DCSportbikes.net  
» Help Support .NET!
DCSportbikes Premier Membership for 25$ per year. Discounts! Click here for full information.

Now available in the .NET Shop:



Get your DCSBN Gear!
» Shoutbox
Sorry, only registered users have the ability to use our real-time shoutbox to chat with other members.

Register now, it's free!
» Online Users: 683
3 members and 680 guests
2blueyam, GRN96WS6, Sal_the_man
Most users ever online was 4,519, September 2, 2015 at 03:26 AM.
Go Back   DCSportbikes.net > Non-Sportbike Forums > Non-Sportbike Chat

Reply
LinkBack Thread Tools
VA homeloan loopholes?!?!
Unread
  (#1)
SPANNERWRENCHCLICKCLICK
 
Jw626's Avatar
 
Posts: 3,308
Join Date: June 28, 2011
Location: Catonsville
VA homeloan loopholes?!?! - October 4, 2011, 09:43 AM

just wondering peoples experience?

and i was wondering... Say i find a house go through the inspection and everything and its good and said house well say asking was 250k... say we talk them down (just for argument sake) to 200k... will i still be able to get the 250k as the loan and use the 50k for upgrades? again im just using this as an example...hopefully i wouldnt need 50k in upgrades but a new arcade/cinema in the basement would be nice and a 14car garage....


jut wondering everyonjes experience etc since we will be looking starting in Jan to purchase


[SIGPIC]http://www.griseldaonline.it/foto/6galleria/tradimenti/warhol%20last%20supper%201986.jpg[/SIGPIC]The tragedy of life is not that it ends so soon, but that we wait so long to begin it.

  Send a message via AIM to  
Reply With Quote
Unread
  (#2)
it's "Leave," you idiot.
 
BiffTannen's Avatar
 
Posts: 991
Join Date: April 5, 2011
Location: Hill Valley, CA
October 4, 2011, 09:44 AM

Quote:
Originally Posted by Jw626 View Post
just wondering peoples experience?

and i was wondering... Say i find a house go through the inspection and everything and its good and said house well say asking was 250k... say we talk them down (just for argument sake) to 200k... will i still be able to get the 250k as the loan and use the 50k for upgrades? again im just using this as an example...hopefully i wouldnt need 50k in upgrades but a new arcade/cinema in the basement would be nice and a 14car garage....


jut wondering everyonjes experience etc since we will be looking starting in Jan to purchase
No... the VA will only fund the final contract price, plus the VA funding fee if you choose to finance that (around 4500 when i bought mine).

The money also goes directly to the seller/their bank. You will never see those funds
  Send a message via AIM to  
Reply With Quote
Unread
  (#3)
SPANNERWRENCHCLICKCLICK
 
Jw626's Avatar
 
Posts: 3,308
Join Date: June 28, 2011
Location: Catonsville
October 4, 2011, 09:47 AM

damnit......... ok thats cool then... well just have to use savings... and still talk people down...

because alot of nice areas and moderate priced houses have like ugly blue carpet and woodpaneling for the walls and shit... all stuff i can change on the cheap but if i couldve scored etc $$ out of the deal without going into savings you know...

and why do people in MD think their house is modern and setup like such?!?!


[SIGPIC]http://www.griseldaonline.it/foto/6galleria/tradimenti/warhol%20last%20supper%201986.jpg[/SIGPIC]The tragedy of life is not that it ends so soon, but that we wait so long to begin it.

  Send a message via AIM to  
Reply With Quote
Unread
  (#4)
Can't work my clutch!!
 
BigDaddyShoo's Avatar
 
Posts: 688
Join Date: July 5, 2008
Location: Centreville
October 4, 2011, 09:55 AM

If it's appraised for 250 and you bought it for 200, you could go the HELOC route.


15 Star Bolt R-Spec
09 600RR ABS
07 600RR
01 GSXR600
  Send a message via AIM to  
Reply With Quote
Unread
  (#5)
GP Champ
 
SxyRdr's Avatar
 
Posts: 2,579
Join Date: September 28, 2002
Location: Fauquier, VA
October 4, 2011, 10:52 AM

You can try to amend the contract and put the extra into an escrow account for your use. When we sold our house years ago we did this for the buyers. They wanted to install hardwood floors and roll that into their mortgage payments. So we amended the contract (upped the sale price by the cost of the flooring estimate) and then put in a clause for a flooring escrow.


