1st time buyer, Good credit. Small $$. Veteran qualified.

[sd_matt]

Time for this fly to get off the wall and participate… although I am asking for input.

I have a 760 plus FICO, 15k in savings and qualify for VA and FHA.

Now the question. I can qualify for one of those First Time Buyers programs and get the down payment taken care of…or should I: Go that route and then see if the VA will work with me based on my now debt-laden income/debt ratio or should I go the military way first?

The delima for me is whether or not I can get the best of both worlds. I would like to use the 1st time buyer. Of course there are acceleration clauses that prevent or make equity purchaces more difficult ( thinking of the future).

Going the military route there is a low down but how many times can I use it? It is also an income-qualified loan.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[sd_matt]

I agree with you guys about timing. I’ll be waiting at least six months before I buy. I’ve read some people saying that 2000-01 prices are possible. It certainly looks like it but we’ll see. I started this thread to hear from some people with experience.

The loan broker at Wells told me that I can add a conventional loan to cover what the VA may not cover (here I’m thinking of the 2nd property down the road). I.e. If I want to buy a 2nd property at 300k and the VA will only cover 100k then I can get a conventional for 200k or vice versa. Am I understanding that right?

I’m assuming the loan restrictions would at this point be more restrictive than that.

[sd_matt]

I agree with you guys about timing. I’ll be waiting at least six months before I buy. I’ve read some people saying that 2000-01 prices are possible. It certainly looks like it but we’ll see. I started this thread to hear from some people with experience.

The loan broker at Wells told me that I can add a conventional loan to cover what the VA may not cover (here I’m thinking of the 2nd property down the road). I.e. If I want to buy a 2nd property at 300k and the VA will only cover 100k then I can get a conventional for 200k or vice versa. Am I understanding that right?

I’m assuming the loan restrictions would at this point be more restrictive than that.

[sd_matt]

I agree with you guys about timing. I’ll be waiting at least six months before I buy. I’ve read some people saying that 2000-01 prices are possible. It certainly looks like it but we’ll see. I started this thread to hear from some people with experience.

The loan broker at Wells told me that I can add a conventional loan to cover what the VA may not cover (here I’m thinking of the 2nd property down the road). I.e. If I want to buy a 2nd property at 300k and the VA will only cover 100k then I can get a conventional for 200k or vice versa. Am I understanding that right?

I’m assuming the loan restrictions would at this point be more restrictive than that.

[sd_matt]

I agree with you guys about timing. I’ll be waiting at least six months before I buy. I’ve read some people saying that 2000-01 prices are possible. It certainly looks like it but we’ll see. I started this thread to hear from some people with experience.

The loan broker at Wells told me that I can add a conventional loan to cover what the VA may not cover (here I’m thinking of the 2nd property down the road). I.e. If I want to buy a 2nd property at 300k and the VA will only cover 100k then I can get a conventional for 200k or vice versa. Am I understanding that right?

I’m assuming the loan restrictions would at this point be more restrictive than that.

[sd_matt]

I agree with you guys about timing. I’ll be waiting at least six months before I buy. I’ve read some people saying that 2000-01 prices are possible. It certainly looks like it but we’ll see. I started this thread to hear from some people with experience.

The loan broker at Wells told me that I can add a conventional loan to cover what the VA may not cover (here I’m thinking of the 2nd property down the road). I.e. If I want to buy a 2nd property at 300k and the VA will only cover 100k then I can get a conventional for 200k or vice versa. Am I understanding that right?

I’m assuming the loan restrictions would at this point be more restrictive than that.

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[Anonymous]

sd_matt you can currently use the VA over and over again as long as you pay off the loan before getting another. There’s also another formula they use if you don’t use your maximum eligibility, but generally it’s better to assume you won’t be eligible for another VA loan on any house worth buying unless you pay off any prior loans guaranteed by them.

VA does charge the veteran a loan funding fee that varies depending on how many times you’ve used the loan and how much of a downpayment you’re putting down. It can be rolled into the loan amount if I remember correctly. That fee is waived if you have a VA disability rating of 10% or more.

