I want to get a home. Do anyone have advice about va home loan from experience? Is it a headache?

2020-07-18T13:51:13-04:00

Response by LTC Jason Mackay made Jul 18 at 2020 2:05 PM

2020-07-18T14:05:41-04:00

You go to a commercial lender and tell them you will be doing a VA Loan. You get your eligibility letter from the eBenefits website.

VA doesn’t give you the loan. They underwrite it so you don’t have to have a down payment. Process was not any more painful than a conventional loan. Buying a house can be painful.

Response by SSG William Bruno made Jul 18 at 2020 3:02 PM

2020-07-18T15:02:25-04:00

My experience was good. The Realtor did most of the work. The company that serviced my loan even recommended a refinance when the interest rate dropped. Just be sure you can afford the house. Do not take a mortgage that goes over 30 years. Do not take one that has a balloon payment.

Response by CSM Charles Hayden made Jul 18 at 2020 3:30 PM

2020-07-18T15:30:30-04:00

The actual purchase of a house is easier that dealing with a car dealer. It s important to shop and shop. Then once you make your selection, stay at arm’s length, do not rush and carefully manage the details which equal Money to you!

BUT - shopping for a lower interest loan is hard work. If you diligently search for a loan with a lower interest rate like it is a full-time job, you will be rewarded.

Hard work on your part can result in lower house payments for many years. Take the real estate agent’s best offer on interest rates as a starting point ad strive to get a loan for less. IT IS HARD WORK! Best wishes. CPL Private RallyPoint Member

Response by MAJ Ken Landgren made Jul 18 at 2020 4:15 PM

2020-07-18T16:15:30-04:00

See if you can get a mortgage where you pay half at the middle and end of month. It will save you a lot of money.

Response by MSG Stan Hutchison made Jul 18 at 2020 5:06 PM

2020-07-18T17:06:10-04:00

I bought my first home with VA in 1974. Sold it 4 years later. Bought again in 1982, Sold that one in '87. Bought again in 1991. Sold it in 2004. Bought my present house in 2016.
All VA. All easy as can be.
No money down, great interest rates. IMO, the only way to go.

Response by LCpl Brad Gross made Jul 18 at 2020 5:10 PM

2020-07-18T17:10:45-04:00

It’s a great benefit to take advantage of and easier than a conventional loan but debt to income is a factor for some

Response by CW2 Private RallyPoint Member made Jul 18 at 2020 10:36 PM

2020-07-18T22:36:04-04:00

I would suggest to not buy a house until you are financially ready. Buying a house using VA “benefits” is the most expensive way to buy a house. Why? I’m glad you asked. It’s simply beautiful you don’t have to put down 20% of the value of the house, add 30 years of payment plus interest and you’ll end up paying triple the amount you borrowed to pay for that house. Some people say is better to own rather than rent. While I agree with that statement, they somwtimes forget mentioning that you have to pay for the maintenance of the house. My advice to you, continue renting until you know where you’ll be settling down at. Get rid of all debts, that means no car payments, no credit cards payments, etc. have 3-6 months of an emergency fund. Save 20% for down payment, and finally buy the house. Buying a house is the biggest investment we could make. So take your time. Be patient. If you only make a 3% mistake on a $200k house that equates to $6k. Meaning that mistakes in life are paid with money or time, sometimes with both.

Response by SGM Gerald Fife made Jul 19 at 2020 2:02 AM

2020-07-19T02:02:49-04:00

It is only a headache for the lenders. A lot of them don't like to make the loan. Especially when the other home loans had a higher loan %. Just have the paperwork the bank needs then you will be OK.

Response by SSG Shyronda Boose made Jul 24 at 2020 6:16 PM

2020-07-24T18:16:01-04:00

It was easy for me. 1. Pull a credit report. 2. Get qualified. 3. Find your agent or find your home yourself saves money because, the VA, will take care of a lot of things. 4. If you qualify for 200k, don't buy a house for that amount come down remember, you want to furnish it, still live, still shop, still vacation. In other words don't put yourself out there, you have to pay taxes and insurance.

Response by PO3 Francis Coughlin made Jul 25 at 2020 10:07 PM

2020-07-25T22:07:03-04:00

It's not really a headache.. just finding a bank that does the loans is sometimes a pain...you can get your necessary paperwork online at ebenifits.gov