VA Loan Successes

Three Veteran buyers have recently used their Certificate of Eligibility to relocate to Tehachapi. Using a VA loan is a nifty way to use maximum financing to buy your primary residence. Here’s how it worked out for them.

Buyer M owns a house elsewhere but was moving here to be closer to his job. Since he had not used his VA loan entitlement to buy his current home, we could use it here. His price exceeded $250,000, but with proper planning he only spent $1,200 in cash at closing.

The P Family sold their home and had been renting while looking for their perfect place. When we began their preapproval, they wanted to use the VA loan with a down payment, since they had sale proceeds. By the time we finished their escrow, they decided instead to use the no-down option. For a payment increase of only $120 per month, instead of spending $25,000 at close, they only spent $2,600. They had a VA loan on their old home, but since they had sold it already we could re-use their VA entitlement here.

Buyer S had a foreclosure three years ago, but we could use her VA loan again since she has re-established her credit. She wanted to keep her cash reserves, so we structured her loan as a VA No-No and she got into her house without spending any cash at closing. Yep, she got her earnest money deposit back in full! Her new house payment is commensurate with her former rent payment, and she is back on the path of home ownership.

Point being, if you have a steady job and clean credit, there are ways to get into a home without making a huge down payment. If you’re curious to see what other financing might be available for your family, be in touch soon.