VA Loans

[FarmGirl10]

I know there are at least a few veterans on here and I'm wondering if any of you have taken out a VA loan. If anyone has, how many hoops do you have to jump through and is it worth it. After this deployment, my husband and I should be sitting on enough money to buy a house at the next duty station. We've looked at houses for sale (on the internet) where we will probably be next and it will be a lot cheaper to buy then rent. (Currently our rent is over $1,000 a month and the next place we go to will be higher) PCSing is still over a year away so we have plenty more time to research and save. So if anyone can give us a heads up on these loans it would be greatly appreciated.

 

[TennesseeTuxedo]

At last a question that's right up my ally!!!

FarmGirl, I'm a licensed loan originator in Tennessee and Kentucky (not in Kansas at this time) and I do quite a few VA loans. There are no more hoops associated with a VA loan than with any other and it is by far the best loan going. With you VA eligibility you'll get a Zero down loan with no monthly PMI payment. The fees are very reasonable and right now rates are around 4% for a 30 year fixed term.

Feel free to PM me and I'll try to answer any specific questions you may have that you don't want the world to see.

Good luck and thanks to your family for your service.

TT

 

[FarmGirl10]

At last a question that's right up my ally!!!

FarmGirl, I'm a licensed loan originator in Tennessee and Kentucky (not in Kansas at this time) and I do quite a few VA loans. There are no more hoops associated with a VA loan than with any other and it is by far the best loan going. With you VA eligibility you'll get a Zero down loan with no monthly PMI payment. The fees are very reasonable and right now rates are around 4% for a 30 year fixed term.

Feel free to PM me and I'll try to answer any specific questions you may have that you don't want the world to see.

Good luck and thanks to your family for your service.

TT

Thanks. I'm glad to know that its worth while. When i asked my dad if he thought there would be many hoops he said there would probably be so many to make it not worth while. Check your PM's for the rest.

 

[TennesseeTuxedo]

You've got mail.

 

[kerley]

I've used the VALoan two times and had no problems at all.

 

[FarmGirl10]

I've used the VALoan two times and had no problems at all.

Thanks. There is a two time limit on it, isn't there?

 

[TexasBred]

Just don't go for that 30-40- year amortization. No need to double the amount of interest you'll pay. Have them figure 25 year max. If you can't make payments on a 25 year not you probably can't handle the 30 or 40 either. (Just a fact). OR if your more or less forced to sign a longer term note, go ahead but make payments based on a much shorter amortization,....all extra goes on principal and you pay off much earlier.

 

[FarmGirl10]

Just don't go for that 30-40- year amortization. No need to double the amount of interest you'll pay. Have them figure 25 year max. If you can't make payments on a 25 year not you probably can't handle the 30 or 40 either. (Just a fact). OR if your more or less forced to sign a longer term note, go ahead but make payments based on a much shorter amortization,....all extra goes on principal and you pay off much earlier.

That's really good advice. Our plan is a 30 yr loan, looking at the payments that we would be making we could actually do a 15 year loan comfortably. We would rather have the safety net of a 30 year period, while paying it off like a 15 year loan cuz sh!t happens. We are going to set up an emergency funds account for the property that would have at least 6-12 months of payments just in case of unforeseen money issues. I'm feeling like its a well thought out plan right now, been crunching numbers for about a week. Including everything like debt-to-income ratios and housing-expense-to-income ratios and we would be sitting significantly below the percentages that lenders look at.

 

[TennesseeTuxedo]

What TB said is correct. You can always pay extra each month to shorten the length of time it will take to pay the loan off.

I advise folks to pay the extra with a separate check and to always mark the memo line "Apply to principle only" when they mail it in. In other words don't just add it to your normal monthly amount.