VA loans are no secret. Most mortgage lenders offer VA loans.
There are many upsides to using your VA benefit-
1) It allows financing up to 100% (it's actually very slightly more than that) of the home value. No down payment is required. The home will require an appraisal.
2) No PMI is required
3) Interest Rate reduction refinancing is a breeze and very cheap. (Though at historic lows with nowhere lower to go, I kind of doubt that rates are going to drop anymore any time soon)
But it's still a mortgage and you still have to qualify financially for the desired amount, just like anyone else would.
There are also some extra minor hassles that go along with any government benefit-
1) The home must pass a VA inspection for minimum suitability. Do not think that this is the same as a traditional home inspection. It isn't.
AT ALL. Get a real inspection.
2) There are
many forms that will be part of your mortgage application and closing paperwork. ANY decent mortgage broker that offers VA loans knows everything about them and will handle them for you but like everything you've ever done involving the .gov, all the paperwork has to be completed and the more things to get fucked up, the more they can get temporarily fucked up.
3) There is a funding fee. There are many variables that determine the fee but it's roughly 2% of the loan amount for the first time you utilize the benefit for a primary mortgage. That fee is financeable. If you have used a VA loan before, the subsequent funding fee is 3.3%.
4) The terms are not always better than you could possibly get with a conventional mortgage but they are competitive with them. Shop around.
Above all else, remember that it is still a mortgage.
Shop around. Lenders rates and fees vary like with any other mortgage. And, it should go without saying... Just because you qualify for X amount and can finance everything, it doesn't mean that you can actually afford it.
I've had great service and terms with National Bank of Kansas City. Bernie Kalmus is awesome and this is his specialty. I will gain nothing from recommending him. I only know him because I have used him multiple times.
Give him a call.
NBoKC Bernie Kalmus
NBoKC
will sell your mortgage immediately so you don't really know who will hold your loan after the first month but that's what 95% of mortgage lenders do.
At least NBoKC is used to VA loans across the country and 99% of the work can be done online, via email and fax. Bernie will take care of you like you're a fellow veteran brother because you are.