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Old 09-12-2013, 08:02 PM
 
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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.
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Old 09-12-2013, 09:08 PM
 
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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
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Old 09-12-2013, 09:32 PM
 
Location: Austin
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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.
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Old 09-13-2013, 08:15 AM
 
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The loan would be through navy federal credit union.
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Old 09-13-2013, 11:48 AM
 
Location: New York
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Have you looked into how many people that are not happy with NFCU


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Old 09-13-2013, 11:57 AM
 
Location: Texas
1,029 posts, read 1,157,816 times
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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.
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Old 09-13-2013, 03:14 PM
 
3,323 posts, read 7,271,657 times
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Quote:
Originally Posted by Thehouse View Post
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.
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Old 09-13-2013, 05:25 PM
 
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Quote:
Originally Posted by Pfhtex View Post
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.
ok cool.

Thanks guys.
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Old 09-13-2013, 05:49 PM
 
Location: Hot Springs, Arkansas
389 posts, read 952,548 times
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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.
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