call me, let's get started.
Curious about what homes are currently Active For Sale right now in the Lake Ridge Area? View Here
Note: this communication is provide to you for information purposes only and should not be relied upon by you. Peggy James of Exit 1st Choice Realty is not a mortgage lender and so you should any lender of your choice to learn more about this VA Zero Down Mortgage product and your eligibility for such product.
Other related posts: Click here to read more of This Weeks Caller Series