Home Buying Advice with a VA Loan?

Hey SGT Frazer,

Most lenders including myslef regard the VA Home Loan as the best possible program out there to get financing. If structured properly, there would be no money out of pocket and you would not have to pay monthly mortgage insurance which other programs require. There is some bad stigmas that come up from time to time, many from uneducated realtors in my opinion, regarding apprasals and terminte inspections. There are myths, the appraisal these days does not take much longer that other appraisals and the termite inspection is really something most savy buyers get done regularly anyway. Hope that helps, let me know if there are any other questions you may have.

Anthony Smith

Understand that the VA is not a direct lender; they only 'guarantee' a portion of the loan to allow you to purchase with low or no down payment. &nbsp; Ensure you explore all options, the VA Home Loan Guarantee is not always the best rate available; especially if you are able pay a down payment. &nbsp;<div>You asked if it was a pain? &nbsp;Well, no more than any other mortgage! &nbsp;Good Luck in purchasing your home!&nbsp;</div>

Melinda - I served in the active duty Air Force, the Massachusetts ANG and have a service connected disability.  I am also a real estate agent in AZ and CA.  I moved to CA a few years back, started my home search about 2 years ago, planning on using my VA benefits.  I am a good agent, having sold close to 1000 regular residential homes for buyers and sellers since 2003.  You know what, not one full price offer using my VA benefits was being accepted.  You know what I did?  I started http://www.MVAREP.org - a nonprofit created to promote home ownership within the military and veteran community.  We have over 1100 members throughout the country.  Granted, I have a lot of things on my plate, and I have big plans for this organization to bring attention and resolution to this topic.  It is going to be a grass roots effort, focused on educating the real estate and home buyer and seller community...

Huge fan of the VA loan. &nbsp;The no down payment is great and interest rates are rock bottom right now. &nbsp;Great time to buy as a GI. &nbsp;

I have bought two different homes with a VA loan as well as refinanced a couple of times to lower interest rates. It is as esay as possible especially if you are using a bank that is service connected like USAA or something like that.

I have. It wasn't a pain. Was it worth filling out a form to avoid mortgage insurance? Yeah, I'd say so.

I was discharged in 1972, after Vietnam service, and after a year on my new civilian job I wanted a home investment, and made an offer on some waterfront property with an old house. My agent suggested taking the VA route since I was lacking a down payment, my total mortgage back then would be $19,500.00 BIG money back then. Over the years I added on, and sub-divided the property ending up with over a million in value. When I retired I sold it all. And then built a new home, self financed. It all began with a VA Loan.

Its easy if you deal with a realtor that handles VA loans.

I will advice in using a VA Loan to buy a house, because the no money down afford you the chance to own you home, even if you will be there for a little time. If is close to base, even better, because if you PCS, you can rent it and continue to pay for it. In my case was not a pain to apply for the loan, and I can not compare it with other ones because I did not even check other options. I just recomend to buy one as soon as you get to your new duty station.

The VA funding fee is a fixed % it isn't based on the loan amount. It's 3.3% if you have used it before and I believe it's 2.5% if it is the 1st time use. If you have a 10% service related disability the VA will waive the funding fee.