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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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My wife and I are currently trying to re-finance our $310,000 home loan currently at 5.75%. I have not used my veteran loan benefit and when I asked our current loan office about it, she said we are better off going with a conventional loan at 3.875% as the rates are lower than the VA rate due to some kind of increased cost. I did not quite understand it. So, I am reaching out to you to see if that's true. Can you help?
Thank you, Larry Stubbs
Thank you, Larry Stubbs
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CAPT Victor Malone
The VA loan will have a much lower interest rate, but the funding fee will come into play, anywhere from 2.4% to 3.6%, so really you need to do a breakpoint analysis. Based on the numbers you provided, that's about 96 months to recoup the lower funding fee. My rule of thumb is if you can't recoup in 3 years, it's not worth it. So in this case, without any other info, I would agree with your LO.
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We are in the process of selling our old home (from a VA loan) and purchasing a new one. So far the process has been very straightforward. We are using USAA to handle the loan. Obviously if you're credit and debts are not in a place to be getting a loan you may have issues. However, for us its been going smoothly.
The recommended close time is 45 days, but it will usually take around 42. Be prepared to submit documents to the lender ASAP to prevent a delays and penalties. Items to submit are your signed purchase contract, proof of VA benefits, W2, paystub, as well as a copy of your earnest money receipt and daycare expenses if they apply to you.
The recommended close time is 45 days, but it will usually take around 42. Be prepared to submit documents to the lender ASAP to prevent a delays and penalties. Items to submit are your signed purchase contract, proof of VA benefits, W2, paystub, as well as a copy of your earnest money receipt and daycare expenses if they apply to you.
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I have used it and it is not a pain, actually very easy. Just go to the VA office and request your VA certificate and provide to your lending company.
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I tried twice to get a VA home loan through two different credit unions. The problem is that my main income comes from Uber & Lyft. I also collect SS income & VA disability. I even told them I would put down 25k for the down payment. They would not consider my income from Uber & Lyft because I show a loss from the right off's from filing self employed. Any help would be appreciated.
Thanks, Gordon
Thanks, Gordon
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From what I did, it wasn't a pain. Just get the certificate from Veterans Affairs and show it to mortgage company, agent or whomever you are purchasing home through
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Yes, but it seems to me all Home loans are a pain, but a pain worth every bit of t your effort.
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