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Getting more info from my vet real estate guy. There is this thing called the VA funding fee you probably encountered. 2.14%. BUT that is waved if you have just 10% disability. And I just noticed you do. It would be 10% with just diabetes/no pills. 20% diabetes with pill. 40% diabetes with insulin. This is if Agent Orange was around. You could be getting additional benefits monthly from VA as well.
Now about your mortgage...with the low interest rate at about 4% interest, calculate $5 per thousand for your PI. So on $100K it would be $500 . Add taxes and insurance and condo fee.
Hope things work out well for you.
Again, thanks for your service.
Last edited by petsandgardens; 08-20-2019 at 03:15 PM..
Getting more info from my vet real estate guy. There is this thing called the VA funding fee you probably encountered. 2.14%. BUT that is waved if you have just 10% disability. And I just noticed you do. It would be 10% with just diabetes/no pills. 20% diabetes with pill. 40% diabetes with insulin. This is if Agent Orange was around. You could be getting additional benefits monthly from VA as well.
Now about your mortgage...with the low interest rate at about 4% interest, calculate $5 per thousand for your PI. So on $100K it would be $500 . Add taxes and insurance and condo fee.
Hope things work out well for you.
Again, thanks for your service.
No I'm not eligible for VA Disability. I wasn't exposed to Agent Orange.
The funding fee is built into the loan I read. I spoke with the Mortgage Company yesterday. I felt more comfortable with them after our talk. Im being assigned a new RE Agent. The Loan Officer is going to speak with the Agent about particulars. Max payment I'm allowed, the HOA Fees. If the Condo is VA approved. Basically only showing me properties that I actually can buy. Making sure the Agent is completely informed on how to handle a purchase.
So I'm going to give this Mortgage Company a 2nd try. See how the new agent will be. The Agents thoughts on what I will find to buy. If there seems to be progress. Then I plan on making a trip to Arizona, in early Sept to look at Condos.
Getting more info from my vet real estate guy. There is this thing called the VA funding fee you probably encountered. 2.14%. BUT that is waved if you have just 10% disability. And I just noticed you do. It would be 10% with just diabetes/no pills. 20% diabetes with pill. 40% diabetes with insulin. This is if Agent Orange was around. You could be getting additional benefits monthly from VA as well.
Now about your mortgage...with the low interest rate at about 4% interest, calculate $5 per thousand for your PI. So on $100K it would be $500 . Add taxes and insurance and condo fee.
Hope things work out well for you.
Again, thanks for your service.
Unless something has changed, the disability must be a service related injury/disability, and, you must be receiving compensation from the disability from the VA. I have never had a a diabetic disability on a VA loan in the 25 years I originated VA loans.
OP, Please sit down with a loan officer or at the minimum, find one you are comfortable with and review your qualifications. There's so much more involved when qualifying you. You never mentioned what ratio they were holding you to, but here is also a residual calculation. And, should you have 125% of the required residual, you can exceed ratios.
But this is all something to be discussing with your loan officer. There are so many excellent loan officers out there. Keep dialing. Look for someone that takes the time to explain things. But you are going to have to do the homework of calling and finding the right match. And someone should be able to help without pulling your credit. After you have decided on someone, let them pull it. You will get there, keep digging.
Unless something has changed, the disability must be a service related injury/disability, and, you must be receiving compensation from the disability from the VA. I have never had a a diabetic disability on a VA loan in the 25 years I originated VA loans.
OP, Please sit down with a loan officer or at the minimum, find one you are comfortable with and review your qualifications. There's so much more involved when qualifying you. You never mentioned what ratio they were holding you to, but here is also a residual calculation. And, should you have 125% of the required residual, you can exceed ratios.
But this is all something to be discussing with your loan officer. There are so many excellent loan officers out there. Keep dialing. Look for someone that takes the time to explain things. But you are going to have to do the homework of calling and finding the right match. And someone should be able to help without pulling your credit. After you have decided on someone, let them pull it. You will get there, keep digging.
We did talk bout the disability re the funding fee. I said "If Agent Orange was around" which would mean in country or Blue Water vet. And iimrob1 said no, he wasn't exposed.
We were talking about the origination fee re the disability. 10-20-40% every little bit helps. As does, of course, the increased financial benefits in that monthly check and savings in Rx and doc services.
No, 25 years ago you wouldn't have seen this. Nor 15. Nor 5 in some cases. Sadly it's recent. Poor vets. It's a battle at home getting certain things related to Vietnam declared disabilities. Hearing loss lately. And diabetes.
As an aside explanation, I know people with various conditions. I live with one who keeps abreast. Who is with a group that keeps even more active in the goings on and updates at VA. It's been a long hard haul and constant buoying vets who can get disappointed by their own VA. The VA is not the horror it once was...especially just recently in our experience. I have spoken with people in other areas who have not had that enlightenment in their experience while others have. Certainly, I know there had been much less appreciation from the VA of their own veterans. There is much more appreciation and reaching out to vets even recently. As opposed to the vet having to try and try to get help from VA.
There are benefits some vets sadly don't know about because they aren't offered up on a platter of information. Still some vets are not familiar with being a Blue Water vet, on a vessel but 12 miles or less from Vietnam. Some of these vets cry when they hear they are eligible for more benefits because no one ever told them. (Yes, they like others have to meet certain requirements). Some vets say no I was in Thailand or Korea or worked on aircraft so I can't get those benefits. Within certain dates they can now and increase that monthly check and maybe get a loan and live a better life.
When I was on the market, I had two preapproval numbers: one for a single family home, and another for a condo. I was told that the condo preapproval amount was lower than the single family home precisely because they were factoring in HOA fees, which in my area added significantly to one's overall monthly expenses. And it makes sense when you think about it.
Before you make any offers get a rough idea of what the range of condo fees are in the area you are looking, and roughly what taxes and insurance are on them. Estimate on the high side. Provide this info to the lender along with your debts, credit card credit limits, any loans, any child support or alimony obligations, and any other debt. Provide proof of income in the form of last 2 yrs tax returns, including all documents that verify income.Get preapproved using that info.
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