✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral 🏠 - First Time Home Buyer Course - www.becominghomewise.com ⏩VA Loan Benefits Explained th-cam.com/video/C3nvQnjU8Ac/w-d-xo.html ⏩5 Things You Should Know About VA Loans- VA Mortgage - th-cam.com/video/QVzfbjVrGVA/w-d-xo.html ⏩Why are Sellers Are Rejecting FHA & VA Loans - th-cam.com/video/peGfKdklacE/w-d-xo.html
Absolutely true. I bought my first house with horrible credit , 550 . No PMI , DTO ratio was 75% . Closing costs were $18,000 but the seller covered all of it but I had to offer a bit more . Currently buying a second home rn
@@MisterMemeDude I got pre-approved for $400,000 , the house was being listed for $367,000 I offered $390,000 and put on my offer that if she covers all closing costs I’ll offer her that amount. She’s basically being reimbursed and getting an extra $3,000 . And she accepted my offer.
@@bandy4h I’m currently on the same boat but trying to close on my first home.. should I have them run it regardless see what can be done or wait a bit for credit to be fixed I’m also currently at 550 ish due to series of misfortune events. I also have money to put down.
@@HerrJayo I would wait until November, when the elections are over. I’m currently buying a second home and that’s what the bank told me , because interest rates might go down a bit
You first need a Certificate of Eligibility by providing the DD-214 and form 1880 to know entitlement. Usually the loan can be 4 X the entitlement amount. No down , no private mortgage insurance and the closing cost is limited to no more than 1% . You do pay a guarantee fee.
You didn’t mention a multi family house that will be a primary residence. And that way you can still get renters as long as you live in one of the units.
Thanks so much for finally getting to that topic. Been looking for Veteran related info for awhile. Appreciate some of it in relation to a high income, HCOL, high credit score situation with potentially not wanting to put much or anything down.
I'm glad you found the topic useful! In high cost of living (HCOL) areas, VA loans can indeed be extremely beneficial, even for veterans with high income and credit scores. The VA does not set a maximum limit on the amount you can borrow but limits the risk they cover, which essentially creates a "limit". However, for high-income vets, especially in HCOL areas, you may qualify for a larger loan based on your income and credit score. As for down payments, one of the most significant advantages of VA loans is the no-down-payment feature. Even with a high income, not having to put anything down can benefit your financial situation significantly, allowing you to invest or save that money instead. That being said, while VA loans do not require PMI (Private Mortgage Insurance), they do require a one-time VA funding fee, which can be quite hefty. However, this can be rolled into the loan amount or potentially paid in full upfront to save interest. Remember each situation is unique, so working with a lender who specializes in VA loans and understands your specific circumstance can be crucial. I hope this helps!
I’m from the future: CONGRATULATIONS on 100K subscribers!!! 🎉🎉🎉👏👏👏 You earned every single one of them!!! Keep up the grind, the great content, and more good things will follow!!!!
That sounds like a significant step, @brushandbolter. I'd love to hear about how your experience goes. Remember, having all your paperwork sorted and understanding the terms can immensely help simplify the process. Best of luck!
Hope you're able to update us about your process. Same boat as you, just looking for a house in the country. What was the max that they'd offer, if you don't mind? I'm 100% P/T, so I'm inquiring.
In order to use the VA Loan, we have/had to wait 2 years after getting out of the service. So if you're reading this and still have a few years in service left, buy then not one year before getting out.
Thanks for your comment, @noe6499! Your support is greatly appreciated. If you have any questions or need further insights, feel free to ask. I'm here to help.
I do have a question about VA refinance loans. Are there any other qualifications for that? Because I am about to embark down that specific avenue, and i would really like to be prepared.
Thank you for this information. Very helpful. My question is could you use the va loan to purchase a house that is not on the market. For example if your neighbor is selling their home privately without realtors involved?
We got a va loan in 1996. We r now separated. My husband is the veteran. He quick claimed deed t me in 2003. I refinanced n they wont take him off my loan because we don't have a divorce decree. For health insurance reasons is best we don't get legally divorced. Can he still qualify
AsFirst time buyer, i want to buy a property tear down the home and build a new home. Can I do it with a VA Home loan as a first time buyer and what is the type of VA Loan i would need to do?
