Posted on Jun 1, 2016
Is there some magic to using a COE to buy a HOME?? I have never used it but I've had the thing for 40 years! WHAT IS THE SECRET PLEASE??
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Banks tell me the VA will not help with anything too old, or too expensive or less than $50,000. OR they don't have a program with VA. I AM in a credit union, but not much hope there, either! I swear, why didn't the government just give me a book of S & H Green Stamps? I would have gotten MORE use out of them! Now my COE is in a frame, backwards, because no matter WHAT I do, I cannot make the CUT
Home Loan
Department of Veterans Affairs (VA)
Loans
Benefits
Posted >1 y ago
Responses: 4
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Something else is going on that's likely unrelated to your eligibility. You're either wanting something outside what you qualify for or the property is too much of a lending risk. You may be too much of a credit risk for what you're looking to do. Bottom line, the COE gets you off the downpayment hook but only if you stack up OK on the normal loan parameters, and then some, because of no down. BTW VA doesn't help you get a home. They actually put a lot of hurdles in lending institution's way because the VA wants to avoid getting stuck with problem properties. Common trip flares include community water systems, "manufactured" homes, etc.
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PO3 Kathy Getchey
Well my credit is good, my D to I seems dicey but will change within 10 days. I have enough in the bank to cover a down payment for how much I want to spend, or the closing costs. I know what I want to buy, and the area where I want to live, getting a financial institution to preapprove has been my issue. This one wants to finance a stick built home, that one only covers new mobile homes. VERY frustrating. I have found several houses to buy; put offers in on 3 of them. Before I can get financed, someone else has the house. I can't outsmart them all, right? So I keep socking money into my savings in the hopes that soon I can have my own; I want no more roomies, or housemates, or shipmates. I'm a cranky old lady now.
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Suspended Profile
Are you going to banks or local mortgage lenders? My wife is in that business and I've had a couple experiences buying a home. DONT GO THROUGH BANKS, credit unions or online services!!! Local mortgage lenders have much better service and specialize in one thing, getting you a home.
PO3 Kathy Getchey
I have a realtor, we are going look sees tomorrow, so praying tonight. Thank you Sergeant, appreciate your help.
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Suspended Profile
No problem...good luck!
Suspended Profile
Also, if that realtor doesn't work out and you're in the Panhandle(I seen on another comment that you were in FL), let me know.
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Don't know the full story behind yr situation, or how much checking round you have been doing for how long, etc, but have taken the liberty of attaching a link to the VA's home loan info website which appears to have a wealth of good information. Hopefully some of it will be of help to you. There are lists of lenders contained in the link which you could see if you have contacted in yr local area. What state are you in?
http://www.benefits.va.gov/HOMELOANS/lenders.asp
http://www.benefits.va.gov/HOMELOANS/lenders.asp
Landing page with resources and links to information for VA home loan guaranty lenders
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PO3 Kathy Getchey
In Florida where all good Navy vets retire (or so I'm told!) and I have gone over those pages nearly every week for 3 months, but I sincerely thank you for thinking of it. Still working on it, have some decisions to make like yesterday. Thank you again!
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Capt Tom Brown
PO3 Kathy Getchey - Best wishes in resolving your issue with the VA etc. Sounds like you are starting to get a few good bits of advice and information here on RP.
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