Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So, As I understood. Even If I serve 6 months I am not eligible for the loan? The army will be my first employer. Regular Mortgage lenders require 2 years of permanent work. The army's duty won't shorten this period?
I have 50% for the downpayment
No one on this page said 6 months, where are you getting that? Is there something you are not telling us. You plan to join the Active Duty US Military, correct?
This is from the VA page.
Quote:
Minimum Active Duty Service Requirement
Currently On Active Duty - 90 continuous days
Qualifying Wartime & Peacetime Periods - Any
Qualifying Active Duty Dates - Any
Yes I am going to join one of the US military branches. As I said I want to get a home loan as soon as possible. So my question is when it will be possible?
My financial situation is:
1) I have 50-60% money as a downpayment. I just need the rest 40% as a loan.
2) I have a "good" credit history (713 points). But it will be better soon.
Maybe I am misunderstanding this, but you have not yet joined the military, are facing 6 mo to 1 year of training, and you must be resident in the house to get a VA Loan which you won't be until after training. And you haven't said you know for certain that you know where you will be assigned.
so are you just wanting general information on VA loans?
I have done one VA loan and it worked in my situation, no down payment needed a place to live, etc. Points were more than conventional. Process went quickly.
But if you have 60% for down payment, why not go conventional?
There is the thing that I do not completely understand how it works in real life.
So, as I understood, If I sign a contract, and serve 181 days (I didn't understand does these days include BCT and AIT?) I can get certificate of eligibility and apply for the loan? I have an excellent credit history, however, its built only by 1 credit card.
Could you explain a little bit more because you're a real person who encountered with that. When did you receive your first loan? I mean how long did you serve in order to obtain your first loan? Thank you!
Your credit doesn't matter, and you don't need a down payment. I think the time starts once you get to your first duty station. Just be warned you have to live in the house, and your duty station may not be in Florida.
I'm recently relocating to TX and looking to buy a new house. I have never used a VA loan before but the rates from credit union look very good. Has anyone one here ever used a VA loan? Is it difficult to find a seller who accepts it? Is the process much harder than a standard loan? I've done some research and understand the basics but I just wanted some first hand knowledge.
My Profile if it helps
Income: 130K
FICO scores: Ex 730 Eq 745 TU 751
CC Debt: 0
Other Debt: 5K school loan (will be paid off before I apply for a mortgage).
Mortgage amount: 250-300K
When you contact your mortgage broker they will walk you through most of it.
I don't know why any sellers would have a problem with the VA loan.
The process is not really harder than a normal loan there are just a few regulations about the house that has to be followed. I dont really remember but your mortgage banker can help with that.
I made less than you with a lower credit score at the time and had no problems with financing.
I'm recently relocating to TX and looking to buy a new house. I have never used a VA loan before but the rates from credit union look very good. Has anyone one here ever used a VA loan? Is it difficult to find a seller who accepts it? Is the process much harder than a standard loan? I've done some research and understand the basics but I just wanted some first hand knowledge.
We have used VA guaranteed loans to purchase four homes over the past 30+ years. And re-financed a few times also.
The VA rates are the highest they will allow, you can get a cheaper rate...
It is not hard to find a seller who accepts it. I saw a few, we walked away...
The process is not really harder than a "standard loan". Some agents are just ignorant or avoiding something... Find a Real Estate agent who has done it in the past a few times.
I don't know why any sellers would have a problem with the VA loan.
1. When the house will not pass a VA Home inspection
2. When there is some type of deficiency in the title.
3. When the seller and broker are in some type of questionable business...
(I was involved with a small group in the 70's with buying "good deal" homes and selling them. I had a real estate agent's license in another state. I was just involved in repairs, I knew people who were plumbers, electricians, good "old" handymen etc. I am still a part owner [silent partner] of one residence which is a rental.)
Last edited by Poncho_NM; 02-18-2015 at 06:01 PM..
The biggest hurdle is clearing the home inspection and the appraisal. The house has to meet certain standards so buyers who are selling a tear down will probably not take a VA loan.
The other thing to clear is the appraisal. If you're doing no down payment then you need the house to appraise at the purchase price or above. If it comes in lower then you have a problem. Most sellers of normal homes shouldn't have a problem with it.
Go here, sign up and you can pull your VA paperwork that says you are eligbale for a VA loan. Don't freak out when it says you are good for $36,000....(or something like that) That is normal.
Are you disabled? 20% and above you don't have to pay a fee? I cannot remember which one...
It's easy though...your broker should work with you.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
VA Home Loans
