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Amy L.
  • New York, NY
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11
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Partnership dispute on VA loan

Amy L.
  • New York, NY
Posted Dec 10 2018, 06:04
Hi everyone, my friend is VA eligible and we are under contract for duplex for 850k in NY. The VA limit is 679k. Which means we need to come up with 42K (25% on the remaining 171k). My friend thinks I should pay for the 42k and closing cost (25k) because he says if it weren’t for his VA loan I wouldn’t be getting the deal. That means I’m putting about 70k in cash and while he thinks his loan eligibility is worth $135k because 20% of the VA limit 679k. I don’t understand how he quantifies that. He is very adamant that I front up all the cash to match. I’d appreciate suggestions if you are familiar with my situation.

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