Okie dokie.

Anyone here use a VA loan to purchase a home or anything? I am currently looking at some land just outside the city limits in Athens. I have talked to a few Loan officers, and it seems that in my area, interest rates are about the same everywhere, and everyone is wanting about 20% down. I just don't have $8.000.00 to hand over at the moment.

How does it work for a VA loan.

 

Jamz a va loan is normally NO money down...at least it always used to be. Are you sure they are asking for down payment or is it closing costs they want?

 

I have a pamphlet on buying a house using the VA loan and it says there no money down except for closing costs, which in most cases are around $800 to $1000.And even then, I think you can somehow get that money financed.

$8000 for a piece of land, *****..I couldnt get a dark alley for that around here.

BREW

 

VA loans are no money down, but there is a VA funding fee that you'll pay (Either as a down payment or depending on your situation- can be rolled into the loan amount) of 2%.

So, if you take out a $200,000 loan (And that would be one heck of a spot of land in the Athens area) you can look forwad to having a funding fee of $4,000 added to the cost.

All other "up-front" moneies will be refunded to you; as in with a house "Earnest Money". But, money spent on an house inspection, foundation inspection and termite inspection etc., are not refundable; even though the VA requires those inspections when you purchase an existing home...

Call the VA office in Waco. Sounds like whomever you're dealing with is inbred in FHA criteria, or is trying to screw you out of some money on the slick...

 

8K is the price of the down payment.

Jamz,

Not to burst your bubble, but make sure that the VA covers loans on just land. Many banks will NOT loan you an damn dime for land, but they'll let you sign away your kidneys for a house. It's easier for them to repossess a house and sell it than just land. Also, the more rural banks will sometimes loan money for just land, but they require a down payment adn usually broker a different interest rate. At least that's how it's been working around here.

 

Brew- my best friend just bought a 7,000 Sq. foot house in Freehold, NJ for the low-low price of $2,000,000.00; 11,000 when you include the basement in the living space. (It can be partitioned to make up to 7 more rooms...)

For that same amount of money, in North Texas, he could have had a house like Dieon Sander's 35,000 square-foot mansion which is about a 20 minute drive from my house.

Yep, for 8K in Jersey, that may be enough to get a concrete driveway poured- but that's about it...

 

Yeh once I read Jamz' post again I realized the 8K was the downpayment..Sorry..I rode the small bus to school!

CIA..Its way outta control around here. Im at the shore so its worse. people are buing 2 and 3 million dollar homes and knocking them down to build bigger homes. Where do these people get there money..I need a new job man. Anyone got an opening for me??

BREW

 

HA! I wish. it's 6.5 acres and the price tag is $43,500. 20% of that is roughly $8,000 down.

 

Also what I'm trying to do is finance the land now, and build maybe 2 years down the road.

The land is perfect, and ready to build, but there is a low spot in one of the corners where some idiot tried to build a pond. I want to fill in and level out that spot. Also, I want make sure the yard portion of the land is level. I will fence off the rest of the acreage, and have a few goats to help keep the grass down.

Raoul, I am gonna take your business.

 

Oh, and thanks fella's I knew I could count on ya'll.

 

6.5 acres..well then I guess you wouldnt mind if I built a nice log cabin in the far corner would you? Now all I need to do is find a job down there.

BREW

 

Common down....if I can even get the land.

I am keeping my fingers and toes crossed. I am going to talk to a VA loan officer today.

I'll keep you folks on the know.

thnx again.