Your Response was posted! Click here to see it.
Posted on Mar 31, 2022
What military benefits are there for first home buying?
14K
19
10
2
2
0
Looking at possible homes or even just buying land and maybe planting a trailer on it to build a house later.
Are there any benefits to be utilized or options to consider?
Are there any benefits to be utilized or options to consider?
Home Loan
Veteran Benefits Advisor
VA Loan
Real Estate
Loan Officer
Posted 4 y ago
Responses: 6
5
5
0
Are you an M-Day Guard member? If so have you completed 6 years of service yet or deployed on federal orders? If you have you can reach out to the VA and seek out a COE for the VA home loan. It is a pretty great benefit if you do not want to, or can't put money down. It will save you from additional insurances from lenders and it will help lock in a lower rate. However, be cautious of what company/lender you choose to go with as they all have their own fees they add to the loan. I used Fairway mortgage for my recent VA Home loan, they had the best rates and fees and it was a great experience.
Best place to start is the VA website and request and COE.
Best place to start is the VA website and request and COE.
(5)
(0)
SPC (Join to see)
Currently M-Day, over six years, and a T10 deployment under my belt, I'll check the VA site.
(1)
(0)
What is your status in the VA as a veteran? Any disability? Have you been on title 10? This will help determine your options.
(4)
(0)
VA loans are a great option and Veterans United Home Loans is very easy to work with.
(2)
(0)
1
1
0
1
1
0
1
1
0
If you meet eligibility there are a few things you need to understand.
1. The VA doesn't make the loan, they guarantee the loan.
2. You will need to find a broker and qualify for a loan based on your credit and other factors.
3. There are restrictions on what you can and can't buy. In short, this must be your primary residence for a minimum of 5 years.
4. There are a ton of advantages to a VA loan such as no PMI, and no or low down payment. On the other side, is that no loan will be issued without a home inspection and almost never without appliances. there are exceptions, but those mostly apply to new home construction loans.
The best thing I can tell you is to find a mortgage broker, get yourself pre approved, and let them know that you intend to use your VA Home Loan benefit. This way you've been told how much you'll able to borrow and what restrictions you have to face.
1. The VA doesn't make the loan, they guarantee the loan.
2. You will need to find a broker and qualify for a loan based on your credit and other factors.
3. There are restrictions on what you can and can't buy. In short, this must be your primary residence for a minimum of 5 years.
4. There are a ton of advantages to a VA loan such as no PMI, and no or low down payment. On the other side, is that no loan will be issued without a home inspection and almost never without appliances. there are exceptions, but those mostly apply to new home construction loans.
The best thing I can tell you is to find a mortgage broker, get yourself pre approved, and let them know that you intend to use your VA Home Loan benefit. This way you've been told how much you'll able to borrow and what restrictions you have to face.
(1)
(0)
CPT Lawrence Cable
The advantage to a VA loan is no down payment or PMI, but they also charge you 2.15-2.4% for a VA Funding Fee for a first time homebuyer with no Down Payment. I have always been about to find a better deal with local banks than I could get with VA, but I could afford a down payment.
Even shopping regular banks, look at closing costs. I refinanced to a 15 Year when rates had bottomed out. There was over $8000 difference in the closing cost between a "Highly rated national lender" and the local bank. In my area, anything much over 2.5% for closing cost needs to come with a kiss before and after, because you are certainly getting screwed. I suspect that I was rather rude to the lady that hit me up for the extra 8 grand of closing costs.
Even shopping regular banks, look at closing costs. I refinanced to a 15 Year when rates had bottomed out. There was over $8000 difference in the closing cost between a "Highly rated national lender" and the local bank. In my area, anything much over 2.5% for closing cost needs to come with a kiss before and after, because you are certainly getting screwed. I suspect that I was rather rude to the lady that hit me up for the extra 8 grand of closing costs.
(0)
(0)
SGT Chris Padgett
I'm sure the market has changed. I know things aren't like they were when I bought my home.
My total closing costs, that included home inspection and title fees, were $1200. This was 2014 when rates were low and the market slow. Not the case anymore.
My total closing costs, that included home inspection and title fees, were $1200. This was 2014 when rates were low and the market slow. Not the case anymore.
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google