Anyone military or ex-military who knows about VA loans?
My husband & I are wanting to know what the stipulations are to be able to apply for one of these loans? We are wanting to purchase a house. Anyone with info its appreciated. Thanks to answers.
- 1 decade agoFavorite Answer
VA loans are great and they are raising the limit! Yes, they have a 2% funding fee, but that is financed into your loan. There is no down payment as long as you stay at the loan limit for the county you are purchasing in. There are no closing costs because your real estate agent needs to understand you are doing a VA loan and the fees are paid by the seller. So, best bet is work with someone who can do both the loan and the offer or an agent who can work well with a loan officer who knows how to do VA loans. Many people "say" they can do it but make sure they do have the experience...if they do not ask you for your DD214, don't work with them. Your credit can even be pretty bad. One of my VA clients had over $8,000 in collection accounts and I still got him and his wife a great loan. Now, on VA, as long as the loan is secured as a VA you can NOT rent it out. You would have to refinance prior to renting it out and buying another home. Please let me know if I can help you any further.Source(s): Owner/National Mortgage banking company since 1988, investor since 1970. Author of 25 BUY 65.
- MollyLv 61 decade ago
What do you mean by stipulations?
What I do know is go down to the bank and get everything straightened out first, even before an offer.
When you do find a property you like, be aware that the VA does their own inspection and can dictate what they will and won't approve. (For us that meant having a contractor sign off that the house was structurally sound due to an insignificant water issue). Note the appraisal only need equal the offer/financed amount.
The amount of money due at signing is significantly less than an ordinary loan and usually just some minor closing fees and any accrued interest, etc.
Oh, and there is a funding fee (about 2%) that will be financed as part of the loan.
The VA website does a half job at explaining things. In the least, they state what isn't allowed. Everything else depends on the property and circumstances. I would consider working with a realtor, if possible. As long as you are a qualified buyer, you should be treated fairly.
I hope this helps in some minute way. If you want to ask anything specific, feel free to contact me.
And good luck.
- 1 decade ago
VA loans can be very good for people who are or have been in the military. Intersest rates are pretty good and they are 30 yr fixed or 15 yr fixed mortgages. you can email me if you like, I can do VA loans.