How do VA home loans work?

SPC Private RallyPoint Member — Sun, 24 Dec 2017 14:50:23 -0500

VA home loan questions how to get started

Response by CPT Private RallyPoint Member made Dec 24 at 2017 2:53 PM

CPT Private RallyPoint Member — Sun, 24 Dec 2017 14:53:26 -0500

https://www.va.gov/opa/publications/benefits_book/benefits_chap09.asp

Chapter 9 Reserve and National Guard - Office of Public and Intergovernmental Affairs

special groups of veterans

Response by SGT Russell Wickham made Dec 24 at 2017 6:56 PM

SGT Russell Wickham — Sun, 24 Dec 2017 18:56:22 -0500

Easiest thing to do, in my opinion, is to find a local bank which will do VA loans and apply with them. Their loan officer can walk you through the steps of what paperwork you will need to build your packet. I do not recommend going through a mortgage lender clearing house (usually a stand alone mortgage company), as my experience indicates they will push you into too much loan and are miserable to work with, and then will sell your loan as soon as they are done with closing. The local bank may sell it, but they may also keep it in house. It doesn't hurt to ask the loan rep what they do after closing. I far rather have it local where I can go talk to the rep in person if there is an issue rather than dealing with some kid in a cubicle 500 miles (or worse yet, 5000 miles) away. I'm not a fan of national banks, and not a fan of mortgage companies. Both are impersonal and hard to work with if there is an issue. Keep it local.

Response by SSgt David Tedrow made Dec 25 at 2017 5:31 PM

SSgt David Tedrow — Mon, 25 Dec 2017 17:31:32 -0500

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

VA Home Loans Home

Main entry page for the VA Loan Guaranty Service.

Response by CH (MAJ) Luke Phillips made Dec 25 at 2017 7:13 PM

CH (MAJ) Luke Phillips — Mon, 25 Dec 2017 19:13:37 -0500

SPC Private RallyPoint Member The first step would be to establish VA eligibility and obtain a VA "Certificate of Eligibility." While there are some exceptions, general guidelines require at least 2 years of active duty or 6 years of reserve component service.

Response by LCpl Jason Prude made May 1 at 2019 8:54 PM

LCpl Jason Prude — Wed, 01 May 2019 20:54:03 -0400

I recently was denied a VA home loan in pre closing, Do to not being on student loans rehabilitation long enough. Is there any thing I can do besides wait the whole one year.

Response by SFC (Retired) Efrain Hernandez made May 1 at 2019 9:57 PM

SFC (Retired) Efrain Hernandez — Wed, 01 May 2019 21:57:05 -0400

Depending on your credit worthiness you should consider conventional loans over a VA loan. Granted the VA home loan has many great features like zero money down, little to no closing costs in some cases. But conventional loans sometimes have a lower rate, especially if you have a nice down payment. But consider all the variables before making your final decision.

Response by SSG Timothy Miller made May 1 at 2019 10:44 PM

SSG Timothy Miller — Wed, 01 May 2019 22:44:06 -0400

I did a VA home loan several years ago. All I did was pre qualify for the home loan. I received the VA Eligibility six or seven months after I closed the loan. I do sugeest getting the VA eligibility before you start. I had to send my DD-214 to the lender and fill out of bunch of other stuff the loan company was submitting to VA. I doubt I would have had to do that otherwise. BTW. Your interest rate is reflected more by your credit rating. I got 3.25 30/yr fixed. Your options depend on your finances and credit rating.

Response by SP5 Jerry Pokerwinski made May 1 at 2019 11:08 PM

SP5 Jerry Pokerwinski — Wed, 01 May 2019 23:08:45 -0400

I'm interested in getting a refi loan from the VA if possible. Any info on that?

Response by Cpl Steven Montgomery made May 1 at 2019 11:23 PM

Cpl Steven Montgomery — Wed, 01 May 2019 23:23:54 -0400

look for mortgage brokers, most will handle the va no cost loan.
check reviews, good ones are in your corner, and will work for you, start to end.
Expected cost's could include termite report and appraisal.

Response by SGT Jim Bose made May 2 at 2019 2:50 AM

SGT Jim Bose — Thu, 02 May 2019 02:50:41 -0400

I have been trying to get a va home loan for about 2 months now. I have been turned down every time. my credit score is not high enough. the va home loan program has nothing to do with being a veteran. only a high credit score and clean credit report. what goes here thanks jim bose

Response by SN Brian Warner made May 2 at 2019 7:20 AM

SN Brian Warner — Thu, 02 May 2019 07:20:56 -0400

I teach a VA Loan purchase class in Central Florida monthly where we go over everything from COE to predatory lending. Beware of the 'rebate' programs! #vabuyerclass https://vabuyerclass.eventbrite.com

VA Loan Purchase 'Best Practices' Class

Did you know there is a better way to learn about your VA Loan Entitlement? Get insider information from a Navy veteran and experienced industry REALTOR and BROKER who can show you the things you need to know BEFORE you make a commitment. Learn how to buy a home using your VA LOAN ENTITLEMENT while avoiding common pitfalls. Buying a home using your VA loan is an amazing benefit that can help any veteran or active duty service member greatly...

Response by PVT Felecia Davis made May 2 at 2019 9:21 AM

PVT Felecia Davis — Thu, 02 May 2019 09:21:34 -0400

I was granted a Certificate of Eligibility for a home in September 2017 but did not take that particular home. I had to request a new COE on the home I actually purchased and was then denied saying I wasn't eligible. In order for me to possess the home I had to take an FHA which required me to put down over $7000 cash. I did not stay in the Army a year because I was injured and am a Disabled Veteran. I appealed the COE denial i n 2017 and sent supporting documents but never heard back regarding my appeal.

Response by PO3 Daniel Davis made May 2 at 2019 9:37 AM

PO3 Daniel Davis — Thu, 02 May 2019 09:37:45 -0400

Can I get a VA loan for a home for $165k?

Response by SSgt Cass Lavallee-Hackett made May 2 at 2019 10:04 AM

SSgt Cass Lavallee-Hackett — Thu, 02 May 2019 10:04:08 -0400

Contact a realtor or mortgage broker. If you belong to a credit union, contact it.

Response by CDR Susan Faurot made May 2 at 2019 9:15 PM

CDR Susan Faurot — Thu, 02 May 2019 21:15:12 -0400

Can I get a mortgage to finance home improvement?