Do you think the VA Home Loan is a fair way to get a home?

SGT Eric Flores — Tue, 01 Nov 2016 20:22:54 -0400

Response by Sgt Aaron Kennedy, MS made Nov 1 at 2016 9:17 PM

Sgt Aaron Kennedy, MS — Tue, 01 Nov 2016 21:17:09 -0400

It's still a loan.

It just uses additional work history information, as well as work benefits to alter the decision factors. No different than any other loan.

http://www.benefits.va.gov/homeloans/

Home Loans Home

Main entry page for the VA Loan Guaranty Service.

Response by SFC George Smith made Nov 1 at 2016 10:50 PM

SFC George Smith — Tue, 01 Nov 2016 22:50:55 -0400

when properly applied and Used...

Response by SPC(P) Private RallyPoint Member made Nov 1 at 2016 11:28 PM

SPC(P) Private RallyPoint Member — Tue, 01 Nov 2016 23:28:33 -0400

Yes, especially for someone like me (21 years old). I can take that down payment I would have to pay in my primary residence and use it on an investment property. I think they're great, just get a place well under your means

Response by SPC Erich Guenther made Nov 2 at 2016 6:09 AM

SPC Erich Guenther — Wed, 02 Nov 2016 06:09:17 -0400

You can probably get a better deal via a conventional loan in most cases for a new home. If you get a loan via a builder like I did in 1999 they give me a $5,000 break on the lot purchase and a $5,000 allowance for add-ons, plus their interest rate was competitive than the VA. They threw in some other extras as well. Can't tell you the pros and cons with a used home. I have only bought new homes. Also from a financial point of view you should never buy a home your going to live in with zero down payment with 100% of the loan = purchase price, it's a great way to end up underwater, mortgage worth more than the home.

Response by PO1 Private RallyPoint Member made Nov 2 at 2016 8:12 AM

PO1 Private RallyPoint Member — Wed, 02 Nov 2016 08:12:12 -0400

Sometimes it is. The process is grueling but you get inspectors to come to house to make sure that the home you want isn't a money pit.

Response by Cpl Justin Goolsby made Nov 2 at 2016 9:57 AM

Cpl Justin Goolsby — Wed, 02 Nov 2016 09:57:08 -0400

Zero Money Down... absolutely. I never in my wildest dreams thought I'd be a home owner. 25% down payment is a lot of money to just drop at one time. Especially if you've been renting for so long and had to deal with the pressure of rising rental costs despite not getting a raise in pay. My mortgage is currently half of what I was paying for a third of the property that I currently have.

Response by Sgt William Kelley made Nov 2 at 2016 10:52 AM

Sgt William Kelley — Wed, 02 Nov 2016 10:52:40 -0400

The VA Loan is the best loan product available to anyone.

No other loan offers 100% financing, prime rates and no private mortgage insurance, this will save veterans tens to hundreds of thousands of dollars when compared to other loan products.

The VA loan also has the Interest Rate Reduction Refinance Loan (IRRRL), which is the easiest refinancing option available and it could continue to save veterans money.

BE SURE TO FIND A LOAN OFFICER AND BANK WITH EXPERIENCE DOING VA LOANS.

Response by SFC Dennis A. made Nov 2 at 2016 1:51 PM

SFC Dennis A. — Wed, 02 Nov 2016 13:51:28 -0400

My VA loan was very easy to apply for and my experience was very painless. When other mortgage companies would call and say that they could save me money on mortgage the first question they would ask was who do you have your mortgage with. I would tell them it's a VA loan and the normal response was "sorry can't help you".

Response by Cpl Dennis F. made Nov 2 at 2016 1:52 PM

Cpl Dennis F. — Wed, 02 Nov 2016 13:52:27 -0400

I have never used my VA loan benefit, despite processing the qualification. FHA has always been a better financial deal through a few mortgages that I have had.

