Using your VA home loan - Have any tips?

[pitbull30]

Im thinking about using my VA home loan to buy a house. Do you guys have any tips or care to share who you used to get a good loan rate? I know I can use it through USAA but Ive also read reviews about people using places such as VA Mortgage Center.

http://www.vamortgagecenter.com/f/show_form.html/?src=msn&adg=mvamc&utm_source=searchalliance&utm_medium=cpc&utm_content=vamc&utm_campaign=rich&desc=information

I guess what Im asking for is any advice you have so I dont overlook something or goof such a big decision.

Thanks in advance.

[bambam8d1]

I used the VA loan to purchase a house last year. Went really smooth. Much easier than I expected it to be. I went through veterans united and they were awesome. Though they just sold my loan to another company which sucked. My buddy used VA loan as well and has his loan through USAA and is very happy. Oh, also I know the Va loan is "no down" but if you throw down some cash up front ontop of the few small things you'll have to pay it may help you to lock in a lower Interest rate

[ScottyXbones]

If you're shopping for a condo the building has to be on an approved list. Most mortgage brokers will be able to broker a VA loan for you, and may be able to get some incentives from the lender for you. You won't be able to buy a fixer-upper. There is a fairly large "funding fee" you pay as a closing cost for your first VA loan, it will be a few grand, even with 0% down. If you truly want to buy for no money down, have your Realtor write in your offer to have the seller credit you enough for the closing costs. Your escrow will take 45 days, so your offer will be less appealing to a seller than a conventional buyer, also because VA appraisers nitpick everything and aren't afraid to blow deals. Don't know your location OP but if you're in socal feel free to pm me about any questions you may have.

[RandyRhoads]

I just bought my first home after a year of looking. The VA loan was always the worst option as far as loans. I'd suggest not getting stuck on using it. Just because you have that option, doesn't mean you have to use it.

[pitbull30]

I used the VA loan to purchase a house last year. Went really smooth. Much easier than I expected it to be. I went through veterans united and they were awesome. Though they just sold my loan to another company which sucked. My buddy used VA loan as well and has his loan through USAA and is very happy. Oh, also I know the Va loan is "no down" but if you throw down some cash up front ontop of the few small things you'll have to pay it may help you to lock in a lower Interest rate

This is good to know. Im on the fence about putting something down.

If you're shopping for a condo the building has to be on an approved list. Most mortgage brokers will be able to broker a VA loan for you, and may be able to get some incentives from the lender for you. You won't be able to buy a fixer-upper. There is a fairly large "funding fee" you pay as a closing cost for your first VA loan, it will be a few grand, even with 0% down. If you truly want to buy for no money down, have your Realtor write in your offer to have the seller credit you enough for the closing costs. Your escrow will take 45 days, so your offer will be less appealing to a seller than a conventional buyer, also because VA appraisers nitpick everything and aren't afraid to blow deals. Don't know your location OP but if you're in socal feel free to pm me about any questions you may have.

Im looking for a single family home. I do not want a fixer upper. I might take you up on that PM. Thanks

I just bought my first home after a year of looking. The VA loan was always the worst option as far as loans. I'd suggest not getting stuck on using it. Just because you have that option, doesn't mean you have to use it.

Are you saying you went with a non VA loan? Didn't you get stuck with the PMI fees?

[Unit74]

I've bought two houses VA, 3 houses not VA. Shop for the best option. My current house is VA so we could keep cash on hand to do other things.

If you don't have anything to put down, I suspect VA will be the default option.

[RandyRhoads]

Are you saying you went with a non VA loan? Didn't you get stuck with the PMI fees?

Yes
If you have (I think it was %20 down) you don't get PMI. If you have 0 down, I still think you should check on a USDA loan.

[pterrell]

Just something that I learned last second was that you have to put money into the escrow account. This being my first house, I didn't know that so I didn't have enough liquid funds on hand right then. My realtor didn't do a very good job of explaining that part of it but we were able to recover. Also, if you're still active duty, your CO will need to sign your VA loan which could add to the time it takes to get done. Hope yours goes a little more smoothly than mine has been going so far.

[Che762x39]

Yes
If you have (I think it was %20 down) you don't get PMI. If you have 0 down, I still think you should check on a USDA loan.

My first house here in CA was $79,500 so I went FHA with 20% down. My next house I had to go PMI since my ex did not want to wait for the equity to grow to move up to a big house so I only had 10% down.

Now I am looking at VA because my divorce left me cash poor.

[epwegmann]

One thing to remember is the VA funding fee, and how it relates to a down payment. Granted, in the scheme of things it's not much, but it's still more money.

[Bikertrash]

I used My VA loan on my current house. My last house I didn't. My mortgage person made it really easy and locked in a 30yr fixed for 3.5% $0 down. If you're in the San Diego area, I can give you her name. She's Great and knows what she's doing.

[pitbull30]

One thing to remember is the VA funding fee, and how it relates to a down payment. Granted, in the scheme of things it's not much, but it's still more money.

I'll have to look into this. I didnt know there was a fee. I just requested my VA certificate today.

I used My VA loan on my current house. My last house I didn't. My mortgage person made it really easy and locked in a 30yr fixed for 3.5% $0 down. If you're in the San Diego area, I can give you her name. She's Great and knows what she's doing.

Im looking in the Valencia area for now. Thanks for the offer though.

[LCU1670]

Tried twice, no one would call me back, wasted a month each time. Did it twice through COSTCO, both times was done in about an hour.

[sanjoseskater]

Dave Ramsey advises not to use VA loans

[daves100]

VA Loan

Dave Ramsey advises not to use VA loans

Why is that?