Congratulations to Tatiana and Madison, veterans and first-time home buyers! They were able to buy their first home with only $6000 and VA loan with a 0% down payment! Despite facing several challenges along the way, they remained positive and handled each obstacle with level heads and humor.
Making Offers
Tatiana and Madison made offers on three different homes before finding the perfect one. It can be difficult for first-time buyers or veterans with a 0% down VA loan to have their offer accepted, especially in a multiple-offer situation. Fortunately, they found a home that had just come back on the market after a previous sale fell through. It had been sitting for a few weeks and we identified it as a great opportunity with lots of potential. They acted quickly, making a great offer that was ultimately accepted.
Inspection
As their guide through the inspection process, I discovered that the home was in good shape overall. With only two necessary repairs and a handful of average maintenance items that came up. I was able to negotiate with the seller to cover the cost of the larger repair and to provide a home warranty.
Tidewater Appraisal
When the appraisal process began, we faced some challenges due to the strict nature of VA appraisals. We received a “Tidewater” appraisal notice which means the appraiser couldn’t decide on a price. To help support the sales price we offered, I gathered a list of comparable recently sold homes and spoke to the listing agents who sold them. I presented my findings in a report to the appraiser, who ultimately agreed with our price. Although a smaller repair was required, I was prepared with a quote I already received from a trusted contractor. We were able to get the repair done the same week and paid for out of escrow.
Closing with Only $6000!
Despite a few delays and paperwork issues from the lender, Tatiana and Madison remained level-headed and patient. In the end, they were able to purchase a great house at a great price with very little money due at closing. Thanks to the 0% down VA loan and the seller’s contributions I negotiated, their out-of-pocket costs were only $6050! They offered $2000 in earnest money, paid $800 for inspections, and their final closing costs were $3250.
It was an honor to assist Tatiana and Madison in purchasing their first home. I’m so grateful for their trust in me and happy to celebrate their huge achievement! Congratulations, Tatiana and Madison!
If you are a first-time buyer, a veteran, or someone who wants to know how they can buy a house with little upfront costs, please give me a call! I specialize in working with first-time buyers and love to teach folks that buying a house with little money down is possible. While a zero-down loan isn’t necessarily simple, there are hoops to jump through and it comes with some challenges in the short term. But, owning a home and starting to build that equity for yourself is going to help you level up in life and make a big difference long term. It’s worth exploring, and I’m happy to help walk you through it.
A little over 4 years ago a most fabulous lady named Claire contacted me to help her purchase her first home. At the time, she was working for a non-profit and while she didn’t have a lot of funds or a high paying job, she did have fierce determination to buy a home. It took a while, and included several grants and first time home buyer programs, but she wound up purchasing the most adorable condo ever that I was listing. My seller on the condo had purchased the condo a couple of years before, and then met the love of her life and they sold the condo to buy a bigger home. Claire wound up buying the condo after a break-up with a former partner. Fast forward 3 years and Claire contacted me again because she had met the love of her life Timothy. Claire had moved out of the condo into a larger apartment with Timothy, and she was ready to sell the condo. I listed the condo and within a couple of weeks got a great offer and a month later she closed on the condo and that chapter of her life. Timothy is a veteran and eligible for a VA loan. I hooked them up with Jennifer Leon over at Umpqua who is fabulous with VA loans and they got pre-approved for a nice sized loan. Off we went to go look at good sized detached houses with 3 and 4 bedrooms in great parts of town.