Have you have had problems using your VA Loan benefit?

SSgt David Dion — Tue, 24 Jun 2014 14:29:42 -0400

I am curious to hear the successes and failures members are seeing when trying to use their VA Loan benefits when trying to purchase a home. The successes are great!!! I am really wanting to hear about the failures because I have started an organization with the sole purpose of helping more military and veterans get into homes.

Response by LTC David S. Chang, ChFC®, CLU® made Jun 24 at 2014 2:34 PM

LTC David S. Chang, ChFC®, CLU® — Tue, 24 Jun 2014 14:34:22 -0400

In the past I didn't get one when I started my business. The unfortunate thing about entrepreneurs is that we sometimes don't get a W2 so it is difficult to gauge stable income that way.

Even though I brought in enough to get the VA loan, because of what was on paper as a small business owner, I wasn't able to qualify. It is a catch 22. You can deduct losses as a business owner but if you do, it could hurt your chances of getting a loan.

Response by SGT Jimmy Nazer made Sep 10 at 2014 2:02 PM

SGT Jimmy Nazer — Wed, 10 Sep 2014 14:02:44 -0400

It’s how you deliver the request...period. Everyone wants an easy process, and that should be expected. I learned very fast that if I prepared the package the way the underwriter wants it presented, its easy; getting to know someone on the other side of the fence is important. Granted things happen, 10% is a problem but 90% is how its handled right. If your clients, the people you care about, you, get involved with someone that's going to be part of the process, that isn't in it fully...there lies the failure.
-Best

Response by TSgt Joshua Copeland made Nov 15 at 2014 4:58 PM

TSgt Joshua Copeland — Sat, 15 Nov 2014 16:58:59 -0500

I see this post is 5 months old, but I hope someone can help me. I cannot get a VA loan because I work commission sales and have less than 2 years on the job. I make great money, but I will move on to a new job before I get two years in! How do I get a house?

Response by LCDR Private RallyPoint Member made Apr 3 at 2015 11:38 AM

LCDR Private RallyPoint Member — Fri, 03 Apr 2015 11:38:57 -0400

I have had issues in the past with the appraisal and since I am getting ready to do this again and just had a friend with the same issues I did some research. If you have a problem with the appraiser like this article states do not let that keep you from getting your home. Like all things government there are workarounds.

http://www.realestate.com/advice/dont-let-a-low-va-home-appraisal-derail-the-deal-64874/

Don’t Let a Low VA Home Appraisal Derail the Deal

If your home loan is guaranteed by the Department of Veterans Affairs, you have a bit more leverage when it comes to challenging an appraisal.