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Started By
Message
Veterans...VA Loan for New Construction.
Posted on 2/16/15 at 1:53 pm
Posted on 2/16/15 at 1:53 pm
I'm looking to build a new home soon. Looking for info and options on using the VA Loan. What are y'all experience with this.
9
Posted on 2/16/15 at 2:23 pm to choupic
Haven't used mine. With that said, my roommate writes mortgages and we are talking about buying a house because rent is a waste of money. He swears up and down that using my VA loan is the best option we will have at our relatively young age (25).
Posted on 2/16/15 at 2:27 pm to td01241
quote:
With that said, my roommate writes mortgages and we are talking about buying a house because rent is a waste of money. He swears up and down that using my VA loan is the best option we will have at our relatively young age (25)
Do you consider your 25 year old mortgage broker who lives with a room mate in a rental to be a reliable source for how to handle what might be the most influential investment you ever make?
Posted on 2/16/15 at 2:28 pm to choupic
Find an easy bank that has construction and permanent financing under the same roof. VA is golden. The ball is in your court, but many banks are pains with construction now. Find a community bank.
Posted on 2/16/15 at 2:29 pm to choupic
quote:
I'm looking to build a new home soon. Looking for info and options on using the VA Loan. What are y'all experience with this.
I can't offer you info on Construction loans through VA, but I know that any other kind of loan outside of VA is almost always a better option, and VA should be a last resort. That's been my experience.
Posted on 2/16/15 at 2:31 pm to deeprig9
quote:
Do you consider your 25 year old mortgage broker who lives with a room mate in a rental to be a reliable source for how to handle what might be the most influential investment you ever make?
Considering he is about to open up the Pooler, Ga Mortgage Network office. Yes. Yes I do.
Posted on 2/16/15 at 2:36 pm to td01241
Assuming you have good credit and a reasonable down payment, traditional lenders will just about always be a better option than VA or FHA.
Compare, compare, compare.
Compare, compare, compare.
Posted on 2/16/15 at 2:36 pm to td01241
quote:
Considering he is about to open up the Pooler, Ga Mortgage Network office. Yes. Yes I do.
His only web page on a google search is a facebook page.
Seems legit.
Posted on 2/16/15 at 2:36 pm to VetteGuy
Yeah, of course. We would definitely compare and weigh all of our options. Deeprig is just being a dick.
Posted on 2/16/15 at 2:40 pm to td01241
Hey, don't get on his bad side.
He'll wait 5 years, go to work for your company, get promoted over you, and then make you beg for a job.
He'll wait 5 years, go to work for your company, get promoted over you, and then make you beg for a job.
Posted on 2/16/15 at 2:41 pm to td01241
quote:
Yeah, of course. We would definitely compare and weigh all of our options. Deeprig is just being a dick.
You were 12 years old when I closed my first mortgage.
As a broker.
But what do I know. Your buddy has a facebook page and he's opening an office of some sort in Pooler.
Posted on 2/16/15 at 2:42 pm to VetteGuy
quote:
He'll wait 5 years, go to work for your company, get promoted over you, and then make you beg for a job.
Life is funny like that.
Posted on 2/16/15 at 2:44 pm to deeprig9
Congrats on your success 
if i'm not mistaken he was suggesting we use my VA loan because of mortgage insurance.
if i'm not mistaken he was suggesting we use my VA loan because of mortgage insurance.Posted on 2/16/15 at 2:46 pm to td01241
quote:
if i'm not mistaken he was suggesting we use my VA loan because of mortgage insurance.
Yall gonna flip it or live there forever? Rent it out later?
Posted on 2/16/15 at 2:50 pm to deeprig9
Me and him obviously aren't gonna live there together forever . I will probably keep it as a house for me and my girlfriend when we get married.
. I will probably keep it as a house for me and my girlfriend when we get married.Posted on 2/16/15 at 2:51 pm to td01241
quote:
I will probably keep it as a house for me and my girlfriend when we get married.
You gonna let her pick out the house?
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.
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?
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