Nor a down payment. Only the VA funding fee and closing costs. In fact, I think it is illegal to charge PMI on a VA loan, although they tend to run 1/4 point or 1/2 higher on the APR (pay me now or pay me later...).

I closed my house on purchase (VA Loan, 1998) with $500 at closing. Because the appraisal was good, we upped the offer if the seller agreed to pay the balance of the closing costs.

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Posted by hungryone

river parishes

Member since Sep 2010

11987 posts

Posted on 10/23/14 at 9:29 am to Ace Midnight

Good luck getting a VA loan in south LA. Tried to use VA multiple times over the last 20 years, and it was either not cost effective compared to non-VA or unavailable (no lenders doing VA construction loans).

But I agree about the "one size fits all" bank assessments. We had trouble getting a construction loan from the corporate banks, despite excellent credit. Only the locals would offer anything that made sense. I will only do business with a bank that can make its own lending decisions locally---not one that has to send all your stats to a regional office for decision-making.

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Posted by ItNeverRains

37069

Member since Oct 2007

25897 posts

Posted on 10/23/14 at 11:20 am to Ace Midnight

quote:
Nor a down payment. Only the VA funding fee and closing costs. In fact, I think it is illegal to charge PMI on a VA loan, although they tend to run 1/4 point or 1/2 higher on the APR (pay me now or pay me later...).

Correct on down payment. Through my experience they tend to be lower than conventional or FHA APR.

If you sign up to potential die for your country, I have no problem giving you these perks

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