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Posted: 1/25/2021 11:55:38 AM EDT
[#1]
ask @PreachermanMATT
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Posted: 1/25/2021 11:57:39 AM EDT
[#2]
many many hoops to jump through but seems to be worth it in the end. Also there's a LOT of restrictions that will cause a property to be ineligible for a VA loan (at least in my experience. I tried to use it to buy a house 20+ yrs ago. Things may have changed)
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Posted: 1/25/2021 11:58:28 AM EDT
[#3]
I tried to use one a few years ago. Ended up being more expensive. Plus I put a lot of money down.
My financial intuition tells me that if you are doing a VA loan because of low or no down payment... you probably shouldn't look to buy. YMMV |
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Posted: 1/25/2021 11:58:49 AM EDT
[#4]
Quoted: I am thinking about getting a VA loan to buy my next house so I am asking those who have used it if it is something worth pursuing or are there better loan alternatives out there? The VA loan guaranty program is worth the price of admission, if you ask me. Saved my bacon when I had to short my house after the market fell out of the bottom in DC and was given PCS orders to move across the country. Otherwise, there are a couple extra hoops to jump through, but on balance I think they're great. |
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Posted: 1/25/2021 11:59:49 AM EDT
[#5]
DO NOT USE VETERANS UNITED FOR YOUR SERVICING PROVIDER.
Had a horrible experience with them, nothing CoC compliant to say about them. |
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Posted: 1/25/2021 12:00:03 PM EDT
[#6]
Quote HistoryQuoted: many many hoops to jump through but seems to be worth it in the end. Also there's a LOT of restrictions that will cause a property to be ineligible for a VA loan (at least in my experience. I tried to use it to buy a house 20+ yrs ago. Things may have changed) They haven't changed, I just sold a property and my agent explicitly said it wouldn't qualify for a VA loan due to a half-dozen minor issues. She considered that a good thing. |
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Posted: 1/25/2021 12:01:24 PM EDT
[#7]
Quote HistoryQuoted: DO NOT USE VETERANS UNITED FOR YOUR SERVICING PROVIDER. Had a horrible experience with them, nothing CoC compliant to say about them. I had the opposite. |
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Posted: 1/25/2021 12:03:31 PM EDT
[#8]
Used VA through Navy Fed. Zero down. No hassles.
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Posted: 1/25/2021 12:03:48 PM EDT
[#9]
VA is a great loan. I have written literally hundreds over the last 20yrs. No better option for most - but not all situations. IM me if you would like to discuss some pro's / con's.
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Posted: 1/25/2021 12:04:41 PM EDT
[#10]
great. if you have a VA disability rating, the funding fee is waived.
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Posted: 1/25/2021 12:05:34 PM EDT
[#11]
I have bought and sold a number of houses and researched VA loans as a potential each time.
Without fail the VA loans were more expensive overall (higher APR) than what you could find if you shopped around. Granted having a good credit score and a chunk of cash to put down helps but if you have both of those, there are better deals to be had. |
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Posted: 1/25/2021 12:08:08 PM EDT
[#12]
Quote HistoryQuoted: great. if you have a VA disability rating, the funding fee is waived. This is the boat my son was in. Used veteran United or something. He’s happy with it. VA disability rating 90%. He and his wife closed last month. |
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Posted: 1/25/2021 12:08:18 PM EDT
[#13]
Quote HistoryQuoted: DO NOT USE VETERANS UNITED FOR YOUR SERVICING PROVIDER. Had a horrible experience with them, nothing CoC compliant to say about them. I had a great experience with VU in getting approved and getting the first loan, then a refinancing, but after both they royally fucked up my escrow three times. --didn't pay the annual property tax on time. Like, months late. --after refi, gave us an escrow refund of several thousand dollars. We told them several times that couldn't be right, they insisted it was, so after we pocketed the money they said "whoops, our bad, we shouldn't have given you that, now we gotta raise your payment $300/m for one year to make up for escrow shortfall." --fucked up our escrow calculation a second time, requiring our payment to go up another $100/m for a year. I refinanced just to get it the fuck outta VU's hands. |
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Posted: 1/25/2021 12:09:46 PM EDT
[#14]
I'm on a 30 year, 2.75 fixed rate. VA funding fee waived.
