Military VA home loans help

[Darklyte27]

Hello fellow military calguners, please share your info on a VA home loan.

I know i am eligible, I have the COE.

What kind if int rates are you getting? how long did it take?

I recently looked at a new home and its around 330k, the on site loan officer ran our numbers, we were qualified for a 360k home, about 72k down and 288k finance. That gave us 5% int rate and with property tax, insurance came out to about 2k

i read that VA loans gets you a better rate. I know it can get you 0 % down but i rather put $ down and have a lower monthly payment.

any other info guys and girls?!

[Fjold]

VA rates are not the lowest around. The main advantage to VA loans is that they get you into a house with 0 down.

The site loan officer can tell you what the current VA rates are.

[dustoff31]

VA rates are not the lowest around. The main advantage to VA loans is that they get you into a house with 0 down.

The site loan officer can tell you what the current VA rates are.

^This. Shop around. Especially if you have some money to put down.

[Darklyte27]

haha, well the "loan officer" i think wants you to do a normal loan.. so he can make $ on you, commission etc.

I mentioned that I qualify for a VA loan, and he just said" you could do a VA loan"

my current excel spreadsheet my friend made for me shows this

$315,000 purchase price

Wrong info below
23% down $72,450

5% 30 yr fixed is $1302.06
1.1% property tax $288.75
home owners insurance $196.88
special taxes sewer etc. 40$

came out to 1830$

which is doable for me and my wife.

with 4% rate its 1685$ a diff of 145$

according to what I read, the rate is suppose to be better? but you are saying its not?

[KALIDAWG8996]

VA Loan

MAKE ABSOLUTELY SURE YOU KNOW HOW MUCH YOU ARE PAYING IN TAXES!!! Look up the mello-roos and the levys placed in the area. They don't show up on the 1.1 Pcnt

[dustoff31]

according to what I read, the rate is suppose to be better? but you are saying its not?

Maybe it is, maybe it isn't. You don't really know until you see all the numbers for both commercial and VA and compare them side by side.

The rates are set by the lender. The VA doesn't actually make the loan, they only guarentee it.

[Beatone]

VA rates are not the lowest around. The main advantage to VA loans is that they get you into a house with 0 down.

The site loan officer can tell you what the current VA rates are.

That about sums it up. You get in with 0 down.

[45DAVID1]

VA rates are higher than the rates that are out right now. I have/had a VA loan but gave the house up in a divorce.

[phroggunner]

The biggest advantage of a VA loan is you don't have to pay mortgage insurance. The only other way out of paying mortgage insurance is to put at least 20% down. Since you are already planning on putting 72k down, you're probably better off looking for the best interest rate.

A VA loan also forces the seller to cover certain closing costs, but they are minimal in the grand scheme of things. VA loans make it easier to refinance through their interest rate reduction program, but chances are interest rates won't be dropping below their current rates anytime soon (if ever). Also, I'm pretty sure a va loan stipulates you are NOT allowed to rent out your house.

[jmlivingston]

As others have said, the VA interest rates are often slightly higher. But it can get you in with $0 down and no PMI insurance. They can take slightly longer to close, as there's additional paperwork to deal with.

Also, I'm pretty sure a va loan stipulates you are NOT allowed to rent out your house.

If I recall correctly, that's true only for the first two years of the loan.

John

[Darklyte27]

Thanks all

Sounds like I will end up going with a conventional loan.
rate is better, as I have at least 20% down which also allow me to avoid PMI.

Now the shopping around for a lender.

I just got my mail today, and got a postcard from the builder.
it says they will pay closing costs. I think thats if i use their lender though?

[greyhd]

My VA loan just funded. 4.375% fixed.

I would definitely shop around instead of just going with the builders financing.

If you don't have to put that much down I would really consider keeping some it the bank.

Oh and the VA process was just giving a copy of my 214 and signing just a few more pieces of a huge stack. My escrow was just 3 weeks on an REO, which normally are harder to deal with.

[Darklyte27]

what interest rates you guys who recently bought a home have?

i am being offered 5% for a 252k loan

[greyhd]

If you want I can PM you my lenders info. Seriously, they went the extra mile for me. I would highly recommend them, which is not a normal thing for me. I would have no problem passing their name to a fellow veteran.

They are down here but I am sure they can accommodate your needs.

[regalado1]

Don't forget to look at CalVet loans. A little different than the standard VA loan but pretty similar.