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Thread: VA Loans???

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    #1

    VA Loans???

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    I heard someone say the other day that pretty soon getting a home would require a 20% down payment. I talked to DH about that, because for the price range we're looking at, that is a huge chunk of money. He said that he got a VA loan for the house we live in now, and he should be able to get another one when he gets out of the military in two years.

    Is that possible? I wasn't sure if by veteran they're referring to someone who retires after twenty years, or someone who gets out after six. I tried looking it up, but everything just is so confusing when I don't understand any of the home buying vocab or the military vocab.
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    #2
    I wouldn't. 20% is needed to not have to pay PMI. And with VA loans if you default you have the US Government coming after you.
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    #3
    Quote Originally Posted by Postal_Bunny View Post
    I wouldn't. 20% is needed to not have to pay PMI. And with VA loans if you default you have the US Government coming after you.
    It's just an option. In two years when we're ready to buy again, we'll evaluate our savings and talk to the loan officer about our options. I guess I was just curious if another VA loan is an option when he gets out.
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    #5
    Yes you should be able to use the VA loan again. The only stipulation is you can't have TWO loans out at the same time so you would have to sell the house that has the current VA loan before taking out a new loan. Or at least refinance.
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    #6
    Quote Originally Posted by Pixi7272 View Post
    Yes you should be able to use the VA loan again. The only stipulation is you can't have TWO loans out at the same time so you would have to sell the house that has the current VA loan before taking out a new loan. Or at least refinance.
    Yes, this. I also believe that the VA Loan can only be used for a home you intend to occupy (but it sounds like that's your plan).

    The VA loan IS nice because it doesn't have PMI even if you finance more than 80% of the value of the home. My ex and I used a VA loan to purchase our first home and it worked out well.

    As for the PP who said if you default on your loan, you'll have the gov't after you. Umm... you're going to have someone after you if you default on ANY loan. Good rule of thumb: Don't default on your loan!
    Beth, Mama to Emmalee (12), Evan (9), and Ella (4 on May 7) (I really REALLY need to update my picture!)
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    #7
    Quote Originally Posted by BethM View Post
    As for the PP who said if you default on your loan, you'll have the gov't after you. Umm... you're going to have someone after you if you default on ANY loan. Good rule of thumb: Don't default on your loan!
    Not always, if the bank can sell the home for a certain percentage in some cases they don't go after the previous tenant for the remainder of the note. Or if they do the previous tenant can sometimes settle for a much lower amount. Which isn't the case for the VA loan.
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    #8
    Thanks ladies!
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    Wait... I thought the VA Loans were basically 'sponsorships' for a loan and then they give the loan to the bank?? We used a VA Loan for our house in GA and when it went into foreclosure, the VA never came after us.. Only the bank did. We never made mortgage payments to the VA, only directly to the bank??
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    #10
    Quote Originally Posted by Elly View Post
    Wait... I thought the VA Loans were basically 'sponsorships' for a loan and then they give the loan to the bank?? We used a VA Loan for our house in GA and when it went into foreclosure, the VA never came after us.. Only the bank did. We never made mortgage payments to the VA, only directly to the bank??
    VA is the type of loan, not who owns the note to it.
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