VA Loan The good the bad the ugly

[Lady T]

I just wanted to pick your brains about the VA loan. Anybody have personal experience with it? I need to know anything. Loan amount, pain in the ass or not, Amount down, years in matter?

Big D is an E-7 with 13 years in. I know it has something to do with it but I am so confused!!

TIA!!!

[guynavywife]

Home inspection/appraisal must be done by a VA certified inspector. Not always the easiest to find.
Interest not always the lowest
No required money down.
Lender is only allowed to charge a maximum low fee.
Fees can be rolled into loan (borrow 100,000, finance 103,000) allowing less money out of pocket
can take longer than normal to close
If you sell the home to another person who is qualified for a VA loan, they can take over your loan, potentially making it easier to sell.

No money down (though not a bad idea to put some down to lower loan)

There is a maximum loan amount, but it is pretty high. don't recall the amount

[Trey]

In addition to that...

Unless you can negotiate for closing costs... you'll need that out of pocket... should be about a few grand, depends on the price, your down payment (if any), the bank and all that ****.

VA will not allow you to buy a fixer upper... so if there is a leaky roof, it needs to be fixed before they will allow the loan to close.

Good luck turd!

[Capt.Obvious]

We have used it twice.
They were very picky about the condition of the house, but otherwise it was a very good experience. They allowed us to finance our closing costs, so we paid nothing at closing.

[Lady T]

Originally Posted by guynavywife Home inspection/appraisal must be done by a VA certified inspector. Not always the easiest to find. Interest not always the lowest No required money down. Lender is only allowed to charge a maximum low fee. Fees can be rolled into loan (borrow 100,000, finance 103,000) allowing less money out of pocket can take longer than normal to close If you sell the home to another person who is qualified for a VA loan, they can take over your loan, potentially making it easier to sell. No money down (though not a bad idea to put some down to lower loan) There is a maximum loan amount, but it is pretty high. don't recall the amount

Originally Posted by Rileysmom In addition to that... Unless you can negotiate for closing costs... you'll need that out of pocket... should be about a few grand, depends on the price, your down payment (if any), the bank and all that ****. VA will not allow you to buy a fixer upper... so if there is a leaky roof, it needs to be fixed before they will allow the loan to close. Good luck turd!

Originally Posted by Jordan We have used it twice. They were very picky about the condition of the house, but otherwise it was a very good experience. They allowed us to finance our closing costs, so we paid nothing at closing.

Thank you SO much!

[Ma*Becca]

Great thread, I'm new at all this too so Im subscribing

[Capt.Obvious]

The first house we bought was brand new, it was built for us, and VA wouldn't let us close on it until the builder put screens on the windows.
The second house was previously owned, but I don't think there were any issues with it.. off the top of my head anyway.
We will be using VA again on our next house, more than likely.

[Lady T]

[LaDonna]

we used it for our first house.... roughly $115,000 borrowed and our interest rate was at about 5%.

We are going to use it for our second house (if we can sell our first) - the only stipulation is we have to close on our first mortgage before we open a second.

[MaggieG0721]

I was wondering about all this.