Can I really buy a home with No Money down using a VA loan?

By
Real Estate Agent with Keller Williams Realty-Fayetteville

Can I really buy a home with $0 money down using a VA loan?

Yes you can! However you need to be aware of a few things before going forward. $0 money down means you do not have to have a down payment in order to qualify. However, you do need to be prepared for a few other items that may arise when you are using your VA entitlement to buy a home.
Shawnas walletYou need to be prepared to have some money for earnest money (also called good faith monies). In North Carolina you do not legally have to give any money as earnest money, however most sellers will not take their home off the market or accept a contract without some type of monetary compensation. Your agent can advise you of an acceptable amount.
Are you going to have a home inspection? This is not to be confused with a VA appraisal. These are two separate people/inspections. Your home inspection (while not manditory, highly recommended) will typically run you approximately $350 and is due when the inspection is done. You will get a complete idea of the condition of the home. This is not to scare you, just to make you aware of what you are purchasing.
Lastly you need to be prepared to pay for your appraisal. Many lenders now require the buyers to pay for that before closing (approx. $400). This is so the appraiser can go to the home and give his opinion of the value of the home and to make sure its not in need of any immediate repairs. and report back to the lender.
If you want to use your VA entitlement and want someone familiar with the process, call me today at (910)309-4618 or visit my website at www.HomesForSaleAroundFayetteville.Com.
So you see, $0 down does not necessarily mean you do not need money to buy a home, it just means you are not putting money towards your loan.

Posted by

Shawna Green, Realtor

Call or Text me (910) 309-4618

Shawna@LibertyHomeTeam.com

www.LibertyHomeTeam.com

 

Shawna Green logo

Facebook, Shawna GreenTwitter, Shawna Green       Linkedin, Shawna Green

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
North Carolina Cumberland County
Groups:
Realtors®
Military
1st Time Buyers
Fort Bragg NC Relocation
North Carolina Relocation Info
Tags:
home buyer
va loans
fayetteville nc
ft bragg homes

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
654,572
Bill Reddington
Re/max Southern Realty - Destin, FL
Destin Florida Real Estate

Reality is that there are some closing cost but no down payment is necessary. Lots of VA buyers here in the panhandle of Florida. Great Interest Rates.

Mar 12, 2013 10:39 AM #1
Rainmaker
386,634
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &

Shawnda, Closing cost are what most of my buyers forget about after getting thier good faith estimate. Good break down.

Mar 12, 2013 03:14 PM #2
Rainmaker
808,072
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Shawna I remember my first deal was a VA transaction. I helped my brother buy his first house for sale in Lexington Park MD. It is a niche that many real estate agents need to take advantage of. Thanks for sharing.

Mar 13, 2013 08:28 AM #3
Rainmaker
78,184
Shawna Green
Keller Williams Realty-Fayetteville - Fayetteville, NC
The key to your real estate needs!

Bill, yes they do have great interest rates!

Mark, yes buyers sometimes get so wrapped up they forgot what we tell them!

Lanre, yes here in the Ft Bragg area most of my clients are VA.  I LOVE helping them!

Mar 13, 2013 08:46 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
78,184

Shawna Green

The key to your real estate needs!
Want to ask a question?
*
*
*
*
Spam prevention