Anyone here that has bought a house with their VA loan?
11-06-2006, 12:41 AM
#1
3.0 BAR
Thread Starter
Join Date: Jan 2003
Posts: 4,401
Anyone here that has bought a house with their VA loan?
I finally received my eligibility letter from the va and Im looking for pointers and tips. this will be my first house. im trying to find out as much as i can about home buying before i start talking to lenders/realtors, so of course i turn to hmt for help 
11-06-2006, 06:23 AM
#4
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Join Date: Apr 2004
Posts: 0
Re: Anyone here that has bought a house with their VA loan?
its all on the va website....
http://www.homeloans.va.gov/
Bacially, since you already have the elidagility(sp) form, go out and find a house, agree on a price and write up a purchase plan with "with the approval from the VA" conditions. THen you go to your bank or where ever your gonna do your financing and tell them you are going through the VA. They will take it all from there. Henry did the same thing I believe and he said his was rather quick.
im in the process of doing the exact same thing right now as I will probably be a homeowner within the next year. Cant wait either.
Quick note, I have been looking alot on www.lendingtree.com Lending tree pretty much is a source for a ---- ton of banks/credit unions to go to to try to earn your business. So when you fill out an application, the app is sent to more than one bank/credit union. anyways, so go there and fill out an application and get pre-approved, they will hook you up wiht several banks that will help you out with the VA.
One other credit union that you might want to look into is USAA. they have always helped me out insurance (car and renters) wise. (from my understanding anyone with anything other than a dishonorable discharge can get into USAA) USAA is a 100% military/DOD insurance/bank etc. etc. and generally very helpful.
hopefully I was a help
-frank
http://www.homeloans.va.gov/
Bacially, since you already have the elidagility(sp) form, go out and find a house, agree on a price and write up a purchase plan with "with the approval from the VA" conditions. THen you go to your bank or where ever your gonna do your financing and tell them you are going through the VA. They will take it all from there. Henry did the same thing I believe and he said his was rather quick.
im in the process of doing the exact same thing right now as I will probably be a homeowner within the next year. Cant wait either.
Quick note, I have been looking alot on www.lendingtree.com Lending tree pretty much is a source for a ---- ton of banks/credit unions to go to to try to earn your business. So when you fill out an application, the app is sent to more than one bank/credit union. anyways, so go there and fill out an application and get pre-approved, they will hook you up wiht several banks that will help you out with the VA.
One other credit union that you might want to look into is USAA. they have always helped me out insurance (car and renters) wise. (from my understanding anyone with anything other than a dishonorable discharge can get into USAA) USAA is a 100% military/DOD insurance/bank etc. etc. and generally very helpful.
hopefully I was a help
-frank
11-06-2006, 10:57 AM
#5
0.0 BAR
Join Date: Feb 2003
Posts: 0
Re: Anyone here that has bought a house with their VA loan?
The only reason to buy a house is to make money on it. Look for one that's been on the market forever (so you can hustle), look for someone in forclosure, or find someone who just got divorced or had someone die in the family. These are the houses you get cheap and may need a little work, but it'll be worth it when you sell hit.
I'm not sure how great of an actual research tool it is, but there's a website zillow.com that you can find the approzimate price of any house you want, find out the sq ft, how many bedrooms/baths, and you can see the "birds eye view" that is closer than any google earth.
I'm not sure how great of an actual research tool it is, but there's a website zillow.com that you can find the approzimate price of any house you want, find out the sq ft, how many bedrooms/baths, and you can see the "birds eye view" that is closer than any google earth.
11-06-2006, 11:46 AM
#6
1.5 BAR
Join Date: Jul 2003
Posts: 828
Re: Anyone here that has bought a house with their VA loan?
Take your time and understand EVERYTHING you sign....getting a good deal makes sure that not only you make money, but in case "something" happens you can turn the property quickly.
Specific tip: Watch out if the realitor has a "buddy" do an appraisal, their has been a rash of inflated appraisals latley
Specific tip: Watch out if the realitor has a "buddy" do an appraisal, their has been a rash of inflated appraisals latley
11-06-2006, 11:49 AM
#7
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Join Date: Feb 2004
Posts: 7,785
Re: Anyone here that has bought a house with their VA loan?
I got my house with a VA loan. Don't really remember too much about it but there were things that were different about then a normal loan. It almost 4 years ago so I don't really remember too much about it. Didn't have to put any money down and a nice interest rate ever when my credit wasn't that great at the time. I never knew you did time rene?
11-06-2006, 12:15 PM
#8
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Join Date: Mar 2003
Posts: 0
Re: Anyone here that has bought a house with their VA loan?
VA loans are a pain in the ***, ---- load of paperwork but i guess it's worth it if you can't qualify for any other type of loan. everytime i go to sell somebody a house and they say there using a VA loan it's usually a good sign that it is goign to be a very dificult transaction and the house pretty much has to be in great condition.
it's alot of paperwork but good rates. see if you can qualify for a first time home buyer loan in your area. i know here they have all kinds of programs for first time buyers. 100% loan and rates as low as 5.375% and your credit doesn't even have to be that great. i got a guy qualified about a week after he filed for bancrupcy.
it's alot of paperwork but good rates. see if you can qualify for a first time home buyer loan in your area. i know here they have all kinds of programs for first time buyers. 100% loan and rates as low as 5.375% and your credit doesn't even have to be that great. i got a guy qualified about a week after he filed for bancrupcy.
11-06-2006, 09:46 PM
#9
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Thread Starter
Join Date: Jan 2003
Posts: 4,401
Re: Anyone here that has bought a house with their VA loan?
thanks fellas. i know i have a lot of research and learning to do. i hope to have my ---- together and be in a house by mid next year. should be plenty of time.
Ive also been told to do this instead of using my va loan. someone suggested i use a first time buyer program for the first house and after when im ready for something better, to use it then. i really have to weigh my options right now.
Originally Posted by jeffsciv23
VA loans are a pain in the ***, ---- load of paperwork but i guess it's worth it if you can't qualify for any other type of loan. everytime i go to sell somebody a house and they say there using a VA loan it's usually a good sign that it is goign to be a very dificult transaction and the house pretty much has to be in great condition.
it's alot of paperwork but good rates. see if you can qualify for a first time home buyer loan in your area. i know here they have all kinds of programs for first time buyers. 100% loan and rates as low as 5.375% and your credit doesn't even have to be that great. i got a guy qualified about a week after he filed for bancrupcy.
it's alot of paperwork but good rates. see if you can qualify for a first time home buyer loan in your area. i know here they have all kinds of programs for first time buyers. 100% loan and rates as low as 5.375% and your credit doesn't even have to be that great. i got a guy qualified about a week after he filed for bancrupcy.
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