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Thread: Talk to me about VA Loans

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    #1

    Help Talk to me about VA Loans

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    Well, I have an interesting opportunity to buy a house coming up. Too complicated to type it all out on a phone, so I can give details on Monday.

    What can you tell me about them?
    What are the pros/cons?
    DH heard they're a little more understanding with bad credit...true or false?
    What circumstances might they be used in? (Basic home buying, sheriff sales, short sales, etc.)

    Any insight is appreciated!
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    #2
    Quote Originally Posted by iLoveHannah View Post
    Well, I have an interesting opportunity to buy a house coming up. Too complicated to type it all out on a phone, so I can give details on Monday.

    What can you tell me about them?
    What are the pros/cons?
    DH heard they're a little more understanding with bad credit...true or false?
    What circumstances might they be used in? (Basic home buying, sheriff sales, short sales, etc.)

    Any insight is appreciated!
    first the VA loan is NOT a loan at all- but a guarentee from the VA that if you default on the loan the VA would "cover " a % of the loan.
    you will still need to qualify for a loan with a reg bank or lender-

    there really are no cons to using the VA- it can take a little longer to close and the VA inspection can be a little more strict than a non- va loan.
    the Pros- no down payment, no PMI, and competitive interest rates.

    about the credit- this is not true- since the VA does notloan money you will still need to qualify for the VA loan as you would any other type of loan- you MUST have a credit score of 620 or higher and a debt to income ratio of 40%.
    you must also be consecutively employed for 2 yrs- same company no breaks in employment at all -

    you can use the VA for any type of sale including foreclosure- however because the VA does thier own inspection many foreclosures are not passing that inspection- in essence the home needs to be move in ready when the VA comes to inspect.


    I am a licensed agent in GA>
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    #3
    Are you staying put for a while? Me and DH always talk about buying a home, but since he has at least another 8 years in the military we just worry about if we PCS we would have to be able to pay the mortgage with base pay alone and still have enough to live. Just a thought. People often think they can rent etc, but that doesn't always work out.

    As Dawn said, you still have to qualify on the loan yourself.
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    #4
    Quote Originally Posted by gunsgirl View Post
    first the VA loan is NOT a loan at all- but a guarentee from the VA that if you default on the loan the VA would "cover " a % of the loan.
    you will still need to qualify for a loan with a reg bank or lender-

    there really are no cons to using the VA- it can take a little longer to close and the VA inspection can be a little more strict than a non- va loan.
    the Pros- no down payment, no PMI, and competitive interest rates.

    about the credit- this is not true- since the VA does notloan money you will still need to qualify for the VA loan as you would any other type of loan- you MUST have a credit score of 620 or higher and a debt to income ratio of 40%.
    you must also be consecutively employed for 2 yrs- same company no breaks in employment at all

    you can use the VA for any type of sale including foreclosure- however because the VA does thier own inspection many foreclosures are not passing that inspection- in essence the home needs to be move in ready when the VA comes to inspect.


    I am a licensed agent in GA>
    Not currently the same company though, just at some point.
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    #5
    Basically the home need to be in perfect move in quality in order to be accepted for a VA loan. Any sort of maintenance issues, and they won't cover it.
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    #6
    Quote Originally Posted by Anchored2aSailor View Post
    Basically the home need to be in perfect move in quality in order to be accepted for a VA loan. Any sort of maintenance issues, and they won't cover it.
    there are some loopholes for this... If the seller gives the buyer money to cover the costs to fix whatever the issues are, it can get approved.
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    #7
    Quote Originally Posted by His♥PITA View Post
    there are some loopholes for this... If the seller gives the buyer money to cover the costs to fix whatever the issues are, it can get approved.
    That is a VERY tiny loophole that 90% of people shouldn't bet on or hope for.
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    #8
    guess its just my experience then.... I kmow quite a few people and have worked on quite a few contracts that have used this to get approval
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    #9
    Quote Originally Posted by His♥PITA View Post
    guess its just my experience then.... I kmow quite a few people and have worked on quite a few contracts that have used this to get approval
    It could be the area.

    VA in this area won't touch short sales or foreclosures.
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    #10
    you can use the VA in any area to buy a short sale or foreclosure-

    you can even buy a "fixer Upper" using the VA- however it must pass specific codes for the VA, structure, foundation, plumbing and electrical- as long as it is "fixed" before closing the VA will approve it. other things like floors, hardware cosmetic does not matter to the VA.
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