MIL To use the VA home loan or not?

Discussion in 'On Topic' started by tunes, Jan 10, 2010.

  1. tunes

    tunes OT Supporter

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    Anyone have any good stories with it? horror stories?
     
  2. Maffy29

    Maffy29 Active Member

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    Using it right now. The VA's local appraiser has been a flakey pain in the ass. Delayed closing twice due to not going to the house when scheduled or not returning calls. Other than that, the VA has been fine. They were very prompt in processing my paperwork when applying for the benefit.

    USAA has been more of an issue than the VA has been, but I think that was just my mortgage representative. A friend had a flawless experience with USAA for the loan.

    Hoping to close this week.
     
  3. Skidmark Steve

    Skidmark Steve New Member

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    I've used it twice to purchase homes thru USAA.
    Wonderful experience - I plan on doing it again.
     
  4. tunes

    tunes OT Supporter

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    you guys put money down or use the 0% feature of it? It will be our first home to buy when i PCS out of UPT in a few months...and since we are a young married couple we only have about 9k right now in our "rainy day" fund
     
  5. Maffy29

    Maffy29 Active Member

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    I put $0 down. I could have put down 10% or so and may still later, but going to see what I have left after furniture and stuff is bought.
     
  6. The Method

    The Method Lurker In Progress

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    If you don't have the downpayment you need to secure a good rate... or a loan at all for that matter, it's a great deal man. But once you have the credit/financial backing to refinance you should do it ASAP to get that percentage point back.
     
  7. Skidmark Steve

    Skidmark Steve New Member

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    0% and a fixed 30 year rate.
    Paperwork took all of 2 hours of my life and I had a new home.
     
  8. tunes

    tunes OT Supporter

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    who did you get the actual loan through? USAA?
     
  9. Skidmark Steve

    Skidmark Steve New Member

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    USAA.
    They have a wonderful VA program.
    You can call them, explain that you're looking for a home in a certain area and they'll give you a list of local agents that work with USAA.
    OR . . . you can find a local agent of your own to work with . . . but there are rebates and allowances if you stick with a USAA approved agent.
     
  10. tunes

    tunes OT Supporter

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    Awesome...still a month out of finding where we are going but this is good to prep now. Thanks :bigthumb:
     
  11. Skidmark Steve

    Skidmark Steve New Member

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    Glad I could help! Good luck with your house hunting!
     
  12. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    THE only reason to use a VA loan is because you don't have enough down payment to satisfy the bank in the absence of Private Mortgage Insurance.
     
  13. Maffy29

    Maffy29 Active Member

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    I got 4.75% on my mortgage. Not sure how much better I can do.


    Movers Advantage program. They set me up with my agent who has been absolutely fantastic. I will get like $700 from them for buying a house through them and another $150 for using USAA Mortgage. All of that on top of the first time buyer tax credit. Give them a call or fill out the form on the website. Somebody will contact you fairly promptly.
     
  14. evan2

    evan2 Guest

    It is worth it, the VA funding fee is far less than a down payment or mortgage ins.
     
  15. Maffy29

    Maffy29 Active Member

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    I am exempt from the VA funding fee since I have a service-connected disability.
     
  16. tunes

    tunes OT Supporter

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    we have bank, cc, vehicle insurance, auto loan, renters insurance through USAA
     
  17. evan2

    evan2 Guest

    I wouldnt get my loan through USAA.
     
  18. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    .
     
  19. NisAznMonk

    NisAznMonk New Member

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    because?
     
  20. evan2

    evan2 Guest

    They arent really known to be a big mortgage lender and I think you would get better rates elsewhere. Insurance through them is great. I bank with them for the ease of it but you can get better rates elsewhere.

    I would try to find the best rate and go that route, it will eventually be bought out by one of the big dogs most likely anyhow.
     
  21. Maffy29

    Maffy29 Active Member

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    This is my first home purchase, but I don't think the size of the company has anything to do with the rate.

    I got whatever the going 30 year fixed rate was. It would have been the same if I got my loan from USAA or from Bank of America or whoever.
     
  22. evan2

    evan2 Guest

    Certain lenders can offer better rates.
     
  23. evan2

    evan2 Guest

    I forgot who it was but he was an oter who was helping me with my refinance and I was offered 4.5 and he was all dumb founded on how I was able to get such a low rate as the best he could do that day was 4.75.
     
  24. Maffy29

    Maffy29 Active Member

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    Never seen that before.
     
  25. evan2

    evan2 Guest

    ended up waiting a bit and got in at 5 from 6.
     

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