Southern Maryland Real Estate
Mike Petras

Hot News ! Sellers Can Pay Off Veteran Homebuyers Personal Debts at Settlement ! ” Yes it is True!

Veterans did you know that a Seller can payoff your personal debts at settlement when you use your VA Loan to buy a home ? Yes it is true and I have helped dozens of  Veteran Homebuyers and their families accomplish just that. Under the current VA Home Loan Guidelines a Seller can payoff up to 4% of the sales price towards paying off a Veteran Homebuyers debts. If the Seller is paying your closing costs then the prepaid closing costs (approximately 1%) must be deducted from the 4 % limit leaving roughly 3% and still a nice benefit if you can negotiate it in your home purchase contract. For example if you were to buy a home for $300,000 the Seller could pay up to aproximately  3% of the contract sales price  or $9,000 towards your debt payoff.  A Seller can payoff your credit cards , personal loans, student loans, car loans and even buyout the remaing portion of your existing rental lease. I have had Veterans who were renting bring a statement from the Property Management Company , Apartment Rental Office or Base Housing Rental Office showing the  average 2  month penalty for a lease buyout or early termination penalty and the Sellers paid it at settlement allowing the VA Homebuyers to buy  a home and terminate their lease early without paying a dime ! With the current interest rates at historic lows and home prices much more affordable now really is the time to buy! Call Me anytime for a no obligation consultation. Let me help you  find the right path to home ownership and show you what your VA Home  Loan Benefit can really  do for you!


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