You're paying a $75,000 fee to acquire a $700k home? What's the actual fair market value of the home assuming no VA benefits? And what are you paying in total to acquire incl all fees, etc?As I'm going through the process with the seller, it seems that I only need to make a down payment of $200k. This will leave me with around $45k - $50k in the market. The reason for the high down payment is that I need to pay the difference between the negotiated selling price and what is left on the loan, as well as approximately $75k for the VA entitlement charge. I have already utilized the VA loan once, so I don't have the full benefit available to me.Is there a reason why you need to put $250k down on a $700k purchase? What's your age? What was the home worth 5 years ago?
Part of the equation is: are you really desiring to buy a home in the area regardless, and if you don't get this one will you expect to get a similarly valued one soon (at ~7% interest rates)? Or are you willing to wait, or purchase a less expensive home if this one fell through?
Primary homes are very personal decisions - especially if you plan to live there 10+ years. Is this home the right floorplan for you? Does it have the right storage space, outdoor area, proximity to things, etc. that make it valuable to you specifically?
Sometimes buying a primary home isn't about optimizing your money down to the last dollar. Then again, the mention of a $75K fee has me leery - I'd need some BIG quality of life reasons for me to spend that much on a throwaway fee.
Statistics: Posted by esteen — Tue May 07, 2024 1:20 am