It was easier than my prior FHA. Bear in mind while you "avoid" a down payment your monthly payments reflect the entirely of the offer price. My appraiser did not ding me on certain things. Had a broken outer pane on windows (one bathroom, one garage). She appraised it for exactly the asked loan. |
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Posted: 1/25/2021 12:09:55 PM EDT
[#15]
I got lower interest rate through VA loan than all the conventional rates. My credit score was around 740.
The way it was explained to me is that a conventional is better IF you have high credit score and can get that lower interest rate. Otherwise, in most cases the VA loan is going to have a better rate and the rate is not based on your credit score, anyone who meets the same basic requirement (I believe 640 but it changes) gets the same interest rate. Also, if you are disabled veteran the funding fee is waived, which is amazing. |
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Posted: 1/25/2021 12:10:53 PM EDT
[#16]
It's mostly good. It's a little trickier with a condo than a home, and it's more geared towards first time buyers, but it's a good program to take advantage.
I should note, you can only have one at a time. |
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Posted: 1/25/2021 12:12:22 PM EDT
[#17]
Quote HistoryQuoted: I tried to use one a few years ago. Ended up being more expensive. Plus I put a lot of money down. My financial intuition tells me that if you are doing a VA loan because of low or no down payment... you probably shouldn't look to buy. YMMV That's a pretty terrible stance. Chances are you can buy a similar place to what you're renting for a similar or less monthly payment. So, you can be building equity and credit for the same cost you have now. |
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Posted: 1/25/2021 12:12:35 PM EDT
[#18]
Bought my first house using it through Quicken Loans, no issues or problems.
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Posted: 1/25/2021 12:13:26 PM EDT
[#19]
I'll add my vote against Veteran's United. I didn't use them because they tried to high-pressure sell me. I actually paid .25 more for my loan from a company that was respectful and straightforward.
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Posted: 1/25/2021 12:13:55 PM EDT
[#20]
Quote HistoryQuoted: I should note, you can only have one at a time. You can have more than 1, I believe that changed a while ago. There is a formula that says how much VA loan you can borrow, its based on dollar amount now and not number of loans. I have 2 now. |
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Posted: 1/25/2021 12:14:08 PM EDT
[#21]
I did it, worked great, few hoops.
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Posted: 1/25/2021 12:16:09 PM EDT
[#22]
I had a good experience with mine as well, definitely worth it.
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Posted: 1/25/2021 12:17:40 PM EDT
[#23]
Quote HistoryQuoted: DO NOT USE VETERANS UNITED FOR YOUR SERVICING PROVIDER. Had a horrible experience with them, nothing CoC compliant to say about them. I re-financed my house with them almost a year ago with no problems. I have nothing bad to say. |
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Posted: 1/25/2021 12:18:04 PM EDT
[#24]
Got my house using VA loan, because the first offer fell through. The two houses I put offers in including the one I ended up in the sellers turned down my offers because i was using the VA.
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Posted: 1/25/2021 12:20:15 PM EDT
[#25]
Quote HistoryQuoted: DO NOT USE VETERANS UNITED FOR YOUR SERVICING PROVIDER. Had a horrible experience with them, nothing CoC compliant to say about them. Lol, thanks for the heads up. They have been calling me nonstop but I won't pick up until I learn more! |
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Posted: 1/25/2021 12:21:07 PM EDT
[#26]
Quote HistoryQuoted: Used VA through Navy Fed. Zero down. No hassles. Good idea, I bank with Navy Fed. |
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Posted: 1/25/2021 12:22:14 PM EDT
[#27]
Quote HistoryQuoted: I have bought and sold a number of houses and researched VA loans as a potential each time. Without fail the VA loans were more expensive overall (higher APR) than what you could find if you shopped around. Granted having a good credit score and a chunk of cash to put down helps but if you have both of those, there are better deals to be had. Yes, I am good on both counts. |
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Posted: 1/25/2021 12:23:25 PM EDT
[#28]
I started with a 30 year VA loan, converted to 15 year when rates dropped, paid it off early.
No major hassles for me. |
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Posted: 1/25/2021 12:24:12 PM EDT
[#29]
I’ve done it twice now. No gripes here.
