House Buying Experts, help?

Discussion in 'Credit Talk' started by danrs, Jan 25, 2002.

  1. danrs

    danrs Well-Known Member

    Now that I'm back on my feet and again considered credit worthy (almost) I'm thinking of purchasing a house this summer.

    What should I begin working on now, financial wise. I have only one negative on one report, and that will be off in April, so I'm good to go there (thanks to the board:)).

    I am an honorably discharged military veteran, and will be able to get a VHA loan. Exactly what that means to me beyond being a non-veteran consumer I don't know though.

    I've rented all my life, so I really am a babe in the woods as far as this is concerned. Any web sites anyone know that would fill a house buying newby like me in on the info I need? I'm hoping to be able to avoid sifting through countless promotional web sites with little or no real information on the house buying process.

    Thanks for any help!

    danrs
     
  2. BiznoteGuy

    BiznoteGuy Well-Known Member

    With a VA loan, you won't need much down. Check with a realtor (if you're buying through a Realtor) that knows how to work with Vets. You'll need to get a VA Eligibility Form, but the realtor can get it for you if they know how.

    I pulled some strings on my first purchase using my VA benefits and actually had the realtor cut his commission by 1.5% to cover my expenses. He wanted to make the sale, so he did and so I got my first place for ZERO money out of pocket.

    When you sit with a realtor, you'll probably be required to give him/her a check as "earnest money." That just shows them your serious.

    I would suggest trying to do as much as possible yourself and get PRE-APPROVED (not pre-qualified). Being pre-approved by a bank/lender gives you the buying power of basically having the money in-hand before shopping.
     
  3. keepmine

    keepmine Well-Known Member

  4. the other

    the other Well-Known Member

    Earnest money usually is not paid until you make an offer on a house, and it is paid in conjunction with the offer. The seller gets to keep your earnest money if you break the contract. Earnest money has nothing to do with showing the realtor your serious. It is about showing the seller of a specific house that you are serious.
     

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