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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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PV2 Cindy Hampton
I just did my second credit check for one house that the seller was b/s on, anyway 620 is the lowest, thank god mine was still up in the high 635 area. Now I'm with another realtor that seems very helpful and knows what you can buy and what not. This is my first time using my VA loan. I've been out of the Army since since the early 80's and I want to finally own my own home, and I'm buying it in another state than Nv. The state sucks big time!!
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CAPT Victor Malone
VA does not have a lower loan limit, but the loan does get harder to get when you drop below 600. Try talking with a local mortgage broker who has access to multiple lenders that do lower FICO loans. Two great resources: http://findamortgagebroker.com and VETTEDVA Facebook page.
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Good evening,
I’m trying to use my VA loan to purchase a home. I’m currently a full-time student (GI Bill) and I also work part time. I’m 90% for VA disability but I won’t start receiving my VA till April. I was told by Veterans United that they couldn’t use my part time income and so I would only qualify for either a $35,000 home or $75,000 home. I would like to know how accurate this information is because the home I’m interested in is $240,000.
I’m trying to use my VA loan to purchase a home. I’m currently a full-time student (GI Bill) and I also work part time. I’m 90% for VA disability but I won’t start receiving my VA till April. I was told by Veterans United that they couldn’t use my part time income and so I would only qualify for either a $35,000 home or $75,000 home. I would like to know how accurate this information is because the home I’m interested in is $240,000.
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CAPT Victor Malone
Unfortunately you can't use the stipend provided by the VA bill as income for a loan, and you will have to be in receipt of the disability to use that. But once that kicks in, call a local mortgage broker who has access to dozens of lenders that may fit your needs and see if that works. Good luck to you.
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Have purchased two homes using VA insured mortgages in the last thirty-plus years and each one was a breeze and saved thousands of dollars.
The first one was during the period of outrageous interest rates, where it normally took more than ninety days before buyer would be able to close...did mine in thirty-one days. Later VA refinanced the mortgage when rates were lower and had no problem; got rates 6% less, with $0.00 out of pocket and lower payments in excess of $500 less per month.
Sold first one and purchased current home with same speed six years ago.
Always great service and promptness.
The first one was during the period of outrageous interest rates, where it normally took more than ninety days before buyer would be able to close...did mine in thirty-one days. Later VA refinanced the mortgage when rates were lower and had no problem; got rates 6% less, with $0.00 out of pocket and lower payments in excess of $500 less per month.
Sold first one and purchased current home with same speed six years ago.
Always great service and promptness.
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With the VA home loan do I need to go to my VA to activate it or can a agent selling the house do it? Been debating on using my VA home loan since we are establishing a new state.
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SSgt Fred Bennett
No, you can contact most mortgage companies and tell them you would like to do a VA loan. I used in 2018 the Veterans Home Loans. You can find them on the internet.
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What is the average credit score needed to purchase a home with the VA. I heard 640 then I heard 680....
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PV2 Cindy Hampton
620 at the lowest as I was told when I did the loan application using my VA certificate, and I was approved first time out, and I'm disabled and living on my Social Security Disability check from the government. I just make the property taxes aren't going to kill me every year.
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I live in San Francisco, Ca, a very high cost area. Luckily, I have a rent controlled apartment for almost 20 years. If I wanted to purchase a condo in this city or outside of SF, what would the VA offer me in terms of home loan amounts? I think the VA limit is $400,000 for this area. Has there been an increase for high-cost areas?? Will I still need a down payment for anything here in California. Also, check Nevada, like Las Vegas and Texas around the Houston area.
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