Are there any programs that assist disabled veterans in purchasing a home through VA? My father would like to buy - he has long since retired from the army. He has good credit, but does not have the funds for closing costs as it has been difficult for him to work. by frankz3olsen7846423 from Glen Ridge, New Jersey. Jul 17th 2014
The VA loan is zero down payment, because he has more than a 10% disability, there is no funding fee, and you can roll the closing costs into the loan. I do VA loans all the time, and most of my VA loan clients in MN complete the transaction with less than $500 out of pocket costs. www.VA-IRRRL-Loan-MN.com
Hi Frankz, Your father has couple of different options. He can negotiate with the seller to have the seller cover his closing costs. The most common out come is you agree to buy the home at a higher price and the seller agrees to pay the closing costs. The other option is to have the lender cover the closing costs by accepting a higher than market interest rate. Or a combination of both. Please feel free to contact me for more information or help. John Burke | Senior Mortgage | Great Plains National Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states |
Hi Frank! Use the link I am providing below to reach out to your local VA Office. VA offers 100% financing and you can always make an offer to purchase property contingent on the Seller contributing to the Buyer's Closing Costs up to the amount that your mortgage professional estimates will be needed. This should be of great help for your father. Good Luck!
VA is a great option for your dad, 100% financing with no mortgage insurance and if his disability rating is over 10% he wont have a VA funding fee. The interest rates on VA are some of the best available and you would be able to have all of your closing costs paid for by increasing your interest rate minimally. Talk with a local VA loan officer and they will present these options to you. Best wishes, Sean
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