Today's post is about a home buyer who had his VA Eligibilty available to purchase a home.
We met him between Christmas and New Years at an Open House here in Lake Ridge Virginia.
Back then he was in the "Just Looking" phase visiting Open Houses throughout the area in the hopes of finding what he was looking for.
Unfortunately the home he came to see (a water-view townhouse) SOLD out from under him, but he really liked how Patty and I knew a lot about VA Loans and he felt comfortable enough to hire us to help him attain his goal. His goal.
He had his heart set on a waterfront home. This buyer works hard all day, commutes like everyone eles and really wanted a place where he could look out the window and see nature.
Fast forward sixty days.
Veteran Buyer buys home with a VA Zero Down Home Loan and pays only $528.00 in total to buy a waterfront home.
Here is a snapshot of the actual final Hud-1 to show you how it works.Buyer buys a $360,000 home, and he wrote a $2000.00 earnest money deposit to begin the process of buying the waterfront townhouse.
Do the math:
He buys a $360,000 home with a VA Zero Down Loan.
Line 201- Earnest Money deposit $2000
Line #208 - He received a $5000 credit from seller
Line #209 - He received a $1500 credit from lender
Bottom Line- Cash Refunded to Borrower $1472.12!
$2000 - $1472= $528.00
"So this Veteran Home Buyer was able to buy a $360,000 home with only $528.00 out of pocket!"
Best of all he was able to get a rate of under four percent fixed rate for thirty years.
There is no way he could rent this 2400 square foot waterfront townhouse for this little.Fair market rent for a home like this is over $2100 a month.
Can you imagine waking to this view everyday, watching the crew teams go by, the Canadian geese fly in or the beavers working hard. While I was at the home a hawk flew in and sat on the tree as if to peak at who was moving in? I guess they are curious who's going to be feeding them.
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