If you’ve been through the loan process in the past or seen the occasional online ad for mortgages, you’re probably aware that there are 100% financing programs available for people with limited down payment funds.
But even with a VA or Rural Development loan at 100%, you may still have to come up with thousands of dollars at closing to pay for appraisal, title fees, title insurance, escrows, etc.
So if you don’t have say $3,500 (or so) for closing costs, can you still buy a home?
Here’s a little story…
One of our recent borrowers applied for and was approved for a VA loan. They had just transferred in from another base and were being stationed at Fort Bragg.
This borrower had been living in base housing, so this was their first home off the base. They were looking for a home in Fayetteville where they’d be able to put their 4 kids in a great school and have a quick commute to the base.
Now, there’s no way you can take a spouse and 4 kids out to eat for less than $50.
But that’s how much they came out of pocket with at closing!
With the number of military families in our area, we do a lot of VA loans and we’re very familiar with the fee structure and guidelines. That’s why we were able to help this borrower get in their home for just $50 out of pocket!
You see, VA rates allow you some flexibility with pricing. You have the ability to raise the interest rate just a little bit which allows us to help pay your closing costs.
It’s a true no-closing cost mortgage loan… the kind your hear about all the time from online lenders.
The good news is you can get everything the online lenders promise from us locally.
However, not everyone qualifies for a VA loan or a no-closing costs loan, so please contact a member of our team to pre-qualify if you or someone you know has limited funds available and may be interested in finding out more.