The loans do have income qualification and debt load guidelines. The last I checked, they were 41% debt to income ratios and had been that for years. They will look on a case by case basis if that doesn’t fit your criteria, but I would caution against exceeding that. I would try to keep your debt ratios lower than the maximum they allow if possible.

Navy Federal Credit Union has 0 down veteran mortgages also where you aren’t required to use your VA loan eligibility. Some of the other military credit unions may also have them, so it’s a good idea to check whether you can become a member if you aren’t already.

CALVET loans are worth checking as someone else mentioned. They generally don’t allow you to rent out the house without prior approval. I’ve heard it’s not very easy to get the approval from them, but I don’t know how true that is.

[Anonymous]

sd_matt you can currently use the VA over and over again as long as you pay off the loan before getting another. There’s also another formula they use if you don’t use your maximum eligibility, but generally it’s better to assume you won’t be eligible for another VA loan on any house worth buying unless you pay off any prior loans guaranteed by them.

VA does charge the veteran a loan funding fee that varies depending on how many times you’ve used the loan and how much of a downpayment you’re putting down. It can be rolled into the loan amount if I remember correctly. That fee is waived if you have a VA disability rating of 10% or more.

The loans do have income qualification and debt load guidelines. The last I checked, they were 41% debt to income ratios and had been that for years. They will look on a case by case basis if that doesn’t fit your criteria, but I would caution against exceeding that. I would try to keep your debt ratios lower than the maximum they allow if possible.

Navy Federal Credit Union has 0 down veteran mortgages also where you aren’t required to use your VA loan eligibility. Some of the other military credit unions may also have them, so it’s a good idea to check whether you can become a member if you aren’t already.

CALVET loans are worth checking as someone else mentioned. They generally don’t allow you to rent out the house without prior approval. I’ve heard it’s not very easy to get the approval from them, but I don’t know how true that is.

[Anonymous]

sd_matt you can currently use the VA over and over again as long as you pay off the loan before getting another. There’s also another formula they use if you don’t use your maximum eligibility, but generally it’s better to assume you won’t be eligible for another VA loan on any house worth buying unless you pay off any prior loans guaranteed by them.

VA does charge the veteran a loan funding fee that varies depending on how many times you’ve used the loan and how much of a downpayment you’re putting down. It can be rolled into the loan amount if I remember correctly. That fee is waived if you have a VA disability rating of 10% or more.

The loans do have income qualification and debt load guidelines. The last I checked, they were 41% debt to income ratios and had been that for years. They will look on a case by case basis if that doesn’t fit your criteria, but I would caution against exceeding that. I would try to keep your debt ratios lower than the maximum they allow if possible.

Navy Federal Credit Union has 0 down veteran mortgages also where you aren’t required to use your VA loan eligibility. Some of the other military credit unions may also have them, so it’s a good idea to check whether you can become a member if you aren’t already.

CALVET loans are worth checking as someone else mentioned. They generally don’t allow you to rent out the house without prior approval. I’ve heard it’s not very easy to get the approval from them, but I don’t know how true that is.

[Anonymous]

sd_matt you can currently use the VA over and over again as long as you pay off the loan before getting another. There’s also another formula they use if you don’t use your maximum eligibility, but generally it’s better to assume you won’t be eligible for another VA loan on any house worth buying unless you pay off any prior loans guaranteed by them.

VA does charge the veteran a loan funding fee that varies depending on how many times you’ve used the loan and how much of a downpayment you’re putting down. It can be rolled into the loan amount if I remember correctly. That fee is waived if you have a VA disability rating of 10% or more.

The loans do have income qualification and debt load guidelines. The last I checked, they were 41% debt to income ratios and had been that for years. They will look on a case by case basis if that doesn’t fit your criteria, but I would caution against exceeding that. I would try to keep your debt ratios lower than the maximum they allow if possible.

Navy Federal Credit Union has 0 down veteran mortgages also where you aren’t required to use your VA loan eligibility. Some of the other military credit unions may also have them, so it’s a good idea to check whether you can become a member if you aren’t already.

