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Thread: VA Loan questions

  1. SNK
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    #1

    VA Loan questions

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    Can anyone help me with a few VA loan questions?
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    Last edited by *skittles*; 01-04-2010 at 12:22 PM.
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    Yep, fire away...



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  4. SNK
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    DH and I seriously considering looking into buying a townhouse/house but we know NOTHING about the VA Loan or how it works...

    Could you give me a little run down or useful information...? (I've tried looking it up on websites but it's SO vast that it's overwhelming)

    Also, is there a no down payment option involved? or would a downpayment be inevitable?
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    #5
    All I remember about ours is we did not put a down payment on our home and we used his VA loan. So that is an option.
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    With a VA loan, there is no downpayment. The only exception is if you want a house that exceeds the max VA loan amount (which is like $417,000). You will pay a VA funding fee which is I think 1% of the loan amount. If I were you, I would call and talk to your bank's mortgage division. Do you bank with NFCU. They are great and patient about answering all questions. You can call and ask questions without even applying if you have an account. You can call and apply if you are ready, then find out what you qualify for and start looking. I did the "float to lock option" because interest rates were moving. Basically, you can lock in the interest rate at anytime before closing and it allows you to capitalize on the rate falling. You can post specific questions if you like and I'll try to help.



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    Last edited by *skittles*; 01-04-2010 at 12:21 PM.
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    #8
    Quote Originally Posted by SNK View Post
    DH and I seriously considering looking into buying a townhouse/house but we know NOTHING about the VA Loan or how it works...

    Could you give me a little run down or useful information...? (I've tried looking it up on websites but it's SO vast that it's overwhelming)

    Also, is there a no down payment option involved? or would a downpayment be inevitable?
    Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs)
    http://www.homeloans.va.gov/docs/200...oan_limits.pdf
  9. SNK
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    #9
    Quote Originally Posted by thejigsup View Post
    With a VA loan, there is no downpayment. The only exception is if you want a house that exceeds the max VA loan amount (which is like $417,000). You will pay a VA funding fee which is I think 1% of the loan amount. If I were you, I would call and talk to your bank's mortgage division. Do you bank with NFCU. They are great and patient about answering all questions. You can call and ask questions without even applying if you have an account. You can call and apply if you are ready, then find out what you qualify for and start looking. I did the "float to lock option" because interest rates were moving. Basically, you can lock in the interest rate at anytime before closing and it allows you to capitalize on the rate falling. You can post specific questions if you like and I'll try to help.
    Awesome advice! Thank you!!

    We bank with BOA Military Banking but I'll look into NFCU!



    Quote Originally Posted by froglove View Post
    All I remember about ours is we did not put a down payment on our home and we used his VA loan. So that is an option.
    NICE!!

    I will take a look at that website now

    Thanks ladies! Sorry for sounding so all over the place! I'm just tyring to figure this stuff out
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    #10
    Quote Originally Posted by thejigsup View Post
    With a VA loan, there is no downpayment. The only exception is if you want a house that exceeds the max VA loan amount (which is like $417,000). You will pay a VA funding fee which is I think 1% of the loan amount. If I were you, I would call and talk to your bank's mortgage division. Do you bank with NFCU. They are great and patient about answering all questions. You can call and ask questions without even applying if you have an account. You can call and apply if you are ready, then find out what you qualify for and start looking. I did the "float to lock option" because interest rates were moving. Basically, you can lock in the interest rate at anytime before closing and it allows you to capitalize on the rate falling. You can post specific questions if you like and I'll try to help.
    I think it depends on where you live, bc i know CA is more than 500,000.
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