MIL VA home loans...

Discussion in 'On Topic' started by ManinCamo, Jan 13, 2007.

  1. ManinCamo

    ManinCamo I wear big boy pants.

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    Who here has a VA loan? I'm looking to buy a home at the end of my budget, but its underpriced, in an very nice neighborhood and a very nice home -- needs some shutters though.

    Any tips on getting approved at a higher amount? I'm about $20,000 shy of what I need for the loan.

    :wtc: just when I'm getting ready to buy my BAH goes down $50/m. With the 2.2% raise we all got, it negated by the fact that the BAH went down.
     
  2. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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  3. CitznFish

    CitznFish Don't live life by a single sentence OT Supporter

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    Radiative lifetimes of He I 33S1 and 33DJ by beam-gas dye-laser ...
     
  4. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    What is your current situation in detail?
    Has the VA appraiser appraised the house?
     
  5. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    :wtf:
     
  6. ManinCamo

    ManinCamo I wear big boy pants.

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    No VA appraiser yet -- didn't know they needed to... details on this?

    The home is in a very nice neighborhood, and is under priced b/c of the housing market around here right now.

    The home is listed at 189.9k -- The loan/house payment would be about $1500/m in payments including PITI and all that jazz. For what they're worried about--$500 in car payment and credit cards each month. Excellent credit.
     
  7. whitecouch

    whitecouch spendin' our golden years in OT Supporter

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    I want a house dammit.
     
  8. TRN

    TRN Well-Known Member

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    I can't wait to have a home.

    Not for a couple more years though. :(
     
  9. Maffy29

    Maffy29 Active Member

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    Just a little FYI sort of on subject, but the VA will discontinuing the home loan program. If you get your certificate, you can still use it, but no new ones will be issued.
     
  10. greenpillow

    greenpillow New Member

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    ok lets buy one in houston!!
     
  11. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    My experience:
    You CAN negotiate the price of the loan and the interest rate, don't let them tell you that because you are using VA loan you have to have a certain interest rate.

    The mortgage folks should do all the paperwork for you. Read as much as you can handle before you close on the house. There will be a ton of paperwork.

    As for the VA, they will send a VA appraiser out to appraise the house. His or her appraisal will be what the VA considers 100% of their backing of the loan. Example: The sellers are asking for 150K, VA appraises at 140K. Sellers don't want to come down 10k, so you have to make up for the difference somewhere else (TSP home loan?).

    Sometimes this can be a good thing in that you already negotiated a lower price and the VA says it is a few K lower than the one you negotiated, the seller knows from that point on he has a sold home, or can drop it and start the process all over.

    From my experience the VA appraiser will take into account living area square footage and type of home. They will then compare this with other houses in the area and determine a value. Special features such as a workshop or shed will not go into the value of the VA appraisal. This was my experience YMMV.

    Get a laywer. Get a termite inspection. Get a lot survey. Get a home inspection. Buy a home warranty. Seriously.
     
  12. Maffy29

    Maffy29 Active Member

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    I'll look for one.

    I heard it wasn't going to be for another couple years at least. Was told by a rep from an organization that handled VA benefits and investment programs for veterans. He gave me all the paperwork for the home loan certificate.
     

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