VA Home Loan questions

[ez bake]

I'm looking at buying a new house and have considered the possibility of using my VA Home Loan. I've not used it before (but I understand it has changed a lot in the last 10-15 years so you can actually use it more than once now or something?).

I'm really only considering it for two reasons:

1. no PMI
2. no Down Payment

I'm specifically looking for these two benefits so that I can move into a house with a specific payment in mind for my budget and so that I can take the money I have saved up for a down payment and pay off my credit card debt. Other than these two advantages, I'm not sure it's worth it - it appears that I can actually get a better interest rate (only by a few points) by going through conventional or FHA channels. I have great credit - but at the same time, it's been the sort of expense-minimizing that has helped me maintain my current lifestyle with my family having a lot of freedom and still maintain a good credit rating (so basically, I don't want to be house-poor).

We're just getting to the point that we want to move closer to Tulsa, and into a newer house, so I'm mulling over all my options.

Anyone used their VA Home loan and taken advantage of either of the above two benefits?

 

[turkeyrun]

My dau and son-in-law tried to apply for VA loan last weekend. They were told absolutely no government backed loans of any kind (VA or FHA) were being approved.

 

[gunnut]

Bought my home using a VA loan. Great experience. I put nothing down, don't have PMI, and if you have a service connected disability, there is no funding fee. I also refinanced my VA loan through a streamline refi, and the processes was incredibly easy and dropped my interest rate by over 1% and lowered my monthly payment by a couple hundred dollars. Also I believe that by going VA, the seller is required to pay certain closing costs which was even more in my favor. Your lender should be able to run the numbers for a VA loan vs. FHA or conventional. Whichever comes out less out of your pocket with everything considered should be your winner. For me, VA was the way to go.

 

[twoguns?]

Good for the buyer .....Sucks for the seller
Good luck

 

[jchip123]

What gunnut and twoguns said, I had one years ago saved on PMI and 1% lower interest rate. VA has a lot of rules to protect the buyer so sellers don't like it and will tell you how bad it is. When we were buying our first house the loan officer asked me if I was a Vet and I said I don't want a VA loan, he said "you don't like saving money".

 

[Hump66]

Don't forget that Oklahoma DPA grant program on top of the VA loan!!

**ETA** Just found out it might not be eligle for both.

 

[vooduchikn]

My dau and son-in-law tried to apply for VA loan last weekend. They were told absolutely no government backed loans of any kind (VA or FHA) were being approved.

I'm in the middle of a VA deal (as a buyer) and haven't had any issues. I also just re-checked with my loan officer and they are processing/approving VA loans. Not sure what the deal is with your Daughter/Son-in-law.

To the OP, I have found the process pretty simple thus far. PM me if you have any questions, the rate is pretty good right now.

 

[The German]

I have used a VA loan twice, in 2005 and in 2008. The only thing that changes is that fee that is charged goes up each time, unless you are disabled at a certain percent then it is waived.

 

[ExtremistPullup]

David member dfeisal does morgage loans at Spiritbank you should give him a call. I work at spiritbank also.

775-1136

 

[Hig]

I'm currently in the process and look to be locking this deal up here soon. My LO hooked me up with an outstanding realtor in Norman and the whole process has been wonderful.

Best part: like you mentioned no DP. Using that money to pay down debt is a great idea.

Simple process that takes my mind of off the money side and lets me concentrate on finding the right house.