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Thread: VA House Loan Info Please!

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    #1

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    Last edited by AwwSnail; 10-27-2012 at 09:27 PM.
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    #2
    I don't think you have to pay PMI if you get a VA loan. I'm not sure though, so hopefully somebody cann help you AND me. DF and I are getting ready to buy a house in within the year.
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    #3
    From what I understand (but could totally be off here) the VA loan isn't actually a loan, but like a co-sign on a loan, you still have to get approved by a bank.

    As for using the VA loan, your dh would have to apply for it. If you are buying a house in both names, and he is deployed, you will have to fet a special POA stating that you can sign the papers and everything on his behalf.

    Please correct me if I am wrong


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    Last edited by AwwSnail; 10-27-2012 at 09:28 PM.
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    #5
    DH and I are looking into buying a home when he gets home... and I wanna have all my duckies in a row! I was trying to figure all this out too...
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    #6
    the va loan guarentee will guarentee a portion of the loan- so what doe this mean? if the va member defaults on the loan the VA will pay the bank xxx amount of dollars to the bank on your behalf.

    the VA will give the member a certificate of elegilibily ( you can get this on line )

    with this certificate- you will then go to a bank and apply for a loan- the interest rates are usually competative, no PMI and there is no down payment needed and you only need the cash to close.

    BUT you cannot use the va certificate if you seriously want to buy in only your name
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    #7
    You don't have to buy it in your name. It is actually pretty easy to do this with a deployed spouse. I've done it twice before.

    He can apply for eligibility. You need a special POA with the actual home address, pacel number etc, of the home you want to buy. You and he can apply for a VA loan online and will pay no PMI and have no down payment. Interest rates are usually tad bit less for a VA, but you have to shop and do your homework because with the point they add to do a VA, it CAN be close to even Stephen, esp if this is a second use of the VA loan. USAA has a most excellent home buying program which used to include $1,200 or so to you on closeing just for using them. Check it out.



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    #8
    Quote Originally Posted by Judi89 View Post
    You don't have to buy it in your name. It is actually pretty easy to do this with a deployed spouse. I've done it twice before.

    He can apply for eligibility. You need a special POA with the actual home address, pacel number etc, of the home you want to buy. You and he can apply for a VA loan online and will pay no PMI and have no down payment. Interest rates are usually tad bit less for a VA, but you have to shop and do your homework because with the point they add to do a VA, it CAN be close to even Stephen, esp if this is a second use of the VA loan. USAA has a most excellent home buying program which used to include $1,200 or so to you on closeing just for using them. Check it out.
    this. I did it while DH was deployed, and while the VA loan itself was a PITA, it was pretty simple.




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    #9
    Some of these have been mentioned but:

    1 no down payment required. No PMI which is usually required when no down payment
    2 closing costs are limited to a set amount
    3 interest rates are competitive. However, not always the lowest. Shop around.
    4 if you sell to someone who is a vet, the VA loan can be assigned to them, saving you both money. This is not really as big a deal as it once was.
    5 loan guarenteed up to I think 400,000 these days. Not sure the exact number. By guarentee, it does not mean you will not be held liable for that amount, but that the bank is protected up to that amount if you default. Does not really help you though much though.

    There are some drawbacks though:
    The borrowers must still qualify for the loan. credit wise
    You must use a VA qualified appraiser
    The process can take longer than a normal loan (sometimes)
    Interest rates are not always the lowest

    Getting a power of attorney for this can be pretty simple even though SO is deployed.
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    #10
    Quote Originally Posted by Annie View Post
    Thats kinda what I thought. I do not have a POA, I guess I'll just hafta buy the house in my name.... blerg...
    He can fill out a POA and mail it to you. It shouldn't be a problem.
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