CALVET loans are worth checking as someone else mentioned. They generally don’t allow you to rent out the house without prior approval. I’ve heard it’s not very easy to get the approval from them, but I don’t know how true that is.

[Anonymous]

sd_matt you can currently use the VA over and over again as long as you pay off the loan before getting another. There’s also another formula they use if you don’t use your maximum eligibility, but generally it’s better to assume you won’t be eligible for another VA loan on any house worth buying unless you pay off any prior loans guaranteed by them.

VA does charge the veteran a loan funding fee that varies depending on how many times you’ve used the loan and how much of a downpayment you’re putting down. It can be rolled into the loan amount if I remember correctly. That fee is waived if you have a VA disability rating of 10% or more.

The loans do have income qualification and debt load guidelines. The last I checked, they were 41% debt to income ratios and had been that for years. They will look on a case by case basis if that doesn’t fit your criteria, but I would caution against exceeding that. I would try to keep your debt ratios lower than the maximum they allow if possible.

Navy Federal Credit Union has 0 down veteran mortgages also where you aren’t required to use your VA loan eligibility. Some of the other military credit unions may also have them, so it’s a good idea to check whether you can become a member if you aren’t already.

CALVET loans are worth checking as someone else mentioned. They generally don’t allow you to rent out the house without prior approval. I’ve heard it’s not very easy to get the approval from them, but I don’t know how true that is.

[Raybyrnes]

sd_matt

VA loans might be an OK Deal on a Condo in San Diego but you might want to check out some other programs. I say this for a couple of reasons
1- loans limit of 240K might be restrictive in terms of you being able to buy a Single Family house
2- Upfront Fee on the loan is 2.15%
3- Interest rate 6%+
If you are buying in California, have enough for a small down payment, are a first time homeowner, and meet the income requirement for the CHAFA loan (www.calhaf.ca.gov) you might be better off with this as your primary loan program.

Loan limits
VA loans definitely aren’t for everyone. While the maximum guaranteed — $240,000 — will buy a lot of house in most parts of the country, potential buyers in high-priced markets such as California or Manhattan may have to go another route for their financing.

Funding Fees
Note: The funding fee for regular military first time use from 1/1/04 to 9/30/04 is 2.2 percent. This figure drops to 2.15 percent on 10/1/04.

Type of Veteran Down Payment First Time Use Subsequent Use for loans from 1/1/04 to 9/30/2011
Regular Military None
5% or more (up to 10%)
10% or more 2.15%
1.50%
1.25% 3.3% *
1.50%
1.25%

% Rate
30Yr Veterans Choice 6.125% 0.625 6.401% 6
30Yr VA 6.000% 1.375 6.398%

[Anonymous]

Ray, I think you may have been looking at the old VA loan limits. You can get a VA loan for $417K with $0 down now.

[Raybyrnes]

megabear

You may be right. I don’t work with mortgages and just did some basic research.

I would still say that I would prioritize my loan programs. I would use the ChAFA Loan as a first time homeowner rather than using the Va Program I would combine this with the Downpayment asistance program.

I would want to keep that VA loan in my back pocket for a future purchase especially if the interest rate enviornment were to change. The CalVet program looked fairly attractive aswell by I didn’t ahve time to study all the detail. Looks like it would provide a higher loan amount than the VA.

[sd_matt]

Right on! What you folks are saying is starting to echo what the lady at Wells told me, more or less.

I’ll look into the military Credit Unions also. Beating the pavement is inevitable but this helps me narrow things down and screen out the BS loan agents.

Yeah I’ve read about ChaFa. There is another one for downtown through Centre City Development Corporation. It goes up to $75k down or 25%, whichever is less. Of course downtown has some more crashing to do before I would want to use even this loan. Then there’s the MCC. I believe there is another silent second program for the rest of SD county. Not sure. Maybe its ChaFa I’m thinking about.

[Raybyrnes]

You shouldn’t have to beat the pavement too long. These programs already have set rates and fees that a lender can charge so all lenders are going to be the same in terms of dollar amount and interst rate. What you may want to focus on is seeing if the lenders offer any sort of incentives or discounts from the Program rates. This applied to the student loan industry, I am not certain if it might also apply to the VA Programs or Chafa programs.

