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I'm so confused. Considering the low Interest rates for purchasing a home, my hubby and I decided to go ahead and start the process of purchasing our First Home.
My husband is able to obtain a VA loan due to his military service. We contacted Citibank and Bank of America and explained that his FICO score was in the mid 700's and he has a low debt to income ratio, making about 55K annually (without night diff and Overtime). He has about 65K in a retirement account. He is willing to take out 10K to help with the funding fee and/or if we just need it.
Now, to my knowledge, we're supposed to be able to get a home with zero cash down, but when we contacted these banks, one had never heard of the VA loan and the other just hasn;'t gotten back to us at all.
Bank of america called and wants us to use the FHA option instead of the VA loan.
We wanted to find and close on the home before the November 30th deadline for that $8000 tax benefit. Does anyone know what we're doing wrong? I am a full time Nursing student who has no good income to be considered.
Do you have the Certificate of Guarantee from the VA? We got one of those a long time ago when we first started looking.
Not sure where you live but I was told by every bank and mortgage lender I asked that getting a VA loan in New York was virtually impossible even if the unit was under the max that the VA loan will guarantee. There are a lot of loopholes such as the home/condo must be VA approved.
One lender told me that in 15 years she has never found a single VA approved condo in the NYC area.
Bank of America's web site has a page about VA loans. Not sure if BoA is a good bank or not as I have no dealings with them but you might want to contact them.
Banks are overloaded with business right now thus them not getting back to you. I would suggest that you contact a professional mortgage broker in your area. They will provide you better service and probably get you a better overall deal.
If you can qualify for VA, definitely go that route instead of FHA for 2 big reason. First, fha requires 3.5% down while VA requires no downpayment. secondly, fha loans have a monthly mortgage insurance fee while VA does not require monthly MI so a lower payment. FHA loans and VA loans should be same interest rate.
Do you have the Certificate of Guarantee from the VA? We got one of those a long time ago when we first started looking.
Not sure where you live but I was told by every bank and mortgage lender I asked that getting a VA loan in New York was virtually impossible even if the unit was under the max that the VA loan will guarantee. There are a lot of loopholes such as the home/condo must be VA approved.
One lender told me that in 15 years she has never found a single VA approved condo in the NYC area.
Bank of America's web site has a page about VA loans. Not sure if BoA is a good bank or not as I have no dealings with them but you might want to contact them.
Yes, we have the Certificate Of Eligibility already. We were hoping to get a 2- Family house and we are right now as I type, waiting for BOA to get back to us... It looks like we may have to go the traditional mortgage route if this VA thing doesn't work out... Thanks so much for your feedback, I was feeling hopeless...
Banks are overloaded with business right now thus them not getting back to you. I would suggest that you contact a professional mortgage broker in your area. They will provide you better service and probably get you a better overall deal.
If you can qualify for VA, definitely go that route instead of FHA for 2 big reason. First, fha requires 3.5% down while VA requires no downpayment. secondly, fha loans have a monthly mortgage insurance fee while VA does not require monthly MI so a lower payment. FHA loans and VA loans should be same interest rate.
You know, a Mortgage broker is something we never even considered because we always tied a mortgage broker to helping people get into mortgages they really can't afford. Hence we wanted to deal directly with a bank. But, perhaps we were wrong....Thank you for "enlightening" us, we really are leaning as we go along.
I'm so confused. Considering the low Interest rates for purchasing a home, my hubby and I decided to go ahead and start the process of purchasing our First Home.
My husband is able to obtain a VA loan due to his military service. We contacted Citibank and Bank of America and explained that his FICO score was in the mid 700's and he has a low debt to income ratio, making about 55K annually (without night diff and Overtime). He has about 65K in a retirement account. He is willing to take out 10K to help with the funding fee and/or if we just need it.
Now, to my knowledge, we're supposed to be able to get a home with zero cash down, but when we contacted these banks, one had never heard of the VA loan and the other just hasn;'t gotten back to us at all.
Bank of america called and wants us to use the FHA option instead of the VA loan.
We wanted to find and close on the home before the November 30th deadline for that $8000 tax benefit. Does anyone know what we're doing wrong? I am a full time Nursing student who has no good income to be considered.
Right now, banks are being super-stingy. We couldnt even get a re-fi loan, and with our steady work and great credit history, that is absurd. Good luck, I hope you get your loan.
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