What do I need to know about VA Loans?

Please share your experiences! Was it painless or a pain in the butt? Do you have to have perfect credit? What types of fees did you pay at closing if any? How long did it take you to close after finding the house?

Thanks!

The Va is like any other loan. The VA is not your lender. The VA just backs up the loan in case you default. They will finance you 100% except you have to pay a funding fee. It is usually 3% of the loan value. In other words, they are actually funding 97% and the 3% is rolled into the loan. Most mortgage companies can handle your VA loan. The VA just sets different guidelines. It is no different than obtaining a regular loan. The VA usually has great rates but they are fairly competitive with most lenders. You do not have to have perfect credit. They look more at your debt-income ratio. They loan up to $450,000 dollars anything over that has to be approved by a lender. You might want to try USAA. They streamline the loan process and are very helpful. You have to be a veteran or active duty military. A spouse can obtain a loan only if the other spouse passed away. If you need answers that are not here than look on the VA website. It will tell you everything you need to know.

Good luck