First time I used it because the no down payment part is what made buying the house attainable for me at the time. Bought my next house with one recently. Hard to make a case against 2.25% rate for a 15 or 30 year loan. The only downside I can really see is that the VA is super picky about appraised values and the condition of the house. In a crazy sellers market, some sellers my pass on offers with VA loans because the house could appraise for less than the offer, which could tank the deal. Or the VA could require repairs even if the offer was as is with no repairs/inspection. I actually got passed over on an offer I made even though my offer was the same as the eventual selling price. May have been because I was going VA, but who knows. My offer on the house I bought was accepted specifically because I used a VA loan. Sellers was also prior military and wanted to go with a fellow vet over the other offers. |
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Posted: 1/25/2021 12:24:36 PM EDT
[#30]
Quote HistoryQuoted: I tried to use one a few years ago. Ended up being more expensive. Plus I put a lot of money down. My financial intuition tells me that if you are doing a VA loan because of low or no down payment... you probably shouldn't look to buy. YMMV There are better places to put that 20% than into a down payment. Its incredibly easy to invest at a much higher return rate than current interest rates. |
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Posted: 1/25/2021 12:25:12 PM EDT
[#31]
Quote HistoryQuoted: You can have more than 1, I believe that changed a while ago. There is a formula that says how much VA loan you can borrow, its based on dollar amount now and not number of loans. I have 2 now. Hmm, interesting. Should look into that. |
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Posted: 1/25/2021 12:26:11 PM EDT
[#32]
I've used it twice now. Once for my house in TX and now up here in CO. Both times have been fairly painless. We sent out a lot of offers for homes in Denver only to be turned down because we were using VA. If you have a disability rating, you get the funding fee waived.
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Posted: 1/25/2021 12:26:20 PM EDT
[#33]
I have used my eligibility for my last three homes. I have been very happy. The only kicker is the Inspector can stop your loan. This house, i got a great deal on, but the inspector stopped it because two bush limbs brushed the house. After the seller cut them, the inspector let the loan move forward.
The biggest downside is you will get 4,739,2638,975 spam email and stamped letters telling you that you can refi you VA loan by .00000001%. |
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Posted: 1/25/2021 12:27:46 PM EDT
[#34]
Quote HistoryQuoted: many many hoops to jump through but seems to be worth it in the end. Also there's a LOT of restrictions that will cause a property to be ineligible for a VA loan (at least in my experience. I tried to use it to buy a house 20+ yrs ago. Things may have changed) 20-years ago and it was one form and $150 fee with the Califoirnia VA. The VA mandates certain things like electrical power, plumbing, and code compliance so not all homes will pass their inspection requirements. |
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Posted: 1/25/2021 12:28:55 PM EDT
[#35]
I’m on my 3rd house with a VA loan. The first 2 were zero down, 60k down on the latest because we could afford it.
I’ve had nothing but positive experiences. |
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Posted: 1/25/2021 12:29:15 PM EDT
[#36]
Quote HistoryQuoted: I tried to use one a few years ago. Ended up being more expensive. Plus I put a lot of money down. My financial intuition tells me that if you are doing a VA loan because of low or no down payment... you probably shouldn't look to buy. YMMV Your financial institution is retarded. My first house was a no down payment VA loan. The monthly mortgage was less than renting a similar house or local apartment. It’s all about buying what you can actually afford. In my new house the rate was so low that a big case could have been made to go with no down payment and just invest my cash. |
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Posted: 1/25/2021 12:29:50 PM EDT
[#37]
I just did one, locked in with a 2.25%. One of the best deals for vets if you ask me
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Posted: 1/25/2021 12:29:54 PM EDT
[#38]
VA loans are a bitch, in a sellers market as a seller I wouldn't accept your offer.
They won't write the loan unless the home is turnkey perfect. |
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Posted: 1/25/2021 12:32:16 PM EDT
[#39]
1.75% on a 30 year for 500k. No pmi.
