Updated almost 7 years ago on . Most recent reply
Partnership dispute on VA loan
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.