VA Loans in Las Cruces New Mexico If you have a down-payment, a VA loan may not be the best way to finance the new house as conventional financing interest rates are usually a little less. Check with your lender. Most Veterans now are aware that they can obtain 100% financing for a new home by using their VA Eligibility. As well as financing 100% of the purchase price, you can also finance the VA funding fee which is 2.15% (for a first time purchase loan) of the loan amount. The funding fee is added into the loan. FIRST- Apply for your "Certificate of Eligibility" right away. Otherwise, you will have a short delay in obtaining it from the VA at a later date. The Veterans Administration is not known for moving swiftly. It could take 10 days to 3 weeks, so get started now. The form needed is 26-1880 "Request for Certificate of Eligibility". You will need your DD-214 to send in with this form. You can obtain this form from a VA lender or go to
http://www.va.gov/ webpage and request it from their forms section. You can also go directly to www.va.gov/vaforms/ . Your maximum mortgage is 4 times your eligibility. In other words, the VA will guarantee 25% of the loan to the lender. Closing costs that the veterans cannot pay for. These are all related to your loan and will need to be waived by the lender or paid for by the seller. So you will need to negotiate with the seller on these items. Lender Fees: Processing Fee approximately $250 Underwriting Fee approximately $250 Tax Service Fee approximately $75 E-Doc Fee approximately $75 |
The other fee is the Title Company Closing Fee which is generally split by the buyer and seller, so the seller will have to pay the whole fee of approximately $250. VA will still finance mobile homes, single or double wide as long as they are on a permanent foundation. There are no age limitations on the mobile home. NEXT- Select a local real estate lender / banker and start the process of getting approved. Final approval cannot come until the appraisal is completed and reviewed by the VA, but you should get started. Being pre-approved does help when making an offer to a seller. BE Prepared to make an offer!!! |