Response by SPC(P) Private RallyPoint Member made Nov 3 at 2016 9:13 AM

SPC(P) Private RallyPoint Member — Thu, 03 Nov 2016 09:13:03 -0400

Thank s to my realtor and loan officer who both had experience with VA loans our process for buying a home was fairly simple and straight forward.

Response by MAJ Raúl Rovira made Nov 5 at 2016 4:46 PM

MAJ Raúl Rovira — Sat, 05 Nov 2016 16:46:29 -0400

Zero down. Some folks can make the monthly payments but do not have the cash on hand for a deposit. This helps.

Most banks charge some type of mortgage insurance fee when the client cannot pay the minimum down payment. That is money burned. It does not go to the principal or the interest.

VA loan is the overall product. Each bank provides the product within the personality, culture, and policies of the bank. Some will match-up rates.

Response by FA Robert Makela made Jan 22 at 2020 8:14 PM

FA Robert Makela — Wed, 22 Jan 2020 20:14:40 -0500

Yes absolutely

Response by MSgt Delia Nieves made Jan 22 at 2020 9:17 PM

MSgt Delia Nieves — Wed, 22 Jan 2020 21:17:40 -0500

The interest rate is higher and back in the date we have to pay a point as part of closing cost

Response by SP6 Jerry Holland made Jan 22 at 2020 9:17 PM

SP6 Jerry Holland — Wed, 22 Jan 2020 21:17:58 -0500

The VA loan is the best option on the table. It takes $0 down payment which means you can leave your investments invested and let them grow. It’s also a government insured loan so the interest rates are lower than conventional loans. Others will tell you conventional has lower rates, but they are comparing a retail lender to a retail lender. You should be using a broker to get the best pricing and lower fees. The other reason is no mortgage insurance. This is the only loan that offers no mi with 100% financing.

Response by CPO Daniel Heath made Jan 23 at 2020 1:16 AM

CPO Daniel Heath — Thu, 23 Jan 2020 01:16:43 -0500

This way is not fair because of the credit scores

Response by SGT Reginia Johnson made Jan 23 at 2020 8:20 AM

SGT Reginia Johnson — Thu, 23 Jan 2020 08:20:15 -0500

Don't know

Response by CPL Bob Graham made Jan 23 at 2020 10:46 AM

CPL Bob Graham — Thu, 23 Jan 2020 10:46:54 -0500

Easy but Penny MAC Finance doesn’t know the price limits have been removed

Response by SFC Dennis Willis made Jan 23 at 2020 12:03 PM

SFC Dennis Willis — Thu, 23 Jan 2020 12:03:17 -0500

From my experience, make sure you get a home inspection even though your told your not required to do so. I failed to do so with my last home and now I’m not qualified to purchase without paying back the payed out portion after I defaulted on my obligation because I had been taken on a real bad lemon of a house. Cost to bring it up to date of the true value of the property almost doubled... I was told by VA that I would not receive any repercussion after I told them why I was letting the house go back to the Mortage co. Not true. Now my credit is destroyed and that score is used for everything you go to finance.

Response by SPC Kieran Jackson made Mar 1 at 2022 1:38 PM

SPC Kieran Jackson — Tue, 01 Mar 2022 13:38:52 -0500

Absolutely! Its more than fair. The VA home loan program is one of the best benefits offered to Veterans. Also, its been a shock to me how many Veterans aren't fully aware of the VA home loan program. I had a Veteran sit for a buyer's consultation a few years ago. The Veteran was telling me it was going to take him several months (over a year actually) to save up enough money for the down payment. At this point in the consultation when I advise the buyer on different programs offered to help 1st time buyers. When I asked if they had any military service, they affirmed that they did but "I don't qualify for the VA home loan."

After asking what their dates of service were, and their discharge status, I was completely mind boggled why they thought they didn't qualify. Within three months of the initial consultation, this Veteran became the proud owner of a home for his family!