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Started By
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VA Loan to purchase a home
Posted on 1/22/10 at 11:14 am
Posted on 1/22/10 at 11:14 am
Anyone every use the VA benefit to finance a home. Is it difficult process. Also, can't seem to find a local BR bank that does VA Loans.
TIA
TIA
4
Posted on 1/22/10 at 11:26 am to joe4funn69
I was told that almost any lender can do the va loans. Gulf Coast bank can do them. In my case the va loan was almost the same as the Rural development, except we had more control over the rural development as far as inspectors and such.
You need to log in to the va website and get a certificate of eligibility first. They can give you quotes and stuff without it, but you need that before you can move forward.
You need to log in to the va website and get a certificate of eligibility first. They can give you quotes and stuff without it, but you need that before you can move forward.
Posted on 1/22/10 at 11:27 am to joe4funn69
I've used it, and I'll use it again. It wasn't too difficult.
I went through Premiere Mortgage and locked in on a 5.375% rate. Within a month, Premiere sold the mortgage to Chase and I've been with them since (going on 6 years).
You can have as many VA home loans as you want, but you can't have two at a time. You have to settle the first loan before applying for the next.
I went through Premiere Mortgage and locked in on a 5.375% rate. Within a month, Premiere sold the mortgage to Chase and I've been with them since (going on 6 years).
You can have as many VA home loans as you want, but you can't have two at a time. You have to settle the first loan before applying for the next.
Posted on 1/22/10 at 11:33 am to LSUAlum2001
sorry boys but the rules have changed on VA rules. you will be hard pressed to find anyone to do a VA loan because the VA has changed its rules and doesnt allow for brokers to make any money on the loan. Banks have never been into VA loans because of the difficulty. So the VA may want to do the loan but good luck with finding a lender to do it.
Posted on 1/22/10 at 11:08 pm to displacedhorn
I have one with Wells fargo and it was a fairly simple process. Bank of America also offers VA loans.
Posted on 1/22/10 at 11:27 pm to joe4funn69
Have you thought about FHA if the VA thing doesn't work out due to new rules. I have no idea what they are.
Posted on 1/24/10 at 12:27 pm to joe4funn69
Are you a member of USAA? Their primary focus is taking care of service members and veterans. You may want to if they can help you through their banking operations.
Posted on 1/25/10 at 3:42 pm to Poodlebrain
I purchased w/ a VA loan in Nov of 2008. It was fairly simple. I went through lending tree and after talking with a few mortgage banks and got my VA service by MetLife. I refinanced in April of ’09 with US Bank for 5%. I had a family friend do the closing and was told that VA loans are difficult and usually end up taking longer than conventional loans. It took us only 25days to close.
Posted on 1/25/10 at 5:32 pm to LSUCrawdaddy
the rules changed on VA loans jan 1st of this year. I want go into all the rule changes but they basically make the lender do the loan for free. no origination and no lender fee's can be paid by the borrower or seller. and being that the VA does not do home loans directly. good luck finding a bank or broker to do a home loan for free.
Posted on 1/26/10 at 7:20 am to displacedhorn
This post was edited on 1/26/10 at 7:21 am
Posted on 1/26/10 at 9:53 am to TortiousTiger
Wow, thanks for all the input. I was concerned it would be difficult - hmmm. Oh well, not in a hurry now. Everything is being pushed back for a while. Too many other responsibilities to take care of out of town to worry about a house now. Thanks again!
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