VA - Veterans need to know these Facts

Veterans are told they can buy a home for ZERO DOWN.

However, there are other cost other than the Down Payment.

Types of FEES associated with buying a home.

1. EARNEST MONEY - Our contracts are Earnest Money contracts. This can be negotiated but is normally 1% of the house purchase price, due at the time of contract acceptance. It's credited back to the buyer. 

2. INSPECTOR FEE - Buyers will hire an inspector if they choose. Buyer pays this fee. It tends to cost anywhere around $250 to $800+. Payable to the inspector that you hire. Non refundable. 

3. OPTION FEE - This is a fee payable to the seller which allows you about 5 - 10 days to terminate the contact for any reason. It could be $100 - $250, due upfront. You must terminate the contract within the 10 days, if you chose the 10 day option. If you terminate this money is Non refundable.

4. APPRAISAL FEE - This is a fee your lender will charge you to send an Appraiser out to the property to establish a value that the VA will pay for the property. Maybe around $450 - $700+/-.

5. VA FUNDING FEE - This is a fee that may be charged by the lender to do the loan for you in the first place. I've seen them range from $2,000 - $4,500+/-. This is added to your loan.

6. ADDITIONAL FEES - will also be applied by the Lender, Title Company, ETC.

7. DOWN PAYMENT - This could be 20% down for purchasing a second home, while you keep the first one. Conventional Loans have their own percentage amounts.

So, keep in mind if you are using a VA Loan and paying ZERO down that ONLY takes care of number 7 but have nothing to do with numbers 1 - 6. You will still be paying the other FEES.

Don't get tricked by the ZERO DOWN spill that people freely toss around. 

Now this is where you will need the skills of an AWESOME REAL ESTATE AGENT like ME to try to soften the blow of these Fees, Fees, Fees!!!!!!!!!

Go ahead and tell somebody about me. They'll be glad you did.

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