This is a hard one. You could do a VA rehab loan if you were to rehab the current home, it may be difficult to do a tear down and build something new. Building on raw land would be the VA construction loan. There are quite a few steps to both.
Does anyone have any tips or tricks on getting a VA home loan for the first time? I have never gotten a loan with the VA but i have gotten a loan to buy a fifth wheel a few years ago with Navy Federal and it wasn't too bad. If anyone has any advice or any tips that would be wonderful!
Firstly, you've already completed one of the primary steps: establishing credit history with a previous loan. For a VA home loan specifically, here are a few tips: 1. Obtain your Certificate of Eligibility (COE). This verifies for lenders that you meet the necessary military service requirements for the VA loan. 2. Talk to a mortgage professional, you can start at jebsmith.net/referral 3. Have a clear idea of your budget. It's wise to choose a home that fits comfortably within your means. 4. Work on maintaining good credit, as many lenders have credit score requirements, even though the VA does not. 5. Lastly, consider hiring a real estate agent with experience in VA loans. They can help navigate the process. Good luck with your home buying journey!
I am enjoying watching your videos about VA Home Loans. The area that you haven't covered that is very important to me is qualifying for a VA loan with guaranteed 100% P&T income for life. How does the 24 month prior income rule affect this? My award is recent.
At 100 percent disability, I didn't qualify with my debt to income ratio for a loan high enough to cover a home in my area that the VA inspections would pass. And that is not an expensive area. So for me to get into a home in my area, I will still have to pay a down payment to get into a home the lender will back. Income, Debt to income ratio, and credit scores affect the amount the lenders will lend, so if anyone actually gets a no down payment loan with just 100 percent disability and doesn't have to pay that down payment let me know.
people get 100% VA loans all the time with no down payment but the key is that you have to be able to meet the DTI guidelines. Unfortunately there's not a way around it.
Not sure if this is set in stone but my man (a veteran) and I (his girlfriend of over 6 years) have been told recently that a co-borrower HAS to be a spouse. We were basically told our options are to get married, only use his income/credit info and the mortgage only be in his name through VA, or if we run both our info mine would have to be conventional loan and I would have to put down 12.5% minimum. We even asked if me being a former dependent matters because my parents are Marines and they said it does not matter. Only spouses. Hope this helps!
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
🏠 - First Time Home Buyer Course - www.becominghomewise.com
⏩VA Loan Benefits Explained th-cam.com/video/C3nvQnjU8Ac/w-d-xo.html
⏩5 Things You Should Know About VA Loans- VA Mortgage - th-cam.com/video/QVzfbjVrGVA/w-d-xo.html
⏩Why are Sellers Are Rejecting FHA & VA Loans - th-cam.com/video/peGfKdklacE/w-d-xo.html
Absolutely true. I bought my first house with horrible credit , 550 . No PMI , DTO ratio was 75% . Closing costs were $18,000 but the seller covered all of it but I had to offer a bit more . Currently buying a second home rn
Congrats! Get that portfolio working!
How did you get the seller to cover 18k$ in closing costs??
@@MisterMemeDude I got pre-approved for $400,000 , the house was being listed for $367,000 I offered $390,000 and put on my offer that if she covers all closing costs I’ll offer her that amount. She’s basically being reimbursed and getting an extra $3,000 . And she accepted my offer.
@@bandy4h I’m currently on the same boat but trying to close on my first home.. should I have them run it regardless see what can be done or wait a bit for credit to be fixed I’m also currently at 550 ish due to series of misfortune events. I also have money to put down.
@@HerrJayo I would wait until November, when the elections are over. I’m currently buying a second home and that’s what the bank told me , because interest rates might go down a bit
You first need a Certificate of Eligibility by providing the DD-214 and form 1880 to know entitlement. Usually the loan can be 4 X the entitlement amount. No down , no private mortgage insurance and the closing cost is limited to no more than 1% . You do pay a guarantee fee.
What if your a surviving spouse is the forms still the same?
This information helped a lot thank you
How do I go about getting a certificate of eligibility
@@Wordlyfe334 a mortgage broker can get it the fastest just tell them your looking to buy a house and need to see if you are eligible for the COE
@@Wordlyfe334 I'm pretty sure they give it to you when you leave the service. They may also give it to you when you request your personnel records.
