We applied for an Active Duty loan, my husband is in Iraq. Our credit is average and we were going to roll the closing cost into the loan. It was denied because they said we didn't have enough money in the bank. How much money do we need in there? And when can we apply again? Thanks if anyone has any advice.
Assuming you are buying a house, you need to have enough funds to cover the closing costs. The only way to get around it is to have the seller pay the closing costs. That needs to be established in the purchase contract.
Ok. I think I know who you were dealing with. Can you get the sellers to pay the closing costs and do it as a regular VA loan. Because I am 99.99% sure what you were offered and what the loan program actually is and it's not as good as getting a VA loan. Also, there is no waiting period for applying for a loan.
Hey MortgageGuru If I my I ewould like to pick your brain for an answer. When the call it a 6-20 year Fixed equity loan, what does that mean. What is the difference from a 1-5 yera fixed equity loan. thanks
It's just the length of the loan. Rates are different for shorter terms vs longer terms. In this case, the rate would be the same if it was a 6 yr note or a 20 yr note.
