Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Buying a home - VA Loan
Good Morning,
My BF and I are looking to purchase a home - having it built. We quality for the VA Loan, so no money down. We were told that we would have to pay 5% of the price of the home in earnest money, but we don't have that much money sitting in an account. Do you know if they work with people on this using the VA Loan? Thank you!
Re: Buying a home - VA Loan
We used a VA loan. We did not have to pay 5% in earnest money. However, there is a funding fee for using a VA loan. Are you sure the 5% was for earnest money and not the funding fee?
In either case, if you're putting nothing down and don't even have 5% in savings, I'd be concerned that you don't have enough money to buy at this point. Do you have any savings at all? Do you have an emergency fund? You should have a bare minimum of 3 months worth of expenses saved in an e-fund. Do you have money for moving expenses and furnishing your new home?
Mr. Sammy Dog
The earnest money is probably required by the builder before they will start on the house and is different than the funding fee which is required from the VA, unless the veteran is exempt, and not 5%.
OP - ditto the PPs. as far as if the builder will work with you, you're going to have to ask them that.