U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-17-2008, 06:47 AM
 
305 posts, read 1,695,512 times
Reputation: 164

Advertisements

From what I understand, VA is the only way to get 100% financing because they guarantee the mortgage loan up to $417k (I might be off on that number).

Husband's credit score is 833, mine is 783. With no down, do we have a shot at buying a home next year? We're looking not to spend more than $150k as we are now retired.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 10-17-2008, 07:11 AM
 
443 posts, read 2,033,355 times
Reputation: 202
Quote:
Originally Posted by teebopop View Post
From what I understand, VA is the only way to get 100% financing because they guarantee the mortgage loan up to $417k (I might be off on that number).

Husband's credit score is 833, mine is 783. With no down, do we have a shot at buying a home next year? We're looking not to spend more than $150k as we are now retired.

teebop,

We are miltiary and I can't give you specifics on the VA loan because we never used ours. The VA loan is not always the best deal, they charge extra fees to use. With high credit scores like you guys have you should be able to find much better deal...do you have Navy Federal or USAA at all?

Good luck on your loan, but just make sure you read all the fine print..I always thought the VA loan was this wonderful deal but in fact it's really not.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-17-2008, 08:12 AM
 
305 posts, read 1,695,512 times
Reputation: 164
sfw1979

Thanks for the response.

The only reason we are finally using husband's VA benefits is because we know we don't have to have a down payment. Even FHA is only processing loans at 97%.

While a 3% down payment may not sound like a lot, but after putting three kids through college and with our relocating from one state to another, we just don't have a down payment. We have enough for all the fees (appraisal, lawyer, etc.) but not for a down.

But thanks anyways!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-17-2008, 10:29 AM
 
5,141 posts, read 13,145,888 times
Reputation: 4129
Quote:
Originally Posted by sfw1979 View Post
teebop,

We are miltiary and I can't give you specifics on the VA loan because we never used ours. The VA loan is not always the best deal, they charge extra fees to use. With high credit scores like you guys have you should be able to find much better deal...do you have Navy Federal or USAA at all?

Good luck on your loan, but just make sure you read all the fine print..I always thought the VA loan was this wonderful deal but in fact it's really not.
Acutally in fact it is a great loan product for those who seek/need $0 down.

To the OP...your credit scores would be the highest I have seen on a VA application. Those are excellent scores and you will have no problems qualifying assuming you have sufficeint income to support the loan.

Find a good VA lender. Good luck.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-17-2008, 12:04 PM
 
7 posts, read 59,565 times
Reputation: 15
If the veteran has a service-connected disability, the funding fee would be waived. We had good credit scores and used the VA loan because we didn't want to put money down. I was happy with the whole experience. Now if we'd had to pay a funding fee, I doubt we would have used VA.

I was very happy with our lender, but spoke with a few lenders who added ridiculous fees, so you should shop around for a VA lender. I posted all the details of our transaction on another thread, if you are interested in seeing the breakdown of fees as an example.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-17-2008, 03:49 PM
 
305 posts, read 1,695,512 times
Reputation: 164
Tim the Guy...

We have $5011 net income per month. That's Soc. Sec., Pensions, and VA disability. By December 2008, our debt to income ratio will be 3%. We've worked very hard to get to this point too!

Thanks.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-17-2008, 03:50 PM
 
305 posts, read 1,695,512 times
Reputation: 164
Osu Girl:

Which thread? Thanks.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-17-2008, 05:09 PM
 
Location: Plano, Texas
1,675 posts, read 6,764,670 times
Reputation: 696
The only drawback to VA loans is the upfront fee which is 2% of the loan. If you are disabled, you may qualify for a lesser fee or even no fee.

VA loans are great, and the rates are similar and sometimes better then conventional financing. With your credit and low debt ratio, you should have no problem qualifying.

Thank you for your service to this country protecting my freedoms.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-17-2008, 07:12 PM
 
305 posts, read 1,695,512 times
Reputation: 164
VictorBurek ... thank you for the kind words. My husband is rated as 100% service-connected disabled Vet ... which I know qualifies him to waive the fees.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-18-2008, 06:47 AM
 
Location: Plano, Texas
1,675 posts, read 6,764,670 times
Reputation: 696
teebopop, your welcome.
Rate this post positively Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads

All times are GMT -6. The time now is 10:22 PM.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top