I found out that Navy Federal offers the best loan rates out there. And they are so easy to work with. Really great organization.
@@mikepsly73 I'm 100% disabled and retired . Who can help me I'm 63 navy vet boiler tech . Trying to get a loan for a home
You didn’t mention a multi family house that will be a primary residence. And that way you can still get renters as long as you live in one of the units.
Amen! Working on doing that soon.
Thats what we did! The best way to start out.
Thank you for clearly expressing this video. So helpful !!! The front end and back end DTI makes a difference
If you're in California, you can use the calvet loan which is lower than the VAloan.
I looked for a video like this for so long.
hopefully it helps!
VA funding fee = mortgage insurance ? Sure sounds like it.
Thanks so much for finally getting to that topic. Been looking for Veteran related info for awhile. Appreciate some of it in relation to a high income, HCOL, high credit score situation with potentially not wanting to put much or anything down.
I'm glad you found the topic useful! In high cost of living (HCOL) areas, VA loans can indeed be extremely beneficial, even for veterans with high income and credit scores. The VA does not set a maximum limit on the amount you can borrow but limits the risk they cover, which essentially creates a "limit". However, for high-income vets, especially in HCOL areas, you may qualify for a larger loan based on your income and credit score.
As for down payments, one of the most significant advantages of VA loans is the no-down-payment feature. Even with a high income, not having to put anything down can benefit your financial situation significantly, allowing you to invest or save that money instead. That being said, while VA loans do not require PMI (Private Mortgage Insurance), they do require a one-time VA funding fee, which can be quite hefty. However, this can be rolled into the loan amount or potentially paid in full upfront to save interest.
Remember each situation is unique, so working with a lender who specializes in VA loans and understands your specific circumstance can be crucial. I hope this helps!
Yeah I heard the 580 line when I bought mine. I stayed away from Veterans United.
Who or what company would you recommend?
I used them before.
There bad or something? Could I use my bank for my VA loan?
I’m from the future: CONGRATULATIONS on 100K subscribers!!! 🎉🎉🎉👏👏👏 You earned every single one of them!!! Keep up the grind, the great content, and more good things will follow!!!!
Thanks so much......you've been here for the journey and I'm very thankful for the continued support
Im about to start the VA Construction Loan process, 100% disabled. Ill let you know how it all goes.
That sounds like a significant step, @brushandbolter. I'd love to hear about how your experience goes. Remember, having all your paperwork sorted and understanding the terms can immensely help simplify the process. Best of luck!
KEEP US UPDATED! A lot of vets do not know how this works at all or even exists.
Hope you're able to update us about your process. Same boat as you, just looking for a house in the country. What was the max that they'd offer, if you don't mind? I'm 100% P/T, so I'm inquiring.
Man... I wish I knew they did Construction Loans last year when I got mine...
Good point Jeb, working on my credit now to get above 700+. Most of my debt is gone. About 6 months to go and I'll be in the game. Real Estate on!
Thats great! Just so you know, there are no credit requirements to the VA loan. Obviously the higher the credit the better the rate.
I can't believe that I didn't know that VA loans didn't require a down payment until a colleague told me about it 10 years after my EAS.
yup............100% financing but you have to be a Veteran
I bought a 4-plex with my VA loan.
In order to use the VA Loan, we have/had to wait 2 years after getting out of the service. So if you're reading this and still have a few years in service left, buy then not one year before getting out.
that's not a rule........you can buy immediately after getting out, you just have to have your COE.
I don't know why that is - I used the VA loan while in service to buy a condo in WA state
I appreciate you for sharing this
Thanks for your comment, @noe6499! Your support is greatly appreciated. If you have any questions or need further insights, feel free to ask. I'm here to help.
How long I will have to wait for sale that house after be approved
Can you talk about manual underwrites when it comes to VA home loan?
I do have a question about VA refinance loans. Are there any other qualifications for that? Because I am about to embark down that specific avenue, and i would really like to be prepared.
Its almost identical to the purchase process, you need to qualify for the new loan.
Who let this man cook? Great video
i wish I could know fr sure about VA because i found a great condo but they said it doesnt qualify for VA.