Helen
Mom of Donovan,
a GNCC and VCHSS racer

2013 Sponsors: Munn Racing, KTM-Parts.com, Sunstar, ONE Industries, 661, Sunline, Tag Metals, Cycra, Asterisk, Leatt, GoPro, Twin Air, Factory Backing and Mom & Dad

Helen's Facebook
WillowRowRacing Facebook
  Send a message via AIM to Send a message via Yahoo to SxyRdr Send a message via AIM to SxyRdr  
Reply With Quote
Unread
  (#6)
What are we doing here???
 
Posts: 1,124
Join Date: June 25, 2007
Location: Up sh*t creek. Where the hell is my paddle?
October 4, 2011, 11:09 AM

Lol, first time home buyer I see. If you want to do mods, ask for money back during closing from your lender. You may get a few grand to do some things depending on who does your loan. The worst they can say is no.


Beauty and The Beast

USMC rule # 23 of gunfighting: Be polite, be professional, but have a plan to kill everyone you meet.
  Send a message via AIM to  
Reply With Quote
Unread
  (#7)
↓ dn ʎɐʍ sıɥʇ ↓
 
Dark's Avatar
 
Posts: 8,213
Join Date: March 10, 2008
October 4, 2011, 12:20 PM

Sounds like a lot of risk to borrow another $50k on a home you're only paying $200k for.


-Ryan
  Send a message via AIM to  
Reply With Quote
Unread
  (#8)
Licensed Rider
 
Posts: 108
Join Date: October 2, 2008
Location: Reston
October 4, 2011, 12:49 PM

I'm a first time buyer and going through the wonderful process myself. I asked around work about this before shopping around for a mortgage and I think it depends on the lender. I forget what they call it, something like "cash out", or something to effect. But enough people do it, where there's a term.

I was actually able to get my lender (smaller company) to do this for me, but I think it helped that I asked for it to cover closing costs, lender fees, appraisal, inspection, and it goes on and on... or immediate home improvements. Not the Ducati that I was initially trying to get it for.

Good luck with your search and get ready for a ton of people asking you to sign stuff, give them checks and drop everything you're doing to immediately respond to them. It almost feels like you have a second job... theirs. I can't wait till its over, but it'll be nice once it is.
  Send a message via AIM to  
Reply With Quote
Unread
  (#9)
SPANNERWRENCHCLICKCLICK
 
Jw626's Avatar
 
Posts: 3,308
Join Date: June 28, 2011
Location: Catonsville
October 4, 2011, 01:15 PM

Quote:
Originally Posted by Dark View Post
Sounds like a lot of risk to borrow another $50k on a home you're only paying $200k for.
i was just using it as an example.... we wouldnt need near that much for anything were looking at


[SIGPIC]http://www.griseldaonline.it/foto/6galleria/tradimenti/warhol%20last%20supper%201986.jpg[/SIGPIC]The tragedy of life is not that it ends so soon, but that we wait so long to begin it.

  Send a message via AIM to  
Reply With Quote
Unread
  (#10)
↓ dn ʎɐʍ sıɥʇ ↓
 
Dark's Avatar
 
Posts: 8,213
Join Date: March 10, 2008
October 4, 2011, 02:03 PM

Quote:
Originally Posted by Jw626 View Post
i was just using it as an example.... we wouldnt need near that much for anything were looking at
I wouldn't even consider buying a home that was going to require any cash I couldn't pull out of my own pocket at this point in the economy.

Buy a house in good condition that doesn't need any work, that's what I just did.


-Ryan
  Send a message via AIM to  
Reply With Quote
Unread
  (#11)
it's "Leave," you idiot.
 
BiffTannen's Avatar
 
Posts: 991
Join Date: April 5, 2011
Location: Hill Valley, CA
October 4, 2011, 02:08 PM

Quote:
Originally Posted by Dark

I wouldn't even consider buying a home that was going to require any cash I couldn't pull out of my own pocket at this point in the economy.

Buy a house in good condition that doesn't need any work, that's what I just did.
This
  Send a message via AIM to  
Reply With Quote
Unread
  (#12)
Signed up for Track Days!
 
keebler's Avatar
 
Posts: 259
Join Date: February 20, 2009
Location: Pasadena, Md
October 4, 2011, 07:14 PM

pm'd you jw626


Quote:
Real gearheads know that you cant buy horsepower off an Autozone shelf. To play with the big boys, you've gotta pay.
-1997 Ninja 600R
  Facebook Page Send a message via AIM to Send a message via AIM to keebler  
Reply With Quote
Reply


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Powered by vBadvanced CMPS v3.2.3


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO 3.6.0
vBulletin Skin developed by: vBStyles.com
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest 2002-2010 by DCSportbikes.net. DCSportbikes.net is owned by End of Time Studios, LLC.