Posted: 11/10/2009 8:17:13 AM EDT
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Have any of you obtained a home loan through the VA? |
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Quoted: Quoted: I almost did but there is a 400k (something like that, it changes all the time it seems) cap on what the VA will approve. $419K... Anything over is a "Jumbo Loan" VA won't touch it. Thanks, that's why I went outside the VA but there wasn't any gap in the rate worth giving any second thought. |
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I almost did but there is a 400k (something like that, it changes all the time it seems) cap on what the VA will approve. $419K... Anything over is a "Jumbo Loan" VA won't touch it. Incorrect, sir. Limits vary by county. VA guarantees 25% of the limit amount, i.e., your bank is only at risk for 75% of the price of the house. I know google is run by communist fags, but you can use it without catching the disease. http://www.vamortgagecenter.com/va-loan-limits.html |
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I went with a VA loan on my current house back in '97
ZERO down - no PMI and a 7.5% fixed 30 yr loan ( then ). Re-fied at an even 6% about 2003. There's nothing that compares to just signing your name and getting keys to a brand new house tossed your way 
But you have to buy within your range of afforability. That's the hard part that eludes most folks 
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VA Loans are great.
Kind of expensive with the funding fee but if you get VA disability the funding fee may likely go away... Nothing down. No PMI Very easy to refinance on a IRRRL..........No appraisal etc.... VA has done well with this. I am always curious about VA default rates though... |
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Yes, I have a VA loan as well. My question to other Vets is this: Say you have a VA loan now, and you want to sell to get another house. What is the process to get another home with the loan? This is based on the principle of selling the first home, NOT having two homes. |
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Quoted:
Yes, I have a VA loan as well. My question to other Vets is this: Say you have a VA loan now, and you want to sell to get another house. What is the process to get another home with the loan? This is based on the principle of selling the first home, NOT having two homes. V.A. will have to verify that the previous one is payed off. You will have a 3.3% funding fee you have to pay when you use it again. Other then that it's exactly the same. <–––– recently bought a house using V.A. loan for the second time. |
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Quoted: Quoted: Yes, I have a VA loan as well. My question to other Vets is this: Say you have a VA loan now, and you want to sell to get another house. What is the process to get another home with the loan? This is based on the principle of selling the first home, NOT having two homes. V.A. will have to verify that the previous one is payed off. You will have a 3.3% funding fee you have to pay when you use it again. Other then that it's exactly the same. <–––– recently bought a house using V.A. loan for the second time. Right. Whats the timeframe from selling the home, the VA getting verification, and the VA giving you the new loan? Hours, days, weeks? |
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Quoted:
Quoted:
Quoted:
Yes, I have a VA loan as well. My question to other Vets is this: Say you have a VA loan now, and you want to sell to get another house. What is the process to get another home with the loan? This is based on the principle of selling the first home, NOT having two homes. V.A. will have to verify that the previous one is payed off. You will have a 3.3% funding fee you have to pay when you use it again. Other then that it's exactly the same. <–––– recently bought a house using V.A. loan for the second time. Right. Whats the timeframe from selling the home, the VA getting verification, and the VA giving you the new loan? Hours, days, weeks? That I couldn't tell you as it was a few years in between for me. |
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I almost did but there is a 400k (something like that, it changes all the time it seems) cap on what the VA will approve. $419K... Anything over is a "Jumbo Loan" VA won't touch it. WRONG.... Anything OVER $419k, you have to pay 25% of the difference down... Let's say you have a $619k loan....Max ZERO DOWN is $419k, difference is $200k.... YOU have to put down $50k..... ASK me how I know.... |