Comments on: Veterans Affairs VA Mortgage Loan Requirements Guide

By: Mika

Mika — Wed, 12 May 2010 18:33:20 +0000

Hi Jim,
This is a well written article. I just want to add that the first step is to be pre-approved before you go on the search for a house. This way you know what you can afford and it’s in writing so that you can make an offer on a house.
These loans are awesome loans for Veterans. My husband is a loan officer and manily works with Veterans. Please don’t let anyone talk you out of using this benifit, make sure you find someone with experience with it, and who will explain it to you. I am not advertising for my husband here, it’s just that after learning so much about these loans and knowing that so many Veterans don’t realize how great they are and how easy the process is, I just want to tell them to take some time to find out who you can work with and don’t be talked out of the benefits you have earned. It’s well worth the research!

By: Boopie

Boopie — Tue, 24 Nov 2009 23:57:27 +0000

McCavity, what was your rate & closing costs? any points on it? I’m told that the VA Loan default rate is less then conventional loans, thus the rate should at least be equal or better than conventional loans, but have not found that anywhere.

By: jdm

jdm — Tue, 03 Nov 2009 03:00:14 +0000

thank you for this excellent article. I’m a veteran of OIF and wasn’t very well informed about this process. I’m currently looking into this process to determine if the benefit will be worthwhile for me. Your article was a great, concise summary of the process and requirements for eligibility.

Sincerely,

jdm

By: Mccavity

Mccavity — Tue, 03 Nov 2009 01:16:31 +0000

I just closed on a VA loan house 4 days ago. I got a great rate, a good price, and the entire process was about as smooth as it could be. Since it’s our first home, we even get the tax credit on top of it! The lack of PMI payments on the mortgage dropped the monthly price to a percentage of our income we were more comfortable with.

By: saladdin

saladdin — Tue, 03 Nov 2009 00:15:34 +0000

One of the reps of the VA loan is that the appraisals/inspections are very specific and are such a pain in the ass. And the program limits what fees you can be charged as a veteran. These things can make it hard to find someone who wants to do these loans.

Also, the funding fee can be waived if you have a certain % of service disability.

Do not underestimate the historical power of this bill. The GI Bill changed American history. All of a sudden millions of Americans could buy a house and get a college education. Two things that were only available to a certain tier of society. This act greatly helped the creation of the “middle class” that we enjoy. This act is truly on the list of great governmental contributions.

saladdin

By: Caroline

Caroline — Mon, 02 Nov 2009 21:22:54 +0000

My husband qualifies for a VA loan and has the certificate for it. We have used it before. When we were looking to buy another home, we still had money left on the guarantee that we could use to help with the purchase after the down payment required by our local banks. However, many local state banks and credit unions will not use the VA loan because they don’t want to go through the paperwork. We live in a rural area of the UP and I checked with 7 banks within a 100 mile radius of our current home. Not one of them would process the paperwork. No reason given except that they just did not do it.

The program is great when you can use it. Just don’t expect your local bank to handle the paperwork.

By: Jim

Jim — Mon, 02 Nov 2009 16:48:36 +0000

Thanks Mark, I wrote it because after reviewing Checks for Vets, I felt I’d be remiss if I didn’t cover this in some way.

By: Mark Wolfinger

Mark Wolfinger — Mon, 02 Nov 2009 16:11:50 +0000

Jim,

Articles of this type are special. You probably don’t have too many readers who qualify, but this information is not always easy to find and your collecting it in one place is a fine idea.

Well done.

By: Financial Samurai

Financial Samurai — Mon, 02 Nov 2009 14:40:26 +0000

Jim – I’m glad you brought this up. It’s important our government does more to reward our solders who’ve fought for our country. One city I know of, 60% of the homeless are ex veterans. How can this be? It shouldn’t be.

The NFL has a pension for players after a couple years, so should all military personnel.