Poll of the Day > Who here knows a ton about VA loans?

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LinkPizza
12/07/19 6:35:39 PM
#1:


I want more info, please. While buying a house has never been my top priority, it is getting close to me maybe buying one. And I do see one I like... But even without that one, I may still have to buy one. I do plan on talking to some people down here. But I was wondering if anyone here knows a lot about them. Or has ever use it...
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zebatov
12/07/19 7:00:25 PM
#2:


Havent heard of this before. Its an American thing I guess. Apparently you can borrow up to 103.3% of the value of the home with no down payment, but no down-payment usually means high monthly payments or compounded interest.

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LinkPizza
12/07/19 7:03:52 PM
#3:


zebatov posted...
Havent heard of this before. Its an American thing I guess. Apparently you can borrow up to 103.3% of the value of the home with no down payment, but no down-payment usually means high monthly payments or compounded interest.

VA loan is like Veteran affairs. And its to help veterans. It may have a slightly higher cost, but it might not. But thats why I wanted to hear more. I read a little on the internet, and I talked to some people on base. Most seem to like it, so yeah...
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Lokarin
12/07/19 7:44:23 PM
#4:


VA refinance loans are often scams... if interested in one, try to find a physical office to work with.

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Cacciato
12/07/19 7:50:15 PM
#5:


I havent used mine yet but my buddy has. Not sure what questions you have but I can ask him. I know you dont need that high of a credit score, but apparently the inspections are a pain in the ass.
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captpackrat
12/07/19 7:52:03 PM
#6:


VA loans are guaranteed by the federal government. This means there's no down payment and no private mortgage insurance requirement. There are also limits on closing costs and you cannot be charged a penalty for paying off the loan early. You may also be eligible for assistance if you run into trouble making payments.

To be eligible for a VA loan, you must have served at least 90 days active duty during WWII, Korea, or Vietnam, 181 days continuous active duty during peacetime up to 1980 (1981 for officers), or 24 months active duty after 1980, all with other than dishonorable discharge. Your duty requirements may be lower if you were discharged for a service-connected disability. In addition, current active duty personnel are eligible after 90 days of continuous active duty, National Guard and Reserve are eligible after 6 years with honorable discharge, retirement, or transfer to Standby Reserve, or if you are the un-remarried spouse of a Veteran who died in the service, or who was MIA or POW, or the surviving spouse who receives DIC benefits for non service-connected death. Also eligible are officers of the Public Heath Service Commissioned Corps and NOAA Commissioned Corps (both of which are technically uniformed services of the US), WWII merchant seamen, cadets at the US Military, Air Force or Coast Guard Academies, and midshipment at the Naval Academy.

The VA can also provide direct loans to veterans who are members of eligible Native American tribes, and they provide grants for disabled veterans to purchase, construct, or modify a home to accommodate a disability.

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LinkPizza
12/07/19 8:05:33 PM
#7:


I know Im eligible for it. Idk what questions I have. I heard a little about it from some co-workers who have used it. I guess I was just looking for general info on it. Or something. Idk...
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captpackrat
12/07/19 8:53:13 PM
#8:


LinkPizza posted...
I know Im eligible for it. Idk what questions I have. I heard a little about it from some co-workers who have used it. I guess I was just looking for general info on it. Or something. Idk...
Well, here's the web page for it: https://benefits.va.gov/homeloans/

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LinkPizza
12/07/19 9:08:19 PM
#9:


captpackrat posted...
LinkPizza posted...
I know Im eligible for it. Idk what questions I have. I heard a little about it from some co-workers who have used it. I guess I was just looking for general info on it. Or something. Idk...

Well, here's the web page for it: https://benefits.va.gov/homeloans/

Thanks!
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HornedLion
12/07/19 9:15:10 PM
#10:


A VA loan is a VA guaranteed loan. Meaning that it guarantees a certain portion of the loan amount because Uncle Sam loves you.

-Max Guarantee is 25% of the purchase price or sales value
-Available for the purchase of Owner-Occupied single family homes or multi family dwellings up to four units, as long as your ass is living in one
-NO down payment
-NO prepayment penalty

Youll need to have the COE(Certificate OF eligibility) and your DD214 if youve been discharged.

Principal, Interest, Taxes, and Insurance and ALL other debt must be no more than 41% of your gross monthly income AND you must also meet the residual income requirements.

You also must occupy within 60 days from closing and for at least a year.

Congratulations! For you there is NO MORTGAGE INSURANCE, son! But there is a one-time non-refundable variable VA funding fee. BUT that can be included in the loan!!!! Uncle Sam REALLY loves your ass. If you have a disability the fee may be waived.

VA loans are permitted to contain up to 4% seller concessions.

Late fees are 4% of the monthly principal and interest. Max term is 30 years.

Theres more but theres some stuff to chew on.

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LinkPizza
12/07/19 9:36:23 PM
#11:


HornedLion posted...
A VA loan is a VA guaranteed loan. Meaning that it guarantees a certain portion of the loan amount because Uncle Sam loves you.

-Max Guarantee is 25% of the purchase price or sales value
-Available for the purchase of Owner-Occupied single family homes or multi family dwellings up to four units, as long as your ass is living in one
-NO down payment
-NO prepayment penalty

Youll need to have the COE(Certificate OF eligibility) and your DD214 if youve been discharged.

Principal, Interest, Taxes, and Insurance and ALL other debt must be no more than 41% of your gross monthly income AND you must also meet the residual income requirements.

You also must occupy within 60 days from closing and for at least a year.

Congratulations! For you there is NO MORTGAGE INSURANCE, son! But there is a one-time non-refundable variable VA funding fee. BUT that can be included in the loan!!!! Uncle Sam REALLY loves your ass. If you have a disability the fee may be waived.

VA loans are permitted to contain up to 4% seller concessions.

Late fees are 4% of the monthly principal and interest. Max term is 30 years.

Theres more but theres some stuff to chew on.

Thanks to you, as well!
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ASlaveObeys
12/07/19 9:47:07 PM
#12:


I ended up going with a different type of loan than a VA because of... something it was a few years ago.

Basically the PMI was kinda annoying but once we refinanced it was the smarter choice.
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captpackrat
12/08/19 3:55:56 PM
#13:


Something else to look at if you live in a rural area is the USDA Rural Development loans. They offer two versions, the Single Family Housing Guaranteed Loan Program, which provides a 90% loan guarantee for buyers with incomes up to $86,850 for a family of up to 4 (higher in certain areas and for larger families), and the Single Family Housing Direct Home Loan, which provides direct loans from the government for low income buyers (limits depend on your location). The latter includes a fixed interest rate as low as 1% with payment assistance (any assistance must be repaid when and if the home is sold), and up to a 38 year payback period for very low income applicants.

There's also the FHA loan, which is available to low-to-moderate income buyers and offers a down payment of just 3.5% if you have a credit score of at least 580 (10% down for credit scores as low as 500), but you have to pay an Upfront Mortgage Insurance Premium of 1.75% of the loan (can be included in the loan), and an Annual Mortgage Insurance Premium of 0.45% to 1.05% depending on loan amount, length of loan, and loan-to-value ratio, the average rate is 0.85%. This loan is really only good for people with lousy credit.

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