Posted by Ed Copp (OH) on April 10, 2000 at 08:02:35:
Ben, Dave posted that this can vary from district to district, and that is correct. Our district is the Cleveland district (entire state OH.). The VA generally wants to see money in the bank account of the purchaser going in. In this dist. $500 is required with the broker when making the offer…ED
VA Financing - Posted by Karl K
Posted by Karl K on April 09, 2000 at 20:57:09:
I heard that VA financing is at 10% down now not 1% down
Any input on this
Re: VA Financing - Posted by Dave T
Posted by Dave T on April 09, 2000 at 22:03:03:
Depends upon which VA district you are working with. VA-Baltimmore requires 10% downpayment at closing, while VA-Washington DC only requires a 3% downpayment at closing. It’s been this way for at least the last two years.
In either case, bidders must submit a 1% earnest money deposit with their offer.
Re: VA Financing - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on April 09, 2000 at 21:04:03:
Karl,
“Investors or Non-Owner occupied purchasers must make 10% down payment for VA financing”. The quote is from the VA, hope this helps…ED
Re: VA Financing - Posted by MACKENSIE A FILS
Posted by MACKENSIE A FILS on April 10, 2000 at 15:20:31:
YES, I’M A REAL ESTATE INVESTOR IN MARYLAND AND I’M TRYING TO BUY A HOUSE FROM A GUY WHO HAS A VA LOAN ON HIS HOME. I WOULD LIKE TO BUY IT WITH NO MONEY DOWN AND BY NOT USING MY CREDIT AT ALL JUST HIS. I WAS THINKING ABOUT HAVING HIM REFINANCE HIS HOME AND PUTTING CASH IN HIS POCKET. MY QUESTION IS THAT IF I DO THAT COULD I ASSUME HIS LOAN WITHOUT BEING LENDER QUALIFIED OR DO I HAVE TO USE MY CREDIT? ALSO LET ME KNOW OF OTHER WAYS HOW TO GO ABOUT USING CREATIVE FINANCING WITH PEOPLE WITH VA ASSUMABLE LOANS.
Re: VA Financing - Posted by Ben in Ohio
Posted by Ben in Ohio on April 10, 2000 at 07:34:30:
Do you know if the 10% can be a gift, a second, or a repair allowance, for example?