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| *Loan,banking and credit>>>va loan |
Anyone here used their VA loan before?? |
Okay so im an OIF vet. i meet the requirements for a VA loan. so now anyone out there who as used their VA loan before?? what steps do i need to take?? how does this work?? any information from expirence would be much appreciated. thankyou Generally any lender who offers FHA loans can do VA loans as well. Lenders like Countrywide and Wells Fargo can do VA loans. Here is the link to a very reputable gentleman who owns a company in Texas that specializes in VA loans: http://www.va-home-loansonline.com... See the sources below for more information on VA loans. Source(s): http://www.gofirstsecurity.com/florida/v... No....... http://www.freewebs.com/get-any-loan/... Yes, I have used mine. What you need to do is visit the nearest Veteran's Administration and request a Certificate of Eligibility. You will need your DD-214, or military ID and orders. They will have you fill out form VA Form 26-1880. The form is sent for processing, and it should not take more than three weeks for you to get your certificate. Once you find the home you want, present your certificate to which ever mortgage lender you choose. They may also require additional proof of military service, like the DD-214 or military ID. This is where the benefit can be both blessing and pain in the rear. Because you are applying under a VA status, there are truckloads more paperwork to complete, and it lengthens the time of the application process something fierce. On the bright side though, the property will be appraised and inspected by the VA as well. They will require any defeciencies to be corrected by the seller before you can purchase it. Best of all though are the mechanics of the mortgage. With a VA loan, you can put $0 down without affecting the loan. You will not have to pay PMI, like most other homebuyers do. The VA will limit the amount of fees and points that the mortgage broker can charge you at closing. It is possible that you will get cash back at closing because they are so low. They also have a fraud division should you feel that the lender is trying to pull a fast one. They can come down hard on the lender, and will do so. Many brokers do not like to do VA loans for two reasons, 1) there is more paperwork, and 2) they make very little money from the loans. My broker tried 4 different times to get me away from the VA loan so they could make money off of me. Dont ever do it. I have included a very pertinent link in the sources. Good luck, and thank you for your service and sacrifices! http://www.homeloans.va.gov/veteran.htm... When I bought my home from the builder through their loan agents, I just had to tell them I wanted to do it through the VA and they basically took care of all the paperwork. The only thing I had to worry about is the fact that the VA loan limit is pretty low if you want a house California. |
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