VA Loans - Easier than regular loans? (PMI, loan officer, credit score)

[teebopop]

We are about to use our VA benefits to buy a house. Is this going to be easier than what I'm reading in this forum compared to other loans?

Anyone here actually gone through the process and want to enlighten us as to how we go about it? We already have DD214 and that certificate saying we're eligible.

Thanks so much.

[renriq02]

it really depends on the loan officer.
if they have a lot of experience it would be SLIGHTLY harder than a regular loan.
there are some nightmares that might occur, but they happen on every loan. The experienced loan officer will take care of you!

if it's a brand new house then it's normally a piece of cake.

Originally Posted by teebopop

We are about to use our VA benefits to buy a house. Is this going to be easier than what I'm reading in this forum compared to other loans?

Anyone here actually gone through the process and want to enlighten us as to how we go about it? We already have DD214 and that certificate saying we're eligible.

Thanks so much.

[turnerfamily]

I'm also looking at a VA loan and the agent told me that they don't consider credit scores but mostly debt to income.So as I sell should I pay off all debts and put a smaller down or keep lower interest debts and have a bigger down payment?

[renriq02]

your agent is incorrect....they do look at credit scores....more than a FHA loan.
you cant be over 41% debt to income.
You need to pay down the largest monthly payments firsts...not the largest debts.

Some cards are like 2000 with a monthly payment of 300
while a car loan might be 800 with a payment of 250

if you can qualify without paying stuff down then I WOULDNT PAY IT DOWN.
save the money

Originally Posted by turnerfamily

I'm also looking at a VA loan and the agent told me that they don't consider credit scores but mostly debt to income.So as I sell should I pay off all debts and put a smaller down or keep lower interest debts and have a bigger down payment?

[PeggySue1958]

That Va Mortgage center is not thru VA, that is a site that has loan officers that do VA loans as well as others.I've been thru a VA loan and an FHA, and by far the FHA was easier

[renriq02]

huh? what are you talking about willis??

it's good to go VA if you dont want to put money down.

if you want to put some then go FHA

Originally Posted by PeggySue1958

That Va Mortgage center is not thru VA, that is a site that has loan officers that do VA loans as well as others.I've been thru a VA loan and an FHA, and by far the FHA was easier

[turnerfamily]

But aren't VA loans guarenteed and isn't better than a FHA loan?

[Lone*Star_Girl]

We have a VA loan and it was very easy and simple
Have your finances and documents together and buy nothing on credit
before closing.
And they do check your credit score.
I would use a VA loan again.

[shellytc]

the best part of your VA loan is you can get 100% financing and no PMI. YOu will have to pay a funding fee, but that can be added to your mortgage amount.

shelly

[renriq02]

guaranteed to the lender not you

Originally Posted by turnerfamily

But aren't VA loans guarenteed and isn't better than a FHA loan?