Posted on: 28th Apr, 2010 10:30 am
Hi, we are considering a VA loan. I am wondering when I use these online calculators that help to figure a possible price range should I put "0" percent in the down payment box? And if you don't use a down payment, will you be able to get less of a loan if using VA with $0 down.
Thanks!
Thanks!
Hi Julyraine22,
Yes you can put 0 in for the down payment to get an idea of what you qualify for.
The amount you have to put down does have a small affect on how much you can finance based on your debt to income ratio and the VA disposable income requirements.
You may be better off just getting pre-approved for VA loan so you know how much you qualify for.
Yes you can put 0 in for the down payment to get an idea of what you qualify for.
The amount you have to put down does have a small affect on how much you can finance based on your debt to income ratio and the VA disposable income requirements.
You may be better off just getting pre-approved for VA loan so you know how much you qualify for.
Well, we are still working on the pre-approval..My husband had a debt for $2,000 that we have to pay before they say they will move forward with the pre-approval..He auctioned a house in Ohio and they say that we owe it because they fronted the auctioneer that amount for advertising. :/
We would rather take that money and put it to repairs or a down payment..Any suggestions would be MUCH appreciated! Maybe we should try a different lender??
We would rather take that money and put it to repairs or a down payment..Any suggestions would be MUCH appreciated! Maybe we should try a different lender??
Is the account a collection account?
Well, I would say if the lender you're working with isn't willing to help you and work WITH you to get you pre-approved then yeah you may want to try another lender (like me)
Well, I would say if the lender you're working with isn't willing to help you and work WITH you to get you pre-approved then yeah you may want to try another lender (like me)
Zero down is still available for VA loans. When houses are being auctioned, they usually require the buyer to come with between 5-10%. Either way, you shouldn't have an issue getting a loan. You're not required to pay a collections off. It depends on what the collection is. Then it's up to the underwriters discretion. On VA loans, they allow a higher concession to pay collections etc. I hope this helps!
