No money down VA loan? Any out-of-pocket costs?
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My husband and I are getting restationed in September and would like to purchase a home using a VA loan. He is active duty military and had served in Iraq so we are eligable, but I was just wondering if there are any fees involved in purchasing a home that we will need to pay out of pocket right away if we put no money down? What about insurance...will there be a "starting fee" that we'll have to pay out of pocket, or is there a way to include that in the loan as well?
Essentially, I'm just trying to get a general idea of how much money we should have on us or will need if we want to purchase a home this fall with a no-money-down VA loan.
No money down VA loan? Any out-of-pocket costs?My husband and I bought our first home with a VA no money down, all we needed at the time was earnest money, which is basically good faith money you give to seller to know your serious about the purchase. (some sellers require a certain amount down. like $500.00)Also when we bought we had to offer the seller, their asking price plus closing costs, to cover all of our fees and put it all in the loan.Good luck and if you have ANY questions definitely talk to your lender and realtor!!Good Luck!!
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