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Post by Maureen on Feb 20, 2012 8:57:45 GMT -5
Is there a general rule to how much they usually are? Like, X percentage of the house price?
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Post by skooch on Feb 20, 2012 10:43:56 GMT -5
I think so but I can't do the math right now. Our NC house cost $157k and they were about $5k. Our OR house was $169,500 and they were not quite $7k. Both were short sales in preforeclosure, both about 4 years old with no repairs needed.
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Post by gardenwitch on Feb 20, 2012 10:54:11 GMT -5
VA has a lending fee they tack on too. 3.5% I think? I'm tying to understand the whole "points" thing.
You can ask that the seller pay the closing costs or at least part of them.
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Post by Maureen on Feb 20, 2012 11:17:58 GMT -5
I knew we could ask them to pay. The points confuse me too. I'm reading anywhere between 3-5% and if the lender let you finance the closing costs on (just throwing #s out there) 200K house at 4% interest it would raise your house payment $25. Now, we don't want to finance our closing costs but that's all the info I found. I'm so lost on how all this works. I would like to know up front when we go to make an offer how much they would end up being regardless of who pays for them. Do they tell you or is it like "surprise! We need 6 grand right now or no house."
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Post by skooch on Feb 20, 2012 11:39:05 GMT -5
The VA funding fee was $3k on our NC house. We didn't have one on our OR house because I was the primary applicant, and it was waived since I'm a disabled veteran.
If you speak to the bank you'll be working with, they should be able to calculate the closing costs for you ahead of time, so you can incorporate them into your offer.
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Post by Maureen on Feb 20, 2012 12:00:27 GMT -5
This is all so scary for me. Lol if we can't get what we want here though then I'm going to take it as a sign that we shouldn't stay here. Mikes wants I&I in Austin to help ease the transition to a new job outside the MC (if he even gets out) but school here is a better option for me and we just want to make sure we have a place if he gets out and I'm not done with school yet. Don't want to get that "you have 30 days to evacuate base houseing" thing if 3 years. I'm so nervous. I need to make sure I make great scores this semester to get into the program next year. Aaahhhh
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Post by gardenwitch on Feb 20, 2012 12:10:49 GMT -5
LOL, now we just need someone to explain points, haha!
You can ask that they finance the closing costs into the loan on the house? I didn't know that.
I did find out his BAH is included in the income calculations. Google wasn't helping me.
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Post by skooch on Feb 20, 2012 12:14:24 GMT -5
Yeah, no clue on points, sorry, lol. I'm lucky I remember anything at all other than all the damn aggravation, purchasing both homes was such a pain in the ass with delays left and right.
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Post by Maureen on Feb 20, 2012 12:26:35 GMT -5
BAH, BAS etc always counts when it can help you but never when it can hurt you as income . Isn't that something? So I can say "oh I have all this money and can afford a motorcycle" today and then tomorrow walk into the WIC office and go "oh I can't afford to buy food look ithis is our only income!" Interesting stuff there.
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Post by gardenwitch on Feb 20, 2012 12:27:26 GMT -5
The aggravation and hassles....That's kindof why I want to avoid a short sale, despite the awesome prices on some of them!!
They want to deploy him shortly after he checks in, so I'm not sure I'll have him around to deal with it all and I have NO patience for banks and the run around.
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Post by doublewideblues on Feb 20, 2012 12:27:57 GMT -5
We're in the process of buying a house ourselves. If utilizing a VA loan there are certain things you will not be able to pay for. Typically you ask for a closing cost credit from the buyer and this helps cover those costs. VA funding amount is determined on service, down payment elected and the borrower. I'd assume you fall into the 2.15% fee but there are variables. www.valoans.com/va_facts_funding.cfmPoints are pointless right now. Rates are low. Your cash is better off in your pocket/bank than to buy down your interest rate. |
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Post by doublewideblues on Feb 20, 2012 12:31:23 GMT -5
If the buyer/bank refuses to pay any of the fees disallowed by the VA typically they're rolled into the loan at a concession to the seller. Example, the house was 250 but inspections, home warranty, was an additional 5K. You would buy the house for 255K and then the seller/bank will cover the other costs.
You could get lucky and the seller/bank will accept a credit as well. Just depends.
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Post by Maureen on Feb 20, 2012 12:37:16 GMT -5
Thank you!
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Post by gardenwitch on Feb 20, 2012 12:39:41 GMT -5
Oh cool, we are using his VA for the first time so it's the lower amount!
Question, closing cost credit from the BUYER? Or is it the seller?
His BAH is gonna be ridiculous out there, WAY more than we need.
He'll have his 20 years in soon, the more cash I keep in MY pocket for retirement the better.
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Post by gardenwitch on Feb 20, 2012 12:43:28 GMT -5
And earnest money? Is it required or is that just something you CAN do to show how serious you are about buying that house?
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