Big thing here is really figuring out which Program is going to be your best bet. VA, CHAFA, or CALVET. Once you ahve this figured out finding a lender is going to be easy.

[Raybyrnes]

You shouldn’t have to beat the pavement too long. These programs already have set rates and fees that a lender can charge so all lenders are going to be the same in terms of dollar amount and interst rate. What you may want to focus on is seeing if the lenders offer any sort of incentives or discounts from the Program rates. This applied to the student loan industry, I am not certain if it might also apply to the VA Programs or Chafa programs.

Big thing here is really figuring out which Program is going to be your best bet. VA, CHAFA, or CALVET. Once you ahve this figured out finding a lender is going to be easy.

[Raybyrnes]

You shouldn’t have to beat the pavement too long. These programs already have set rates and fees that a lender can charge so all lenders are going to be the same in terms of dollar amount and interst rate. What you may want to focus on is seeing if the lenders offer any sort of incentives or discounts from the Program rates. This applied to the student loan industry, I am not certain if it might also apply to the VA Programs or Chafa programs.

Big thing here is really figuring out which Program is going to be your best bet. VA, CHAFA, or CALVET. Once you ahve this figured out finding a lender is going to be easy.

[Raybyrnes]

You shouldn’t have to beat the pavement too long. These programs already have set rates and fees that a lender can charge so all lenders are going to be the same in terms of dollar amount and interst rate. What you may want to focus on is seeing if the lenders offer any sort of incentives or discounts from the Program rates. This applied to the student loan industry, I am not certain if it might also apply to the VA Programs or Chafa programs.

Big thing here is really figuring out which Program is going to be your best bet. VA, CHAFA, or CALVET. Once you ahve this figured out finding a lender is going to be easy.

[Raybyrnes]

You shouldn’t have to beat the pavement too long. These programs already have set rates and fees that a lender can charge so all lenders are going to be the same in terms of dollar amount and interst rate. What you may want to focus on is seeing if the lenders offer any sort of incentives or discounts from the Program rates. This applied to the student loan industry, I am not certain if it might also apply to the VA Programs or Chafa programs.

Big thing here is really figuring out which Program is going to be your best bet. VA, CHAFA, or CALVET. Once you ahve this figured out finding a lender is going to be easy.

[sd_matt]

Right on! What you folks are saying is starting to echo what the lady at Wells told me, more or less.

I’ll look into the military Credit Unions also. Beating the pavement is inevitable but this helps me narrow things down and screen out the BS loan agents.

Yeah I’ve read about ChaFa. There is another one for downtown through Centre City Development Corporation. It goes up to $75k down or 25%, whichever is less. Of course downtown has some more crashing to do before I would want to use even this loan. Then there’s the MCC. I believe there is another silent second program for the rest of SD county. Not sure. Maybe its ChaFa I’m thinking about.

[sd_matt]

Right on! What you folks are saying is starting to echo what the lady at Wells told me, more or less.

I’ll look into the military Credit Unions also. Beating the pavement is inevitable but this helps me narrow things down and screen out the BS loan agents.

Yeah I’ve read about ChaFa. There is another one for downtown through Centre City Development Corporation. It goes up to $75k down or 25%, whichever is less. Of course downtown has some more crashing to do before I would want to use even this loan. Then there’s the MCC. I believe there is another silent second program for the rest of SD county. Not sure. Maybe its ChaFa I’m thinking about.

[sd_matt]

Right on! What you folks are saying is starting to echo what the lady at Wells told me, more or less.

I’ll look into the military Credit Unions also. Beating the pavement is inevitable but this helps me narrow things down and screen out the BS loan agents.

Yeah I’ve read about ChaFa. There is another one for downtown through Centre City Development Corporation. It goes up to $75k down or 25%, whichever is less. Of course downtown has some more crashing to do before I would want to use even this loan. Then there’s the MCC. I believe there is another silent second program for the rest of SD county. Not sure. Maybe its ChaFa I’m thinking about.

