All Forum Posts by: Beth Traverso

I have a STR in a mountain town about 90 min outside Seattle, WA (in the Roslyn/Cle Elum area). We have two high seasons, summer is good because there are lakes and hiking trails nearby. Winter is busy for snowmobiling, etc. Spring months are largely vacant. The easy proximity to Seattle is key. We have it professionally managed so it is truly turn-key.

She should not need down payment assistance with a zero down VA mortgage.

The closing costs and pre paids can typically be negotiated into the contract to be paid by the seller. Sometimes the purchase price is increased to cover some or all of it. 

I have had VA buyers get into a home for zero $ out of pocket. They do still need to come up with the earnest money deposit upon offer acceptance, which in my part of the state of WA is typically 1-3% of the purchase price. If they are paying no down payment or closing costs, the earnest money funds are returned to the buyer at closing.

As others have said, her lender can advise on this. Thanks to her for her service and happy house hunting!

21st Mortgage is my go to for this type of scenario. 

What banks are doing lines of credit on rentals? Not a cash out refi, but lines of credit. Funds would be used for purchase and rehab costs for BRRRRs and then paid back when the new properties are refinanced. Properties average 40% LTV on 1st mtgs. WA state. Thanks!