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Thread: New here. Looking for VA Loan info

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    Confused New here. Looking for VA Loan info

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    I have been all over the internet looking for info about VA loans. We will be first time home buyers. I don't know where to start really. DH is active duty army and has like 13 years or more in and was over seas many times so I am sure he is eligabale for a VA loan.

    I am kinda hoping some of you here might have dealt with it and can tell me step by step what you had to do and how long it took.

    Do we just go to our hometown bank and apply for a loan or do we have to look somewhere special that says they deal with VA loans? What is the settelment date? How do I figure out how much we would need up front and how much of that might be able to be included in the loan? I think I saw on one VA site something about entitlements. What is that? Where do we start? I don't want to begin this process sounding like we don't know anything and I don't want any of my mistakes because of being new to this, cost us money. I know it says with a VA loan you don't need PMI but what other fees are there?

    Thanks a bunch!

    pepperderr
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    Do we just go to our hometown bank and apply for a loan or do we have to look somewhere special that says they deal with VA loans? every bank or credit union will be able to do a VA loan but my concern is HOW many they do a yr, you want an experienced VA lender
    What is the settelment date? the settlement day is the same as the closing date
    How do I figure out how much we would need up front and how much of that might be able to be included in the loan? your realtor can help with this - but with VA there is no required down payment, but there is a funding fee equal to 1.5% of the sales price, you will also have pre paids and may have closing costs, all this depends on the sales contract
    I think I saw on one VA site something about entitlements. What is that?not sure about this
    Where do we start? the first thing I recommend is pulling your credit history and and your credit score- you will need a score of at least 620 and have a debt to income ratio of 40% even with VA. then you can get your certificate of elegibility from the VA and then get pre approved for a loan, then start looking, get a realtor and buy a house
    I don't want to begin this process sounding like we don't know anything and I don't want any of my mistakes because of being new to this, cost us money. I know it says with a VA loan you don't need PMI but what other fees are there?you are a first time home buyer, get a good agent, she or he will help you learn what you need to know, also go out and get the booK " homebuying for dummies" it is chock full of info on buying

    take a moment to go to the newbie section and introduce yourself!!!
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    Thanks a bunch! One thing I just thought of is, we have this one house we really like right now. If it gets sold before we go for it or if we for some reason can't get it, it may take quite a while before we find something else. There is nothing showing online right now that we are interested in. How long would DH's certificate of eligibility be good for?

    Editing to say I have gotten our credit scores from 2 different places and one of DH's said 697 and the other said 743. That is a big difference and so I really don't know where to get them from. I did order his report so far too but it doesn't come with a score. Mine said something like 677 but I don't even have any income so maybe it would be best for them not to have to check mine. I don't know.

    Thanks.

    pepperderr
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    Quote Originally Posted by pepperderr View Post
    Thanks a bunch! One thing I just thought of is, we have this one house we really like right now. If it gets sold before we go for it or if we for some reason can't get it, it may take quite a while before we find something else. There is nothing showing online right now that we are interested in. How long would DH's certificate of eligibility be good for?

    Editing to say I have gotten our credit scores from 2 different places and one of DH's said 697 and the other said 743. That is a big difference and so I really don't know where to get them from. I did order his report so far too but it doesn't come with a score. Mine said something like 677 but I don't even have any income so maybe it would be best for them not to have to check mine. I don't know.

    Thanks.

    pepperderr
    the certificate is good for 6 months I think. but the loan approval is good only for 60 days.

    those are decent scores so you both should be ok. but another tip your interest rate is determined by your score, the higher the score the lower the rate.

    if you want your name on the loan they will have to run your score too.
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    Check with the bank you are going to use, many banks (not all) are requiring a credit score over 700, and if not, the interest rates are much higher.
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    with VA they have to have a score of only 620 of course the better the score the better the rate.

    but with VA they just raised thier required limit from 580 to 620 last yr.
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    Quote Originally Posted by gunsgirl View Post
    with VA they have to have a score of only 620 of course the better the score the better the rate.

    but with VA they just raised thier required limit from 580 to 620 last yr.
    The bank still has to agree to loan them the money, many mortgage companies have raised the min. credit scores they require.
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    The bank pre-approved us for the loan on the house we were wanting. I hope that means we do get the loan. All of our scores were over 700. DH was 704, 717 anda 767. Mine were 710, 710 and 731. I can't help but still be nervous weather it will be accepted or not. We own both vehicles so no payments on that. We owe 3000 on a Dell credit card and 3000 on another credit card but other than rent, nothing else. I was planning to take our income tax money and pay off the cards but now we might need that money for closing costs. We have only a few hundred in savings since we were not planning to buy a house so we were not saving up for it. We applied at Sovereign bank which is where our agent recommend but now I see NOTHING but bad reviews about them. I hope we don't regret this. I had our van loan through them and never had any issues.

    pepperderr
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    before actually going thru the process of buying, have you thought about what you will do with the house when he transfers again? what will you do if you cannot rent it? what if you cannot rent it for what the mortgage and costs will be? what if you cannot sell it? or are faced with the issue of not being able to sell for what it is worth?
    are you willing to try to short sell? GEO BACH or foreclose.

    it is a time to buy, but not if your AD. if you cannot for sure say you will be in the home for 5-7 yrs ( it will take this long to see a change in the market and for you to not have a loss) really reconsider buying.
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    Dawn,
    In our situation, he is stationed in Bathesda MD and we live in PA. He drives home on weekends. We have been in our current home for 10 years and don't plan to move any time soon when we buy a house even if he does transfer. He used to be stationed in KY and only came home every few months sice it was so far away. I think most situations are not like that but in our case we are satisfied. Thanks for bringing that point up though. No one knows what the future holds. If we don't get this house we will likely just remain where we are.
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