carolinagirl
What's it 2 U
Has anyone ever used the VA loan program to buy a house? The hubby and I are using the program and were wondering how we find a list of VA approved appraisers and inspectors.
VA loans
- Thread starter carolinagirl
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itsbob
I bowl overhand
DON'T use VA there are many better programs out there that can give you the same benefit. I used a VA loan on my house in NH and it took 8 MONTHS to close, used FHA on my house in PA closed in less then a month(with 38.50 due at closing)
VA can require that you have gutters, downspouts carpeting in all rooms etc.. gets ridiculous to the point that they are forgetting that this is the house YOU want not one they are going to be living in.
Best bet, find a mortgage broker, let them do the work on the best loan for you. I'd bet money not one broker would go through VA.
VA can require that you have gutters, downspouts carpeting in all rooms etc.. gets ridiculous to the point that they are forgetting that this is the house YOU want not one they are going to be living in.
Best bet, find a mortgage broker, let them do the work on the best loan for you. I'd bet money not one broker would go through VA.
itsbob
I bowl overhand
Friend of mine bought a house in PA using VA. They made him and the seller put gutters and downspouts on the house (even though it never had them to begin with) and he had to replace the roof because it was over 15 years old, even though it was in great shape.
My house the roof was fine, <15 years old, for them, but leaked like a sieve on the first rain storm, and I had to replace it out of my pocket.
If it's a new build think VA would be OK. Other then that, look into an FHA loan.
My house the roof was fine, <15 years old, for them, but leaked like a sieve on the first rain storm, and I had to replace it out of my pocket.
If it's a new build think VA would be OK. Other then that, look into an FHA loan.
carolinagirl
What's it 2 U
Could you elaborate on this. We pre-qualified, but we actually do the paper work with the lender tomorrow and I would like to ask him about this.
The nice thing about VA loans is that they require no money down and you are not required to get PMI. However, they do have a few rules, like those mentioned abovem, that can slow down the process. They were put there to ensure that those eligable for a VA loan (mainly military) would get a habitable home. But like most social programs they have gone overboard on a few things.
FHA loans only require a 5% down payment, but I believe you then need to get PMI. PMI is a mortgage insurance. If you need to get PMI to qualify, just remember to cancel it once you have over 20% equity in the home.
The one drawback with both VA and FHA loans is that the interest rate for them is slightly higher then conventional loans, ussually 0.5% more. But then, with the rates as low as they are now, it is not really that big a deal.
FHA loans only require a 5% down payment, but I believe you then need to get PMI. PMI is a mortgage insurance. If you need to get PMI to qualify, just remember to cancel it once you have over 20% equity in the home.
The one drawback with both VA and FHA loans is that the interest rate for them is slightly higher then conventional loans, ussually 0.5% more. But then, with the rates as low as they are now, it is not really that big a deal.
