VA home loan?

[Redchicken]

Has anyone here applied for a VA home loan? DH & I are wondering what to expect and how that whole process might be

TIA!

[Tojai]

We have used both VA and conventional.

Have you picked out your home yet? Other than having to provide a copy of DH's DD-214, I don't think there was really anything different about the application process.

In terms of the house, we had to use conventional on our latest home since it didn't qualify for VA financing, I guess they are a little pickier. Our loan officer did say most condos wouldn't qualify for a VA loan due to construction requirements so we expected that, the other times we used VA loans we were purchasing single family homes and didn't have an issue getting the VA to approve them from a structural standpoint. Not sure if this is still the case, but our processor recommended a closing date further out because the VA appraisers were backed up and they said sometimes it can take longer for them to come out. Also sometimes they are a little pickier, the second home we purchased there were some issues like formboards that hadn't been removed and trees/bushes that needed to be trimmed back. We went back and forth with the sellers a little bit because they didn't want to pay for the changes needed but in the end it worked out fine.

Our realtor did also tell us that sometimes sellers don't like it when buyers have VA financing because of the pickiness and possibility of a longer timeframe, but again it wasn't an issue with either of our offers. I've never really heard of anyone else having issues with sellers getting spooked over VA financing either, but I guess it's a possibility.

[DakotaCowgirl]

We did in August. It wasn't hard at all. Easy and painless. Our realtor was great at working with military and so was our loan agent.

The biggest thing we learned is, you have to have at least 1 year of income (aka a job) in order for them to approve a loan. If you have less than a year less in the military, they will not work with you for a loan.

[rocket_lizz]

Just an FYI since Tojai mentioned it, when DH and I bought our place we found out that townhomes count as single family structures not condos, despite being attached, so it was easier to buy than a condo would be.

Also if your housing market is a real sellers market it might take a while to get an offer accepted. Here in San Diego very few people are willing to deal with VA loan offers because they also have cash offers so why would they bother? We got lucky with our place - the owner had a one-way ticket to India to retire and was desperate to sell.

[ArmyCupcake]

We used a VA loan and didn’t encounter anything different than we would have with a conventional loan. Our townhouse was only 13 years old though, so no major issues at inspection hat could have made it ineligible. Good luck!!

[TheSisterWife]

We just bought in November for the first time with a VA loan. I was honestly shocked at how quick and easy it was. Our area is super-saturated with military, and also new construction/quick turnover, so VA loans are the most common form of financing here. Everyone was super familiar with it and knew exactly how to jump through the right hoops. It was an incredibly fast process with virtually no hangups. I already knew the realtor we used personally, and she is a real shark, so she honestly did the vast majority of the work for us. Our lender was incredibly communicative and on the ball. It was suuuuch a better experience than I expected!

[PaUSMC]

DB purchased using a VA loan about two years ago. The inspection process was more cumbersome than a conventional loan (which is what mine is). He actually couldn't get through the loan approved unless some work was done on the house (which the seller refused to do). We ended up having to go slap some paint on the house before he even owned it just to save the deal. That wouldn't have happened with a conventional loan. I have always heard that VA loans have the highest fees. If you have the 20% down I would really consider comparing to a conventional loan. I think most people just assume a VA loan is a huge benefit provided to the veterans (and it is if you don't have the down payment), but it is worth doing the due diligence and comparing.

Addition- When I purchased about four years ago my realtor was relived I was using conventional financing and not FHA or VA. It can make a stronger offer because of the inspection requirements.

[Kitinboots]

We purchased a house with a VA loan about 3 years ago. It was really quick, easy, and didn't seem to matter to the sellers (though our realtor was initially a little concerned it would).

[TrishAFSpouse]

We just closed in Feb on our house using VA loan.
Process was easy. Need 2 years of employment history (or at least we did), he will need some forms for VA (can't recall what they were DD214 and something else.. eligibility letter maybe), the member must be the primary borrower, and the house must appraise at or less than requested.
If member is at least 10% VA disabled then there is no VA Funding fee.

The VA Funding fee is the biggest thing. While you dont need a down payment, this fee is about 5% of the loan, and it is added on to the loan. (the percentage might be more or less, can't remember exactly)

[Abethel83]

I loved going through them! It took us months to find the perfect house but once we did our closing was 3 weeks later. Plus they sent us a check for using the realtor they sent us