VA Loan - Home Sweet Home

instant_oatmeal · 04-17-2009, 08:38 AM

Did you use a VA loan when you bought your house? Why or why not?

jlbecker · 04-17-2009, 08:42 AM

nope.

you have to pay a fee with the VA loan. with my credit, 20% down, and paying a point on a conventional, we got a better interest rate

Caimbrie · 04-17-2009, 08:52 AM

We did because we didn't have money to put down

I wish we had a down payment because we have really good credit

We did get a 5% interest rate so I'm happy with that.

LaDonna · 04-17-2009, 08:52 AM

Yes because we got a lower rate and 0 $$ down. We've used the VA Loan twice now.

USCGBoxerMom · 04-17-2009, 09:08 AM

Yep...because we got a lower rate and less down.

Capt.Obvious · 04-17-2009, 09:10 AM

we've used it twice. We did it because they would provide 110% funding, meaning we could finance our closing costs, as well as not having to put money down.
We also got a better rate with VA.

instant_oatmeal · 04-17-2009, 09:13 AM

Yeah, we don't have that much for a down payment so I'm thinking of using VA.

So if I'm understanding the website correctly you find a house first, then put in an offer with a va loan clause, then go to the bank?

Sarah, how did yours work with new construction?

Capt.Obvious · 04-17-2009, 09:15 AM

Originally Posted by instant_oatmeal

Yeah, we don't have that much for a down payment so I'm thinking of using VA.

So if I'm understanding the website correctly you find a house first, then put in an offer with a va loan clause, then go to the bank?

Sarah, how did yours work with new construction?

We used ours for new construction as well. You can get pre approved for a VA loan. We made an appointmen with out mortgage company, got the pre approval, then met with the builder about getting started.

Jen · 04-17-2009, 09:28 AM

nope, we got a better interest rate with a usda conventional loan

Ellen · 04-17-2009, 09:29 AM

Please remember it's not a LOAN from the VA, it's a Loan Guarantee. You still have to qualify thru a bank or mortgage company....

04-17-2009, 08:38 AM	#1 (permalink)
instant_oatmeal Senior Member Join Date: Apr 2006 Posts: 12,600 Classifieds: (0) Activity: 60% Longevity: 61%	VA Loan Did you use a VA loan when you bought your house? Why or why not? __________________

04-17-2009, 08:42 AM	#2 (permalink)
jlbecker Damn, it feels good to be a gangsta Join Date: Aug 2006 Posts: 14,412 Classifieds: (0) Activity: 15% Longevity: 55%	nope. you have to pay a fee with the VA loan. with my credit, 20% down, and paying a point on a conventional, we got a better interest rate __________________ ~ jamie

04-17-2009, 08:52 AM	#3 (permalink)
Caimbrie MilitarySOS Jewel Join Date: Oct 2005 Location: Goose Creek, SC Posts: 40,114 Classifieds: (0) Activity: 76% Longevity: 69%	We did because we didn't have money to put down I wish we had a down payment because we have really good credit We did get a 5% interest rate so I'm happy with that. __________________

04-17-2009, 08:52 AM	#4 (permalink)
LaDonna Veteran's Wife <---- this makes me sound so old! :( Join Date: Nov 2008 Location: Raleigh, NC Posts: 2,728 Blog Entries: 1 Classifieds: (0) Activity: 3% Longevity: 17%	Yes because we got a lower rate and 0 $$ down. We've used the VA Loan twice now. __________________

04-17-2009, 09:10 AM	#6 (permalink)
Capt.Obvious Senior Member Join Date: Jan 2008 Location: Tinker AFB, OK Posts: 18,219 Classifieds: (4) Activity: 49% Longevity: 30%	we've used it twice. We did it because they would provide 110% funding, meaning we could finance our closing costs, as well as not having to put money down. We also got a better rate with VA. __________________ Happy Thanksgiving! I am a Scentsy consultant! If you'd like information on products or becoming a consultant, please PM me or visit my website My Scentsy site

About Us

MilitarySOS Shortcuts

MilitarySOS Help

About MilitarySOS

04-17-2009, 09:08 AM	#5 (permalink)
USCGBoxerMom Senior Member Join Date: Dec 2006 Location: Seattle, WA Posts: 11,078 Classifieds: (0) Activity: 0% Longevity: 50%	Yep...because we got a lower rate and less down.

04-17-2009, 09:13 AM	#7 (permalink)
instant_oatmeal Senior Member Join Date: Apr 2006 Posts: 12,600 Classifieds: (0) Activity: 60% Longevity: 61%	Yeah, we don't have that much for a down payment so I'm thinking of using VA. So if I'm understanding the website correctly you find a house first, then put in an offer with a va loan clause, then go to the bank? Sarah, how did yours work with new construction? __________________

04-17-2009, 09:28 AM	#9 (permalink)
Jen ♥ my wify navygirl8407 Join Date: Mar 2006 Location: Ledyard, CT Posts: 6,823 Blog Entries: 3 Classifieds: (5) Activity: 22% Longevity: 62%	nope, we got a better interest rate with a usda conventional loan __________________ Sites I use to make $$ /Want to make some free $$? Click here! / Career Step info

04-17-2009, 09:29 AM	#10 (permalink)
Ellen Loving Life! Join Date: Feb 2006 Posts: 21,995 Blog Entries: 4 Classifieds: (2) Activity: 6% Longevity: 64%	Please remember it's not a LOAN from the VA, it's a Loan Guarantee. You still have to qualify thru a bank or mortgage company.... __________________ My Guys!!