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Old 05-21-2015, 06:53 AM
 
80 posts, read 49,326 times
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I have my CoE.
I have a house that I would like to buy but the seller is uncertain rather they want to sell at 127k or 150k.
I am a 100% disabled veteran been since 2011 and get roughly 3k a month non taxeable.
My credit score at the current moment is around 660 and was quoted an interest rate at 3.85%
My wife's credit score is at 790 and she makes roughly 1k a month.
The lender said that closing and all other fees would run us at 8k.
We have around 40k in the bank at the current moment so coming up with 8k wont be hard.
We live in Georgia and were wandering about the homestead tax exemption for all 100% disabled veterans.
First? How do I get the homestead act?
Second? Does the 8k include everything(umm taxes, escrow, etc?)
Third? Does it really take 45 days to close?
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Old 05-21-2015, 09:31 AM
 
4,544 posts, read 11,553,746 times
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Quote:
Originally Posted by thornherschel View Post
I have my CoE.

First? How do I get the homestead act?
Second? Does the 8k include everything(umm taxes, escrow, etc?)
Third? Does it really take 45 days to close?
1) check with your county's tax assessors office
2) only your lender can tell you that
3) yes, that is pretty standard.
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Old 05-21-2015, 09:51 PM
 
3,319 posts, read 7,261,485 times
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The $8k should include a good bit of property taxes and homeowners insurance. You will not have to pay the VA Funding Fee (although it would have been rolled in, if you did have to pay it.

The way property tax abatements work, as a new buyer, is that you close the loan "normally," without incorporating the tax reduction. THEN, you talk with the Tax Assessor, and upon the next assessment, if you are granted the abatement, your taxes would then be reduced, and THEN you have your mortgage company reduce your monthly payment. I cannot say if you would get a refund for over-payment, or how that works, I haven't done one in Georgia.

Google the County Tax assessor for the county in which you want to live and they will give you specifics. I'd advise that you call them, it's much easier talking with a human being.

The thing about VA taking longer is that, in general, VA appraisers take longer, up to 2 full weeks to even SET the inspection appointment. Even still, I'm doing them in 30 days. Maybe you can get settled in with your lender, and provide every single thing they might need before you even go to contract. Might make for less stress!
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Old 05-22-2015, 07:44 AM
 
Location: MID ATLANTIC
7,602 posts, read 17,639,445 times
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As we honor Memorial Day this weekend, thank you for your service.
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Old 05-22-2015, 10:22 AM
 
80 posts, read 49,326 times
Reputation: 32
Well switched from wells Fargo to veterans united and within 2 days already have my preapproval Peter good thing about veteran united it didn't take 2 Damon weeks to get this letter.
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Old 05-22-2015, 10:23 AM
 
80 posts, read 49,326 times
Reputation: 32
Thanks smart, and yea I plan on doing some spending this weekend.
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