Yea he mentioned a link, but I do NOT see it pinned
Thank you for this information. Very helpful. My question is could you use the va loan to purchase a house that is not on the market. For example if your neighbor is selling their home privately without realtors involved?
What are your thoughts about using underwriters?
Thank you ❤❤❤
We got a va loan in 1996. We r now separated. My husband is the veteran. He quick claimed deed t me in 2003. I refinanced n they wont take him off my loan because we don't have a divorce decree. For health insurance reasons is best we don't get legally divorced. Can he still qualify
Can I do a new construction/rehab on a multifamily and rent out the other residences?
How about USDA requirements
Coming out next week.
AsFirst time buyer, i want to buy a property tear down the home and build a new home. Can I do it with a VA Home loan as a first time buyer and what is the type of VA Loan i would need to do?
This is a hard one. You could do a VA rehab loan if you were to rehab the current home, it may be difficult to do a tear down and build something new. Building on raw land would be the VA construction loan. There are quite a few steps to both.
thank you!
Does anyone have any tips or tricks on getting a VA home loan for the first time? I have never gotten a loan with the VA but i have gotten a loan to buy a fifth wheel a few years ago with Navy Federal and it wasn't too bad. If anyone has any advice or any tips that would be wonderful!
Firstly, you've already completed one of the primary steps: establishing credit history with a previous loan. For a VA home loan specifically, here are a few tips:
1. Obtain your Certificate of Eligibility (COE). This verifies for lenders that you meet the necessary military service requirements for the VA loan.
2. Talk to a mortgage professional, you can start at jebsmith.net/referral
3. Have a clear idea of your budget. It's wise to choose a home that fits comfortably within your means.
4. Work on maintaining good credit, as many lenders have credit score requirements, even though the VA does not.
5. Lastly, consider hiring a real estate agent with experience in VA loans. They can help navigate the process.
Good luck with your home buying journey!
@@JebSmith Thank you for all of that information!
I am enjoying watching your videos about VA Home Loans. The area that you haven't covered that is very important to me is qualifying for a VA loan with guaranteed 100% P&T income for life. How does the 24 month prior income rule affect this? My award is recent.
Thank you sir!
At 100 percent disability, I didn't qualify with my debt to income ratio for a loan high enough to cover a home in my area that the VA inspections would pass. And that is not an expensive area. So for me to get into a home in my area, I will still have to pay a down payment to get into a home the lender will back. Income, Debt to income ratio, and credit scores affect the amount the lenders will lend, so if anyone actually gets a no down payment loan with just 100 percent disability and doesn't have to pay that down payment let me know.
people get 100% VA loans all the time with no down payment but the key is that you have to be able to meet the DTI guidelines. Unfortunately there's not a way around it.
so helpful!💙
I'm glad you found the information useful! It's always my goal to make the process as smooth as possible. Thank you for your kind words and support!
Who pays the realtors?
My mom passed away a little over a year ago and the house was inherited buy me and one other sibling.
Can I use the VA home loan to buyout there part?
Yes...... you definitely can
Thank you, was looking online for more info on this but there doesn't seem to be any info for this scenario.
What if you have no credit history? Is it possible to get a va loan?
yes you'll need some compensating factors like 12mo/ rental history
Please consult a va loan officer.
Fortunately there is no VA loan officer, the VA would find a way to mess it up. But there are experts on it like Jeb and Josh from @valoantips
Can VA loans have co borrowers that arent in the military
Not sure if this is set in stone but my man (a veteran) and I (his girlfriend of over 6 years) have been told recently that a co-borrower HAS to be a spouse. We were basically told our options are to get married, only use his income/credit info and the mortgage only be in his name through VA, or if we run both our info mine would have to be conventional loan and I would have to put down 12.5% minimum. We even asked if me being a former dependent matters because my parents are Marines and they said it does not matter. Only spouses. Hope this helps!
Quick Question, I'm 100%P&T disabled from the military, would that count as "employment" income?
Yes.
Thanks 👍
Heck yes it does.
Tip. Don’t shy away from a duplex.
@@Billsbillsbillsbills We considered that, but we're trying to save up/get ready for a small house up north
My father was in Vietnam. Would i qualify for this loan ?
unfortunately not!
Buy a Quadplex yall, thank me later
If my father is 100% disable can his children get va loan
no
No
How can I contact u