I've used the VA loan 3 times so far. Rates have always been the same as a 30 year traditional. The PMI has been the biggest money saver. Fwiw, the run of the mill 3b 2 bath 1400 Sq f starter home around here starts at 300k. Saving up for a down payment was difficult when we bought our first home. |
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Posted: 1/25/2021 12:33:30 PM EDT
[#40]
Quoted: I am thinking about getting a VA loan to buy my next house so I am asking those who have used it if it is something worth pursuing or are there better loan alternatives out there? VA rates are generally better or at least that been my experience. If you have disability whatsoever there is also no fees or very minimal fees and zero down with no PMI. I just took one for $295k @ 2.375%. Why you consider anything other than a VA loan eludes me. |
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Posted: 1/25/2021 12:33:51 PM EDT
[#41]
Quoted: I am thinking about getting a VA loan to buy my next house so I am asking those who have used it if it is something worth pursuing or are there better loan alternatives out there? va loads are the tits. ( unless its a older house with problems ) i got mine easily, zero down payment / zero costs involved, and have refinanced twice over the last 2 years without submitting anything additional. just clicked a button on my mortgage web site, and they sent someone to the house with papers to sign. easy as shit. my interest rate went from the original 4% from 4 years ago when i first purchases, down to 2.5% with the two refinances. ill refinance again end of this year and try to go from 30 year 2.5% to a 15 year 1%, i think it will probably happen at 1% the way shits going. probably be paying less money per month with the new 15 year than i was for the original 30 year. 
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Posted: 1/25/2021 12:34:02 PM EDT
[#42]
I used it...It was easy and not complicated or with "Lots of Hoops" Very simple in my case.
Would use it again if I had to go back and do it all over. |
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Posted: 1/25/2021 12:38:22 PM EDT
[#43]
Quote HistoryQuoted: Your financial institution is retarded. My first house was a no down payment VA loan. The monthly mortgage was less than renting a similar house or local apartment. It’s all about buying what you can actually afford. In my new house the rate was so low that a big case could have been made to go with no down payment and just invest my cash. Meh, guess that's why I am a GD MILLIONAIRE! Poor people will continue to make poor choices. We are literally debating the best way to go into debt. I won't choose to go into debt again. Enjoy your 10-year auto loan. |
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Posted: 1/25/2021 12:46:41 PM EDT
[#44]
Quote HistoryQuoted: I tried to use one a few years ago. Ended up being more expensive. Plus I put a lot of money down. My financial intuition tells me that if you are doing a VA loan because of low or no down payment... you probably shouldn't look to buy. YMMV Your financial institution is retarded. |
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Posted: 1/25/2021 12:50:04 PM EDT
[#45]
Haven't bought a home in 20 years, but I used VA for both of our houses. I don't recall any real problems. Ended up refinancing out of both loans fairly quickly IIRC though.
When selling my moms house in 2018, I did pass on the above price offer that was VA. Took the full price offer that was cash instead. Didn't want the hassle of the appraisers fix its coming back at me. |
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Posted: 1/25/2021 1:00:55 PM EDT
[#46]
Quote HistoryQuoted: DO NOT USE VETERANS UNITED FOR YOUR SERVICING PROVIDER. Had a horrible experience with them, nothing CoC compliant to say about them. I used them when we bought our current house and just refinanced with them and had positive experiences both times. Shrug |
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Posted: 1/25/2021 1:08:14 PM EDT
[#47]
Quote HistoryQuoted: Good idea, I bank with Navy Fed. Quote HistoryQuoted: Quoted: Used VA through Navy Fed. Zero down. No hassles. Good idea, I bank with Navy Fed. This is how I did it. No problems. |
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Posted: 1/25/2021 1:16:14 PM EDT
[#48]
Quote HistoryQuoted: many many hoops to jump through but seems to be worth it in the end. Also there's a LOT of restrictions that will cause a property to be ineligible for a VA loan (at least in my experience. I tried to use it to buy a house 20+ yrs ago. Things may have changed) That was my experience as well. They are looking out for you, but to a fault. Anything I found I wanted, location, price, size, wouldn't get approved. We wanted a cheap fixer in the country, they wanted me to buy 2G worth of house. It's worth it if you want to spend the money. |
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Posted: 1/25/2021 1:22:41 PM EDT
[#49]
Even if you don’t need the zero down, the rate reduction makes it worth it. Basically a streamline refinance whenever rates go down.
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Posted: 1/25/2021 1:23:07 PM EDT
[#50]
Even with the funding fee, not paying pmi alone is worth it.
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