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Message
re: Veterans...VA Loan for New Construction.
Posted on 2/16/15 at 2:54 pm to choupic
Posted on 2/16/15 at 2:54 pm to choupic
I used mine on new construction a little over two years ago. It was pretty easy and the broker I used encouraged it. Said there's no better loan. About 320k loan, didn't have to put anything down, 30yr fixed, no pmi, no closing cost (yeah right), 2.9%, w/ insurance and taxes its 1700 a month.
4
Posted on 2/16/15 at 2:57 pm to DevilDogTiger
quote:
2.9%
Nice
Posted on 2/16/15 at 2:58 pm to DevilDogTiger
quote:
I used mine on new construction a little over two years ago. It was pretty easy and the broker I used encouraged it. Said there's no better loan. About 320k loan, didn't have to put anything down, 30yr fixed, no pmi, no closing cost (yeah right), 2.9%, w/ insurance and taxes its 1700 a month.
Can't beat that.
Did you run into land issues at all? Like land value as a proportion to the mortgage amount, etc? Or was is a small lot in a subdivision? Was the builder affiliated with the broker and/or agent? Developer involved?
Posted on 2/16/15 at 3:26 pm to DevilDogTiger
quote:
I used mine on new construction a little over two years ago. It was pretty easy and the broker I used encouraged it. Said there's no better loan. About 320k loan, didn't have to put anything down, 30yr fixed, no pmi, no closing cost (yeah right), 2.9%, w/ insurance and taxes its 1700 a month.
he said that because his mortgage bank he sold your loan to pays an extra point to his company if he sells government loans. Which in turn allows his company to pay him more commission. As a mortgage banker I would suggest to not go government IF you have the cash, income, and credit to qualify for conventional. A number of reasons...
The VA funding fee is going to add 2k or more onto the total loan amount and there's going to be a metric shite ton of paper work that's going to drag the process down.
Posted on 2/16/15 at 3:26 pm to DevilDogTiger
quote:
I used mine on new construction a little over two years ago. It was pretty easy and the broker I used encouraged it. Said there's no better loan. About 320k loan, didn't have to put anything down, 30yr fixed, no pmi, no closing cost (yeah right), 2.9%, w/ insurance and taxes its 1700 a month.
he said that because his mortgage bank he sold your loan to pays an extra point to his company if he sells government loans. Which in turn allows his company to pay him more commission. As a mortgage banker I would suggest to not go government IF you have the cash, income, and credit to qualify for conventional. A number of reasons...
The VA funding fee is going to add 2k or more onto the total loan amount and there's going to be a metric shite ton of paper work that's going to drag the process down.
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