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Pretty self explanitory, Has anyone here used the VA to buy a home? If so, was it a pain and is it worth it?
VA Loan
Loans
Department of Veterans Affairs (VA)
Posted >1 y ago
Responses: 227
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I want to buy a home but my credit is in low to mid 500. Can i still get approved
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SGT Lenise Hamilton
You might want to work on your credit and increase your score to at least the 700 rang so that you can get a good APR rate on your mortgage.
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CAPT Victor Malone
640 is the magic number for a good APR on a VA loan. Many lenders have a slight adjustment 640-680, anything above that is elite VA pricing. That's the nice thing about a VA loan, it is not as sensitive to FICO scores as a conventional loan.
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SGT Lenise Hamilton
If you do not want a high APR rate and have to refinance in the future, consider in getting your credit score elevated for good measures, it goes a long way for other things also. If you have past debts that have not been taken care of, consider getting them resolved. Get on some type of payment plan that is affordable for you as well as your creditors, this can only help not hurt. Good Luck!
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Has anyone been able to get a VA loan to remodel a home that they already own?
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CAPT Victor Malone
You can do a cash-out refi on your current home if you have equity, but you'll have to pay the VA funding fee unless you are exempt due to a disability rating.
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Yes, Twice. It's a very simple process. You'll contact a Realtor that does VA buys, builds and Refinance programs. You're going to go through the credit process but being the VA will Guarantee your loan it's much easier. You'll need to meet the parameters of Credit, Work Etc. All the VA really does is take away the down payment and Guarantee.
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I attempted a VA refinance a couple of years ago, but the lender talked me out of it because there was a quite large fee added to the loan. Has that been changed?
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CAPT Victor Malone
If you aren't taking cash out, you can do a VA IRRL (interest rate reduction loan) with a 0.5% funding fee unless you are exempt. No income verification, no appraisal, no hassle.
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My dad is a Vet and I am a former reservist. Unfortunately, I didn't go active so I'm not eligible for a VA loan. Would I be able to use my dad benefits to apply?
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CAPT Victor Malone
You can't use your dad's eligibility, but if you have 6 good years in the Reserves, you could be eligible. Get your point statement and talk to a mortgage broker to see if you are eligible.
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