Discussion in 'On Topic' started by C5Load, May 16, 2005.
I'm not sure how this whole process works.
VA isn't actually a loan, but more of a guaranty.
What you need to do is have your CO sign a statement of service showing that you are in the military then you must fill out a VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and mail those to either the LA eligibility center or the NC center. They'll issue you a cert. of eligibility.(still waiting on mine)
You then apply for a loan and...
So it (basically) gets rid of the down-payment requirement? Wish homes weren't so damn expensive here
I used a VA loan to buy my first house. They are good for up to 250K. When you go to a mortgage lender they usually handle things for you. You have to have you DD214 and maybe some other document, dont remember. It was pretty painless, really.
Whats great is that you dont need a down payment and it waives PMI, saving you loads on your monthly mortgage payment. Its a sweet deal. Not sure what you can do if you are looking to buy something that costs more than 250K.
i don't even think condos here go less than 250k
Sometimes lenders will have a deal for VA loans where they won't require a downpayment, but that isn't always the case. My first home was a zero-down VA loan through FNMA (it was a reposessed house). But my second home, which was also a VA loan, required a 10% downpayment for VA loans.