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Thread: VA Loan and buying a house....

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    #1

    Help VA Loan and buying a house....

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    ....So DH and I have been looking at property and we found one that we really like and it's within what we can afford. The reason why we have been looking at buying a home is because paying rent is becoming ridiculous plus his parents have alot of background of selling and buying properties so we have their help plus DH's knowledge too. We are stationed here until 2011 or later so we figured we might as well look into it. Also we are looking in the Gloucester, VA area which is out in the country but not too far from everything which is what we both like. Well, now to my question: how does the VA loan work because DH brought that up and he is going to look into it? Also if anyone else has advice on buying a home, please let me know! We are hoping to go take a tour of the house tomorrow afternoon. I'm all excited!! Here is the link if yall want to see it: http://baycountry.virginia.remax.com...=35261259#aTop
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    #2
    The VA loan works like any other loan except I am almost posotive that it is a fixed rate so it wont change. I think if you google it you can find lots of info
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    #3
    The VA is not a loan...it's a guarantee on a loan based on years of service. They DO NOT loan you the money, you still have to qualify for a regular mortgage. Also on top of your regular closing costs you will hav a $3600 funding fee for VA.
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    #4
    Oh and things to remember about a VA, some people won't accept them when buying their house because the inspections are so much stricter than a conventional loan.
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    #5
    I don't know about the loans but CUTE HOUSE!!!


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    Super cute house! I gotta move outta cali...kidding ill never leave lol
    Last edited by *MarineBug*; 01-27-2008 at 08:44 PM. Reason: spelling
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    #7
    actually for first time buyers the funding fee is 1.5% of the house.

    and the it goes up-

    I highly recommend using the VA guarentee if you are a first time home buyer.
    no money down, no PMI and most large banks will go with VA.

    remember to get an inspection of the house before fully deciding on the house.

    and a few tips:
    what age is the house?
    when was the roof last replaced ? roofs have a 20-25 yr life span
    when was the heating/AC system replaced? 10-15 yr lifer span
    what if any appliances come with the house and what are the ages of those appliances?.5-7 yr life span
    does it have carpet? when was it last replaced? 5-7 yr life span

    these things can add up fast if they need to be replaced right after you take owner ship..
    which brings me to: find out if the sellers are willing to include a 1 yr warranty- this is something the owners by for the new buyers.

    how long has the house been on the market?

    buying your fist home is scary and so exciting.. but IMO totally worth it!!

    good luck and let us know how it goes tomorrow!!!
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    #8
    Not info on buying a house.. but the information the ladies are very helpful for me as well.

    Just wanted to say cute house and on the price.. I think I could buy a shack here for that price
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    #9
    Quote Originally Posted by USCGBoxerMom View Post
    The VA is not a loan...it's a guarantee on a loan based on years of service. They DO NOT loan you the money, you still have to qualify for a regular mortgage. Also on top of your regular closing costs you will hav a $3600 funding fee for VA.
    We didn't pay any closing cost with our va loan. It was quick and painless; but you do need to qualify for an actual loan first.
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    #10
    no matter what sweety
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