• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

VA Home Loan

Status
Not open for further replies.
bobross419

bobross419

Golden Member
Can anyone explain to me how the VA Home Loan process works? The website isn't very specific about what happens. It mentions that it is a VA Guaranty Loan, does that mean that it is guaranteed that you'll get a loan? Anyone that has gone through the process please give some insights to a fellow veteran.

Thanks,
Bob
 
Originally posted by: bobross419
Can anyone explain to me how the VA Home Loan process works? The website isn't very specific about what happens. It mentions that it is a VA Guaranty Loan, does that mean that it is guaranteed that you'll get a loan? Anyone that has gone through the process please give some insights to a fellow veteran.

Thanks,
Bob
Click to expand...

My first house was purchased on a VA loan in 1988. I didn't have much or perfect credit back then. The guarantee is an amount that the Federal Government guarantees they will pay if you don't. Example: a $50,000 guarantee means that portion of the loan is guaranteed by the governement. If you buy a house that costs $200k the bank feels like they are only risking $150k. It makes them look at the loan differently, as though they have equity going in.

There is no downpayment required. Normally all you need to come up with out of pocket are the closing costs. I remember coming up with $1200 when we bought our first house.

 
Very cool. Thanks for the info on that compuwiz1 🙂

Anyone else have experience with the VA home loan process?
 
I got a much worse VH home loan. Eddie Van Halen keeps coming to my house to collect payment, then the trashes my guest room and complains about my M&M's not having the brown ones picked out. 🙁
 
Originally posted by: bobross419
Very cool. Thanks for the info on that compuwiz1 🙂

Anyone else have experience with the VA home loan process?
Click to expand...

Also, you will need your DD-214 (Proof of military discharge) and a VA loan eligibility form. Take time to gather 2 years of proof of income and if you have any glitches on your credit, make a letter explaining the circumstances of each one. Hopefully, you have been gainfully employed for at least 5 years straight, if not be prepared to explain any gaps in employment.

Bankruptcies must be at least 2 years old, from what I understand.

If I were doing this today, I would probably contact a VA lender in your area and get preapproved. They will be able to tell you how much house you qualify for and what your interest rate will be.

Did you have any specific question?

 
I bought my house on a VA loan.
First step is to get certified from the VA.

Then we shopped for a home, went with a lender (Coldwell Banker) and went through their normal approval process.
The VA does gaurantee only a certain amount on the certificate, but most lender recognize up to 200,000 I believe.

If you're putting less than 20% down on the price, you won't pay PMI, but you will pay a funding fee.
 
Status
Not open for further replies.

TRENDING THREADS

Back
Top