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Are va-eligible borrowers only allowed one zero-cost home purchase?

by ANorman from Oklahoma City, Oklahoma. Oct 23rd 2012 Reply


Hana Girgis (Anchor1)
#29 ranked lender in Missouri - 4 contributions

Va eligible borrowers can purchase a home with zero down as often as they wish providing they closed out their previous va loan. Only one va loan outstanding at any given time.

Oct 23rd 2012
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Patrick McCarthy (PatrickM)
#24 ranked lender in Ohio - 196 contributions

Hello. I don't know if VA is a zero cost loan. There is zero down-payment required, but there are costs involved like any other loan. You are only permitted to have 1 VA loan at any given time. If you have used your eligibility previously, the VA Funding Fee is higher. If you have at least 20% VA disability, the Funding Fee will be waived by the VA. There will still be normal loan closing costs, but you can purchase with $0 down-payment. Hope this helps and thank you for your service to our country.

Oct 23rd 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,286 contributions

Zero down, not zero costs.. And yes.. You can use this benefit as often as you wish, but can only have one outstand VA loan at a time.. the VA upfront funding fee is higher your 2nd time around, but is waived if you're a disabled vet... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 23rd 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

All VA loans can be as little as Zero $ Down, and you can have as many as you want, but VA only allows you to have one outstanding VA loan at a time. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Oct 24th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Patrick answered the question very well. To add to his answer, you can aslo have a zero-cost VA loan, which is a separate then a Zero-Down loan, if the loan officer wants to raise the rate to cover any fees you may have to pay at closing. However, it is normal practice for the seller to pay all the closing costs on a purchase, but each transaction varies, and if the seller is not willing or not able to pay for all of those costs then you would need to do so to purchase the home. This is where you can contact your LOCAL lender to get the best help. I am a Lender in Utah if you know anyone that needs help please have them call or contact me at 801-971-6901 or email me at MortgageLendingPro@gmail.com.

Oct 23rd 2012
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Nick Utesch (nick@valoansok.com)
#2 ranked lender in Oklahoma - 22 contributions

Not to further confuse you, but there are provisions where you can actually even have more than 1 outstanding VA loan at a time. If you'd like to discuss this or any of your other VA options directly with a local, Oklahoma based VA expert, please contact Nick Utesch at 405.308.4208 or check out our website at www.VALoansOK.com.

Oct 23rd 2012
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Wayne Barnes (wbarnes)
#4 ranked lender in Oklahoma - 12 contributions

All of the responses put together give you some very good information toward the answer to your question. I am not a mortgage person but I know that 1) with a VA loan there are closing costs, but there can be adjustments made by your mortgage company where the closing costs would be absorbed into the loan. 2) there is a higher VA loan funding fee for any loans taken after the first use of this great Veterans benefit. 3) You can only have one VA loan in your name at any given time. The ways to get a previous loan out of your name are to either get it paid off, in full, or to find a fellow veteran who would like to assume your VA loan under their VA benefits. That would take the loan out of your name and put it into their name. It would be possible for a non-veteran to assume your VA loan, but if you allow a non-veteran to assume your VA loan then the loan is not taken out of your name and you would be prohibited from obtaining a new VA loan. I hope this helps.

Oct 26th 2012
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