Buying a house with a VA loan? (Texas)

SSG Private RallyPoint Member — Thu, 09 Oct 2014 08:58:34 -0400

Anyone buy their house with a VA Loan? I am wanting to buy a house in Texas. I have researched a bit but I am wanting to know your experiences.

Response by CW5 Private RallyPoint Member made Oct 9 at 2014 9:39 AM

CW5 Private RallyPoint Member — Thu, 09 Oct 2014 09:39:13 -0400

SSG Private RallyPoint Member, I did buy my house with a VA loan, and it was not only cheaper, but a lot easier than a conventional (traditional) loan. There's a fellow here on RallyPoint who knows all about this. Check out SSgt Kelly Hull and his post on VA home loan facts:

https://www.rallypoint.com/answers/va-home-loan-facts

VA Home Loan Facts | RallyPoint

Did you know? It is a true statement that an eligible Veteran can obtain a Zero Money Down VA Home Loan up to $692,500 in the Washington DC MSA. The Zero Money Down VA loan helps Veterans obtain Home Ownership at a faster pace. All loans are subjuct to credit qualifications and Underwriting.

Response by COL Vincent Stoneking made Oct 9 at 2014 9:48 AM

COL Vincent Stoneking — Thu, 09 Oct 2014 09:48:48 -0400

I bought with a VA loan, and have refi'd twice since then.
Each of my transactions has been completely smooth and with no hiccups.

With the first one, you need to make sure you have your VA eligibility document in advance. Way back when, I think it took 2-3 weeks from the time I requested it to its arrival, and another week before that to get a letter from the Guard confirming my service, to be submitted with the request.

IIRC, there was one thing that the VA inspection required the homeowner to fix & they did. The entire purchase process from offer to final docs was 2-4 weeks.

Each of the refi's were less than a week from start to end.

Edit: This has all been through a credit union, don't know that it would have been different at a bank, pure mortgage place.

Response by SGT Javier Silva made Nov 24 at 2014 5:29 PM

SGT Javier Silva — Mon, 24 Nov 2014 17:29:46 -0500

SSG Private RallyPoint Member - You'd also like to know that there are many other things that the State of Texas helps with, when it comes to veterans.

Check out: http://veterans.portal.texas.gov/en/Pages/assist-benefits.aspx for the many things available with the Texas Veterans Commission, Veterans Land Board & other Texas Departments.

However, to respond to your question, I have not used the VA Home Loan as yet. I did find a veteran who did just that and they found it a much easier and smoother process. I'm a Notary Public here and have seen many different processes and have heard different things.

I wish you the best.

Response by 1SG Pete Marcell made Nov 25 at 2014 12:08 PM

1SG Pete Marcell — Tue, 25 Nov 2014 12:08:04 -0500

I just closed on my VA refi today. 3.2%, 30 year fixed. You can't beat that with a stick!

As far as the experience be ready to produce lots of paper and to respond to seemingly silly questions.

The whole process from inquiry to close took about 4 weeks. It could have been quicker but I was on the road for work.

Good luck!

Response by CPO Bernie Penkin made Nov 25 at 2014 1:03 PM

CPO Bernie Penkin — Tue, 25 Nov 2014 13:03:42 -0500

I bought my house using USAA and did not use the VA loan got a better rate and lower monthly payment. The advice given to me at the time was to use the commercial loan and save the VA loan for my second house or retirement home. You might have the same luck if you can pre qualify for a mortage through your bank. Good luck.