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    #1

    Big Grin Buying a house...

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    Last edited by jenny_lea1787; 11-08-2009 at 11:05 PM.
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    #2
    You can do a VA loan which mean if I remember right that you normally don't have to pay closing costs, which can be pretty hefty. I think you have to get a certificate or something. Sorry DH took care of all that stuff on his end so don't really know too much. I could find out for you though.
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    I think I'm gonna google it or something...I already found the house that I'm madly in love with, and he's madly in love with the garage lol so it all works out well. Now if we could just figure out how to fit it comfortably in our budget.
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    Quote Originally Posted by jenny_lea1787 View Post
    I think I'm gonna google it or something...I already found the house that I'm madly in love with, and he's madly in love with the garage lol so it all works out well. Now if we could just figure out how to fit it comfortably in our budget.
    Yeah that's the fun part, fitting it into your budget. It's easy to find a house you love. Good Luck!
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    Quote Originally Posted by proudnvywife01 View Post
    You can do a VA loan which mean if I remember right that you normally don't have to pay closing costs, which can be pretty hefty. I think you have to get a certificate or something. Sorry DH took care of all that stuff on his end so don't really know too much. I could find out for you though.

    You still pay closing costs... you can just get 100% financing...... but that means your combined loan to the value of the home is 100%. if closing costs go beyond that, you can still pay out of pocket.

    All the VA loan is is a loan backed by the VA. You can get the loan through a credit union or another mortgage company, but since it's backed by the VA (kinda like an FHA loan is backed by the housing association / gov't) that it's easier to get financing at 100% (because virtually NO ONE is doing that now, even on purchases)
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    #6
    Also be aware, in addition to closing costs there is around a 2.something% funding fee that you can either pay up front or roll over into the cost of the loan.

    When doing mortgage calculators online don't forget to add money for taxes and insurance. Adding those costs in can make a huge difference in the amount you can afford.

    Our monthly payment is just around $275 more than what the actual mortgage is.

    I see you're in Kansas though- my parents live in Wichita and the housing market there is WAY affordable. In fact, their house has been on the market for about 6 months with no offers. Depending when this house came on the market you may be able to offer a good bit less.

    Have fun! We just did a VA loan and purchased our first home. It was an.... experience.
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    #7
    the VA has that hight of a funding fee? If you're going to pay that, you might as well do an FHA with a 1.5% funding fee. You do also have to take into consideration that VA loans typically have a higher APR and you will still have to worry about your taxes and insurance. Here in CA, our taxes are around $300/month and then there's insurance. A good mortgage calculator will show you those. Generally speaking, you take your purchase price and multiply by .38% to get what your annual haz insurance premium will be (and divide by 12 to get your monthly pmts for haz ins) and then for taxes, it's 1.25% or 1.5% of your purchase price / 12 to get your monthly amount.

    PM me if you have questions.
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    Quote Originally Posted by Bex View Post
    the VA has that hight of a funding fee? If you're going to pay that, you might as well do an FHA with a 1.5% funding fee. You do also have to take into consideration that VA loans typically have a higher APR and you will still have to worry about your taxes and insurance. Here in CA, our taxes are around $300/month and then there's insurance. A good mortgage calculator will show you those. Generally speaking, you take your purchase price and multiply by .38% to get what your annual haz insurance premium will be (and divide by 12 to get your monthly pmts for haz ins) and then for taxes, it's 1.25% or 1.5% of your purchase price / 12 to get your monthly amount.

    PM me if you have questions.
    When we were looking at buying a house a few months agao the VA funding fee was about 1.02%.
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    That's cool!! I don't know that
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    Also, with a VA backed loan, there is a limit to the closing costs you are allowed to pay.
    You do not have to put any money down, and there is no PMI, which can be as high as $100 a month or more, until you have an %80 equity.
    Also, your closing costs can be included in your loan amount, so you do not need to have them at time of closing.
    Remember, the biggest advantage to a VA loan is NO PMI and no money down.
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