$8000 first time home buyers credit ?

**madajb** · 12-09-2009, 11:54 AM

Originally Posted by ncttrnl

F***! Screwed again!

We had to buy the home 11/6 or later. Our purchase recorded on 11/4.

I was under the impression that it was retroactive.
That sucks.

-ajb

**Euro** · 12-09-2009 11:54 AM

**PhätTony** · 12-09-2009, 12:19 PM

Originally Posted by Slapshotnerd

Do you know what your credit score is? do you have money saved for a down?

What's holding you back on the credit? do you have previous negatives on your record? or just little / no credit? You need to learn how the system works, and start building your history ASAP. This doesn't mean take on lots of debt, you just need to work the system wisely.

You won't be able to buy anything without at least $10k in the bank. You need 3% down for an FHA loan (on a $200k house, that's $6k) plus closing costs (which will probably run another 2-3% of the purchase price). You really can't get away with 0% down anymore....

But your not counting in the VA Loan process. Does that not take away a lot of the costs from the get go? If you still had to worry about all of the above then why even use the VA loan? I mean buying a house like a regular civilian would be better off. There's gotta be some extras. I do know that I have to call the VA and get my profile created and looked at for this loan.

Who's used their VA loan here?

**DTolo** · 12-09-2009, 12:24 PM

I did everything but close on a VA loan. You can get a solid VA loan, 0 down. However, u are also able to "buy down" your apr in a VA loan by paying so much out of pocket towards closing costs. The VA loan will allow you to finance all your closing costs, and they will require the selling party commit 3% of purchase price towards closing costs.

The VA some people don't want to deal with, b/c they are more stringent with expectations, closing times, and inspections. They have stricter standards for the home to meet.

A plus ppl don't know, is that there are some "Flipped" properties, originally HUD that were purchased by investors, and are refinished and ready to sell. They cannot sell these homes to conventional loan buyers. Only ppl allowed are VA, FHA and Cash during the first 90 days. Most of the time they are wanting to unload the property in the 90 day window, which takes the huge competition of conventional loan buyers out of the equation.

**PhätTony** · 12-09-2009, 12:34 PM

and that would be bueno for the VA, FHA buyers then!

**DTolo** · 12-09-2009, 12:46 PM

Originally Posted by PhätTony

and that would be bueno for the VA, FHA buyers then!

Yes, you just need an agent that is savvy of this info. Not all are, I found out the hard way :-/

**Slapshotnerd** · 12-09-2009, 12:49 PM

I don't know anything about VA loans, sorry. Sounds like others do

**TOYr32** · 12-09-2009, 02:18 PM

Originally Posted by DTolo

I did everything but close on a VA loan. You can get a solid VA loan, 0 down. However, u are also able to "buy down" your apr in a VA loan by paying so much out of pocket towards closing costs. The VA loan will allow you to finance all your closing costs, and they will require the selling party commit 3% of purchase price towards closing costs.

The VA some people don't want to deal with, b/c they are more stringent with expectations, closing times, and inspections. They have stricter standards for the home to meet.

A plus ppl don't know, is that there are some "Flipped" properties, originally HUD that were purchased by investors, and are refinished and ready to sell. They cannot sell these homes to conventional loan buyers. Only ppl allowed are VA, FHA and Cash during the first 90 days. Most of the time they are wanting to unload the property in the 90 day window, which takes the huge competition of conventional loan buyers out of the equation.

Agreed . . . if you have a good agent and you have enough finds to show 5% down, have your agent say you are doing an FHA loan. More Agents are willing to do that paperwork. But in the end, once in contract close using your VA loan.

The only thing to really prepare for with a VA loan is the appraisal. Every home I've known to be appraised by a VA agent, has been considerably lower than traditional comps. This can become an issue with the seller if they do not want to agree on lowering the price. If you are outside of your contingency period you are out of luck and will be required to either pay the difference out of pocket, or back out and lose your deposit.

Hopefully, your agent set a 14 day contingency and you should be able, once in contract, to get an appraisal within 10 days.

Sometimes it can work in your favor, and the seller will lower their price to meet the VA appraisal. But it rarely happens that way if the appraisal is a lot lower.

**Slapshotnerd** · 12-10-2009, 11:31 AM

Update on the extension:

Congress extended the tax credit, but the new form hasn't been released yet. It is believed that it will be released along with the 2009 tax forms.

tick tock tick tock