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

[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.

[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]

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.

[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.

[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.

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