[sd_matt]

Right on! What you folks are saying is starting to echo what the lady at Wells told me, more or less.

I’ll look into the military Credit Unions also. Beating the pavement is inevitable but this helps me narrow things down and screen out the BS loan agents.

Yeah I’ve read about ChaFa. There is another one for downtown through Centre City Development Corporation. It goes up to $75k down or 25%, whichever is less. Of course downtown has some more crashing to do before I would want to use even this loan. Then there’s the MCC. I believe there is another silent second program for the rest of SD county. Not sure. Maybe its ChaFa I’m thinking about.

[Raybyrnes]

megabear

You may be right. I don’t work with mortgages and just did some basic research.

I would still say that I would prioritize my loan programs. I would use the ChAFA Loan as a first time homeowner rather than using the Va Program I would combine this with the Downpayment asistance program.

I would want to keep that VA loan in my back pocket for a future purchase especially if the interest rate enviornment were to change. The CalVet program looked fairly attractive aswell by I didn’t ahve time to study all the detail. Looks like it would provide a higher loan amount than the VA.

[Raybyrnes]

megabear

You may be right. I don’t work with mortgages and just did some basic research.

I would still say that I would prioritize my loan programs. I would use the ChAFA Loan as a first time homeowner rather than using the Va Program I would combine this with the Downpayment asistance program.

I would want to keep that VA loan in my back pocket for a future purchase especially if the interest rate enviornment were to change. The CalVet program looked fairly attractive aswell by I didn’t ahve time to study all the detail. Looks like it would provide a higher loan amount than the VA.

[Raybyrnes]

megabear

You may be right. I don’t work with mortgages and just did some basic research.

I would still say that I would prioritize my loan programs. I would use the ChAFA Loan as a first time homeowner rather than using the Va Program I would combine this with the Downpayment asistance program.

I would want to keep that VA loan in my back pocket for a future purchase especially if the interest rate enviornment were to change. The CalVet program looked fairly attractive aswell by I didn’t ahve time to study all the detail. Looks like it would provide a higher loan amount than the VA.

[Raybyrnes]

megabear

You may be right. I don’t work with mortgages and just did some basic research.

I would still say that I would prioritize my loan programs. I would use the ChAFA Loan as a first time homeowner rather than using the Va Program I would combine this with the Downpayment asistance program.

I would want to keep that VA loan in my back pocket for a future purchase especially if the interest rate enviornment were to change. The CalVet program looked fairly attractive aswell by I didn’t ahve time to study all the detail. Looks like it would provide a higher loan amount than the VA.

[Anonymous]

Ray, I think you may have been looking at the old VA loan limits. You can get a VA loan for $417K with $0 down now.

[Anonymous]

Ray, I think you may have been looking at the old VA loan limits. You can get a VA loan for $417K with $0 down now.

[Anonymous]

Ray, I think you may have been looking at the old VA loan limits. You can get a VA loan for $417K with $0 down now.

[Anonymous]

Ray, I think you may have been looking at the old VA loan limits. You can get a VA loan for $417K with $0 down now.

[Raybyrnes]

sd_matt

VA loans might be an OK Deal on a Condo in San Diego but you might want to check out some other programs. I say this for a couple of reasons
1- loans limit of 240K might be restrictive in terms of you being able to buy a Single Family house
2- Upfront Fee on the loan is 2.15%
3- Interest rate 6%+
If you are buying in California, have enough for a small down payment, are a first time homeowner, and meet the income requirement for the CHAFA loan (www.calhaf.ca.gov) you might be better off with this as your primary loan program.

Loan limits
VA loans definitely aren’t for everyone. While the maximum guaranteed — $240,000 — will buy a lot of house in most parts of the country, potential buyers in high-priced markets such as California or Manhattan may have to go another route for their financing.

Funding Fees
Note: The funding fee for regular military first time use from 1/1/04 to 9/30/04 is 2.2 percent. This figure drops to 2.15 percent on 10/1/04.

