Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I was wondering how this process work. Hoe do you usually make offers if you are going to finance the property with nothing down. I've heard that many home owners don't want to deal with 100 percent financing buyers.
I wouldn't want to deal with them because at that point if the bank decides not want to fund their loan due to the buyers whatever reason the bank sees as the reason not to. I'm back to square one. Just however many days it took to get the answer lost, where I could of had a viable buyer who has his ducks in a row.
Also 100% financing means you have absolutely no skin in the game and you will walk because of that reason.easier for me to go to a guy better financed
It depends on what type of financing you're doing. If you're doing a VA or USDA loan, most sellers understand. However, if you're trying to do some grant program, many buyers will run because of what was said above that there's no skin in the game and most buyers don't actually fall through with the hoops that the grant programs make them jump through.
If you're getting a VA loan, it means certain homes may not meet the criteria to have money lent on them. VA loans require an appraisal that can be quite picky and require the sellers to fix things they would otherwise not worry about.
I was wondering how this process work. Hoe do you usually make offers if you are going to finance the property with nothing down. I've heard that many home owners don't want to deal with 100 percent financing buyers.
You still put down earnest money that you either get back at closing, get back if you do not close due to a low appraisal, or lose if you pull out after contingencies have expired.
You still put down earnest money that you either get back at closing, get back if you do not close due to a low appraisal, or lose if you pull out after contingencies have expired.
It is possible to get a VA loan for 100% of the offer (assuming it meets the appraisal). However, it requires a funding fee that can be substantial. So far as I know there aren't any real downsides to the seller as there may have been in the past. The funding fee can be folded into the loan. And the closing costs (there are always some), could be minimal.
So yes, it is possible.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
