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VA Loan

  • February 20 2011 - Peoria
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Answers (6)

Profile picture for Steffnie

A VA loan is 100% financing.  Your Realtor should ask the seller to pay your closing cost.  The only thing that you should have out of pocket is the appraisal fee.  Normally $350-$450, it depends on what the VA appraiser charges.  Closing cost will depend on loan amount, title fees, escrow and interest days.  This isn't a standard number or %.  The seller can ask you for earnest money, there really isn't a standard.  For your protection always get a home inspection, to make sure you are buying a home that not falling apart.  I am more than happy to help. Contact me if you are ready to do an application.

  • February 24 2011
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Profile picture for uklaine
I'm sorry I didn't realize it didn't hav the questions in the box...
1. What out of pocket money  will we have to pay?

2. earnest money we still have to do. Correct?
3. closing costs?
money down?
4. inspections?
  • February 24 2011
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Profile picture for Steffnie
If you are wanting a VA loan and you are eligible for a VA loan, you can contact most any lender.  I have only done VA loans thru Zillow it seems, there are a lot of VA eligible borrower's out there taking advantage of the 100% financed loan. 
  • February 24 2011
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Hi uklaine,

Yes, we originate and fund VA loans.  Is there a specific question you have regarding a VA loan?

Please feel free to contact me; I'd be glad to help.  I am local & will meet with you, personally. 

All the best, 
Ros 

Roswell Moore, CMPS
Certified Mortgage Planner
  • February 20 2011
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If you are active military or have been honorably discharged from the military, you are eligible for a va loan.If you used your entitlement previously, you can use it again. However, if you are still current on a va loan, you could be eligible except not for the full amount. There is a formula that the va uses.You should request your entitlement papers from va so that you do know the amount you are eligible for.
 One of the benefits of a va loan is that the government is insuring the loan and you do not need a downpayment. However, there is a va funding fee and the amount varies depending if you used your va eligibility before.
You can have the seller pay all your closing costs and virtually need very little money if any. You would need an earnest money deposit showing good faith that you want to purchase the home however it will be credited back to you at settlement. You can even have your appraisal, home inspection cost and your homeowners insurance included in the closing costs that the seller pays.
However,The property will have to appraise at the contract price pursuant to the va addendum.If you have va benefits, it is a real benefit in the current real estate market because sellers are willing to work with buyers!
  • February 20 2011
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That's rather broad.  Any specific question on a VA loan?
  • February 20 2011
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