Type of Veteran Down Payment First Time Use Subsequent Use for loans from 1/1/04 to 9/30/2011
Regular Military None
5% or more (up to 10%)
10% or more 2.15%
1.50%
1.25% 3.3% *
1.50%
1.25%

% Rate
30Yr Veterans Choice 6.125% 0.625 6.401% 6
30Yr VA 6.000% 1.375 6.398%

[Raybyrnes]

sd_matt

VA loans might be an OK Deal on a Condo in San Diego but you might want to check out some other programs. I say this for a couple of reasons
1- loans limit of 240K might be restrictive in terms of you being able to buy a Single Family house
2- Upfront Fee on the loan is 2.15%
3- Interest rate 6%+
If you are buying in California, have enough for a small down payment, are a first time homeowner, and meet the income requirement for the CHAFA loan (www.calhaf.ca.gov) you might be better off with this as your primary loan program.

Loan limits
VA loans definitely aren’t for everyone. While the maximum guaranteed — $240,000 — will buy a lot of house in most parts of the country, potential buyers in high-priced markets such as California or Manhattan may have to go another route for their financing.

Funding Fees
Note: The funding fee for regular military first time use from 1/1/04 to 9/30/04 is 2.2 percent. This figure drops to 2.15 percent on 10/1/04.

Type of Veteran Down Payment First Time Use Subsequent Use for loans from 1/1/04 to 9/30/2011
Regular Military None
5% or more (up to 10%)
10% or more 2.15%
1.50%
1.25% 3.3% *
1.50%
1.25%

% Rate
30Yr Veterans Choice 6.125% 0.625 6.401% 6
30Yr VA 6.000% 1.375 6.398%

[Raybyrnes]

sd_matt

VA loans might be an OK Deal on a Condo in San Diego but you might want to check out some other programs. I say this for a couple of reasons
1- loans limit of 240K might be restrictive in terms of you being able to buy a Single Family house
2- Upfront Fee on the loan is 2.15%
3- Interest rate 6%+
If you are buying in California, have enough for a small down payment, are a first time homeowner, and meet the income requirement for the CHAFA loan (www.calhaf.ca.gov) you might be better off with this as your primary loan program.

Loan limits
VA loans definitely aren’t for everyone. While the maximum guaranteed — $240,000 — will buy a lot of house in most parts of the country, potential buyers in high-priced markets such as California or Manhattan may have to go another route for their financing.

Funding Fees
Note: The funding fee for regular military first time use from 1/1/04 to 9/30/04 is 2.2 percent. This figure drops to 2.15 percent on 10/1/04.

Type of Veteran Down Payment First Time Use Subsequent Use for loans from 1/1/04 to 9/30/2011
Regular Military None
5% or more (up to 10%)
10% or more 2.15%
1.50%
1.25% 3.3% *
1.50%
1.25%

% Rate
30Yr Veterans Choice 6.125% 0.625 6.401% 6
30Yr VA 6.000% 1.375 6.398%

[Raybyrnes]

sd_matt

VA loans might be an OK Deal on a Condo in San Diego but you might want to check out some other programs. I say this for a couple of reasons
1- loans limit of 240K might be restrictive in terms of you being able to buy a Single Family house
2- Upfront Fee on the loan is 2.15%
3- Interest rate 6%+
If you are buying in California, have enough for a small down payment, are a first time homeowner, and meet the income requirement for the CHAFA loan (www.calhaf.ca.gov) you might be better off with this as your primary loan program.

Loan limits
VA loans definitely aren’t for everyone. While the maximum guaranteed — $240,000 — will buy a lot of house in most parts of the country, potential buyers in high-priced markets such as California or Manhattan may have to go another route for their financing.

Funding Fees
Note: The funding fee for regular military first time use from 1/1/04 to 9/30/04 is 2.2 percent. This figure drops to 2.15 percent on 10/1/04.

Type of Veteran Down Payment First Time Use Subsequent Use for loans from 1/1/04 to 9/30/2011
Regular Military None
5% or more (up to 10%)
10% or more 2.15%
1.50%
1.25% 3.3% *
1.50%
1.25%

% Rate
30Yr Veterans Choice 6.125% 0.625 6.401% 6
30Yr VA 6.000% 1.375 6.398%

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