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VA loans, & FHA....
Does anyone know anything about any of these programs. DH and I are hoping to apply for one in June and want to know how difficult of a process it is. We are hoping to get 0 down and 0 closing costs. Any input would be great. Thanks!!! Also is it a hard loan to get?? TIA
Message edited 1/14/2010 2:30:11 PM.
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Posted 1/14/10 2:24 PM  |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: VA loans, & FHA....
FHA will not allow that. you have to pay your closing costs unless you wrap them into your mortgage via a sellers consession but the house would need to appraise for the value with the closing costs included to do that.
And the lowest you can go for downpayment with FHA is 3.5%
sorry 
I think a VA loan allows for that though
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| Posted 1/14/10 2:32 PM |
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Re: VA loans, & FHA....
Thanks for the reply. I will definetly speak to DH about the VA loan then. We are praying so hard that this all works out for us. I really want to be able to be applying for our loan in September.
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| Posted 1/14/10 2:50 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: VA loans, & FHA....
We did the VA loan, no down payment (although you do need to give $$ to secure a contract with your buyers-but that can be used towards your closing costs). You're going to have to give some kind of money.
There is a 1 time fee I think of 7650 that gets added to the loan for just having the VA loan, but you have no PMI.
VA loan was great, we had no issues.
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| Posted 1/14/10 2:54 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
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Super Mom
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Re: VA loans, & FHA....
we are doing VA and so far its been a good experience. Good luck
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| Posted 1/14/10 5:27 PM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: VA loans, & FHA....
Posted by HeatherRose
FHA will not allow that. you have to pay your closing costs unless you wrap them into your mortgage via a sellers consession but the house would need to appraise for the value with the closing costs included to do that.
And the lowest you can go for downpayment with FHA is 3.5%
sorry
I think a VA loan allows for that though
Ditto This!
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| Posted 1/14/10 8:52 PM |
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ttdiff11
LIF Infant
Member since 12/09 366 total posts
Name:
Theresa
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Re: VA loans, & FHA....
how much are closing costs on the avg? and is it hard to get those loans??
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| Posted 1/14/10 10:05 PM |
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Jessah
I love my dogs :)
Member since 2/08 1344 total posts
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Jess
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Re: VA loans, & FHA....
we did VA it IS possible to put 0% down and put your closing costs into your loan( we didnt do this) the house just needs to appraise for that amount!!
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| Posted 1/14/10 11:12 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: VA loans, & FHA....
Posted by ttdiff11
how much are closing costs on the avg? and is it hard to get those loans??
I don't know about the VA loan because I think you or DH has to be a VA.
FHA is easy to get. its open to anyone, but I *think* it has purchase price limits or income limits, but I'm not totally sure.
its a great program, and all banks offer it. FM if you want any other info, I'm going through the process right now.
Average closing costs are 4-5% of the purchase price. it really depends on how much you have to escrow for real estate taxes too.
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| Posted 1/15/10 10:51 AM |
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