A week ago we had another “no money down” closing. The buyer was an Iraq veteran who purchased a 1700 sqft home on a lake right here in Ohio, with almost no cash out of his pockets. Many different Columbus loans are available, but VA loans are simply the best. The Veterans Administration takes care of our soldiers.
Chad was stationed in Iraq until the end of December 2008. He started his home search on the Internet, like 85% of today’s buyers, and contacted Susanne, his realtor, from a Craigslist posting. He and his wife wanted a home outside of the city, possibly with some land. While he was still in Iraq, Chad’s wife and her parents looked at a number of homes. But it was not until he came back, at the end of December, that they made a final decision.
Chad found a bank owned, double wide mobile home on Indian Lake, about an hour drive from Columbus. This was not just a trailer, but a very nice and spacious 1700 sqft ranch style home on a large lot overlooking the lake. Best of all, since it was bank owned, it was offered below market value.
After consulting with Susanne, they submitted a winning offer. Within 5 weeks the VA loan was approved. Susanne recommended a property inspection, including well and septic. A smart decision, as VA wanted to see the inspection reports to approve the loan.
When it came to closing, Chad’s VA loan covered the purchase and the VA funding fee. The closing costs were paid by the seller, as negotiated in the purchase contract. He just had to bring a few hundred bucks to cover some extra expenses like flood insurance and the inspections.
After serving our country in Iraq, Chad and his wife moved to their own home on the lake. Thanks to VA, this purchase did not eat up their cash reserves either, so they had money to furnish the home and buy brand-new appliances. Here is what they say about their new home:
“We absolutely love it. It is perfect for us. Thank you for working so hard to find the perfect place for us. You have been amazing throughout this entire process. We will definitely refer all of our friends to you.”
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