MIL VA Home loans?

Discussion in 'On Topic' started by TRN, Mar 16, 2009.

  1. TRN

    TRN Well-Known Member

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    Tell me what you know about the VA home loan process?

    All I know is you get that cert. of eligibility....?

    What happens next?
     
  2. Ranger-AO

    Ranger-AO I'm here for the Taliban party. Moderator

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    Tell your realtor and the mortgage company you'll be using that you want a VA loan. I'm not sure why, but some homes are not eligible for VA home loans.
     
  3. Cheerio

    Cheerio New Member

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    VA Loans have to meet buidling requirements like electrical and all kinds of other stuff first. Usually if it is an older home it will not qualify for a VA loan.
     
  4. PumpScout

    PumpScout New Member

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    Yup, you'll have to have a VA-certified appraiser do the appraisal. Not all of them can. In fact, in my area, there's only one who is certified for VA appraisals. It's a more detailed appraisal, and it benefits you. For example, they won't allow an old fuel-oil tank to remain on the property if it's not functional. They'll require it be removed by the current owner. Things like that.

    Really, your loan officer and realtor should be taking care of most of it. They'll ask you for anything they need that comes up beyond your cert. of eligibility.
     
  5. jjski78

    jjski78 New Member

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    And, FYI...if you're buying a house for the first time...DO NOT DO THE 30 YEAR LOAN!! Unless of course you absolutely cannot afford the 15 year payments. That damn 30 year loan is almost all interest. I'm doing a refi on mine this summer down to a 15. In 18 months, at 1100 a month, I've paid a whole whopping 2000 towards principle. Add on to that the fact that the interest rates are subterranean, my payment is gonna go up a whopping 50 bucks when I refi. Just some food for thought.
     
  6. MrRyan

    MrRyan Gary Johnson 2016 OT Supporter

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    My 129y/o house qualified...then again it's had more periodic updates than many homes in the area.
     
  7. jjski78

    jjski78 New Member

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    Oh I know, but when you just PCSd into a place, and have extremely limited time to get it done, they automatically assume you want the 30 year loan. We signed it just to get into the house, knowing we were going to refi in a year or two. The bottom dropping out of the interest rates just sweetened the deal a little more. In the 18 months we've been here, they have dropped 2 points, so when we refi down to a 15, our interest rate is gonna be really low, making our payment go up only by about 50 bucks. Had we done it initially, it would have added about $400 to our payments, which was doable, but a little uncomfortable. Gotta love a shitty economy for that. Plus, in my area, home values are still going up. Not as fast as they were, but rising nonetheless.
     
  8. Hahawhat?

    Hahawhat? New Member

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    Worst advice ever, if you want to pay it off the fastest get a longer term loan and put extra towards the priciple. That way if you ever need the extra money it will be there for you and if you don't you can use it to destroy the house payment.
     
  9. jjski78

    jjski78 New Member

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    :rofl:

    Ok, slapnuts, maybe you should READ my post. Considering the difference in payment, in my particular case (and I'm sure in MANY other cases), is a whopping $50, your advice is just straight retarded. I'm not saying everyone should get the 15 year loan, but if it's similar in payment to the 30 year (as in-within $1-200), why the fuck not? Plus, as you said, you can pay extra towards principle, and get it paid off early. Something tells me a guy with a 30 year loan, making extra payments, still won't pay it down as fast as someone with a 15 year loan with a similar minimum payment also making extra payments.
     
  10. TRN

    TRN Well-Known Member

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    I'll have to keep this in mind.

    Thanks for all the info :bigthumb:
     
  11. Hahawhat?

    Hahawhat? New Member

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    You should never fuck with a finance major, just to throw out numbers lets say someone wants to buy a 150K home and puts nothing down at 6%. Payments are around 900 for a 30 year loan, but for a 15 year loan it is 1265. The extra 365 can make a difference some months for people if shit happens so it would be best in the long run to keep it. If nothing happens put it on the priciple and still get it paid off just as fast.

    Now please argue with facts...... :rofl:
     
  12. jjski78

    jjski78 New Member

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    Hey slapnuts, looks like you're assuming the same interest rate for both loans. Maybe you should go study some more.
     
  13. MrRyan

    MrRyan Gary Johnson 2016 OT Supporter

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    Who? jjski78? I wouldn't hold your breath.
     
  14. jjski78

    jjski78 New Member

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    Just argued against his facts, and won. Sure, if you get the same interest rate for a 15 year as you would a 30 year loan, there would be a substantial difference in payments, however, since 15 year mortgages typically run 2% lower in interest than a 30 year loan, your difference in payment is not a budget blowing amount.

    The "finance major" is just yet another example of why a college degree will never replace real world experience. You can be book smart all you want, but unless you have the street smarts to go along with it, you fail.
     
  15. jjski78

    jjski78 New Member

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    it was either that or douche rocket. I'm lazy, and slapnuts took less key strokes.
     
  16. jjski78

    jjski78 New Member

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    All great variations of the same theme. But we better stop using such foul language. Someone might start calling us bigots.:mamoru:
     
  17. Jyokker

    Jyokker The trouser snake is very aggressive. It will corn

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    Boob? :o
     

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