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

[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.

[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%

[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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