If I wanted to get a duplex or 4 plex, would I have to put a down payment down or have a lot of money saved up. Even though I plan to live there. Also I am a disabled veteran.
@@lowvarates So, my wife called and the person on the phone gave us completely different info. The guy on the phone tried to talk me out of a multi-family home and that I had to buy a single family home. Also that we would have to down a down payment or money saved up. He said "Nobody has that much money to start off". Hopefully you can clear the air on this issue.
@@asdfjkl2600 This is concerning to hear to say the least. Would you be so kind to email the president of the company at eric at low va rates dot com (but type it like a normal email address) so we can have a fun learning experience with this loan agent. In your email make sure to indicate the caller ID number you would have called from and the estimated time and date. Mr. Kandell will get back to you personally. You have been given incorrect info.
@@lowvarates sorry for this delayed response. I am not on TH-cam often and I don't receive notifications for comments. That being said I have emailed Eric with the info you have requested. The subject line is Call.
How long do you have to live in a home with a VA loan. Meaning if I wanted to buy a duplex, live in one side, rent the other. How long do I have to live there
You have to have the intention to occupy the home for at least 12 months. There is a loophole to this though. If you decide to do an IRRRL, you only have to certify that you previously occupied the home. There are many things to go over when it comes to deciding what home is right for you. Give us a call at 844-326-3305 and let one of our licenced loan officers assist you!
Hey karma0582, and thanks for watching. We have a great article on our site that explains closing costs. Check it out here: www.lowvarates.com/va-loan-blog/va-loan-closing-costs-how-much-to-expect/
Two questions: 1) How are student loans calculated/figured into the debt ratio for VA loans? 2) What is the general timeline from start to finish for a VA loan?
Student loans just like any other loan are counted in your DTI ratio, however, if you have your student loans deferred, the lender will most likely not count them in if you can prove they will be for at least 12 months after your closing date. Most VA loans close in about 40-50 days, which is pretty standard regardless of the type of financing. If you are ready to get started, give us a call!
My hubby is a veteran and I am civilian: I was told that with the VA loan we will have to put down 12.5 percent. Right now my income is more than his. Is this information true? what should/can we do? thanks in advance!
That is not true at all. You can be the main wage earner and your husband will still be on the loan. VA loans require NO MONEY Down. Please do not work with whoever told you that as they likely do very little if any VA loans. I would love if you gave Low VA Rates a shot.
I'm a veteran and I'm currently in school full time using the GI bill. My fiance and I are thinking about purchasing a home. Based on my status, I know I won't be pre-approved because I do not have income coming in since I'm still in school. My question is, once we're married (in a month), could I apply for a VA loan and add him as a co-borrower and fully rely on his income? I do receive disability compensation, but it's not much. Thanks! :)
Well, that is kind of you, but Eric is no longer salesman though he started in the industry over 15 years ago as a VA loan officer. As you can tell from this video and many others, he's just very passionate about helping veterans better understand their VA home on benefits.
Quick reminder that a larger down payment will save you tens of thousands of dollars over the life of your mortgage. Be absolutely sure you understand compound interest BEFORE you buy a house.
Want to refi. I almost have all in order. I do need to finish a few home repairs. How would VA appraisals affected my refi cash out..with repairs in progress. 1. Restroom floor. 2. Shower plumbing gets clogged 3. Washer plumbing gets clogged. Current loan is. VA
Great questions! So if your home in the current state meets VA minimum property requirements then you will be fine. None of what you list above seems like it would have any real impact on the marketability and thus would not affect the value, but if the appraiser indicates the items need repaired, you will have to repair them prior to funding the loan. I do not think the plumbing would ever come up, but if the restroom floor is totally torn up/out that could be a hold up. We would love to do the cash out loan for you and we will offer our low rate apr and fees guarantee.
I have a question, say I come and we set up a 30 year mortgage plan at a 2.5% interest rate for a 300,000$ house. After two years I’ve some how saved up 300,000$ and can completely pay off my house. Is that an option? Will I be penalized? Will I still have to pay off the interest for the full 30 year mortgage or just the actual cost of the house? (I think that’s called principle).
VA loans do not have prepayment penalties so NO you would not be penalized and you could pay the entire loan off as fast as you want. The sooner you pay off a loan, the less you pay in interest and the better off you are.
Hi...How about Bankruptcy in the last 2 years? Prior to enlisting in 2019. Hoping to buy in 2 years if possible based on VA loan requirements that I researched.
I would like to know the same, I'm 100% disabled veteran and I also receive SSDI, how do I find a mortgage broker when I need one? I'm moving to Georgia by the 15th of December 2018 and I want to try to get approved and buy a house asap. Staying with a cousin so the 60 days isn't a issue, can even close sooner if possible. Thanks Pamela Fox
There is always a misconception regarding loan limits for a VA loan. In counties where the loan limit is lower than your purchase price or refinance loan amount, you may have to have equity (refinance) or put a down payment (purchase).
no you do not. You should have two years in the same line of work, industry or at least be able to show stability but YOU DO NOT NEED 2 YRS at the same job or even employer. We would LOVE to help you get approved for a loan.
The VA loan program has an occupancy requirement that says the borrower must be intending to occupy the home as his or her primary residence. However, there is no requirement on how long the borrower must occupy the house.
@@jayson_inthe_5oh not if you do not plan on also living there. If you move in for a time and then change your mind and move out and want to rent it out to whomever, again that is fine, but it sounds like you are looking for a way around the VA occupancy rule and we would urge you to use other financing so as to avoid any trouble.
@@lowvarates I don't think honorable is a condition, I know of veterans with a general and oth, that have VA home loan eligibility. It could be a case by case basis. However, a Bad Conduct or Dis honorable is a definite No.
I currently have a 90% disability and it might become 100% next month. I currently go to school full time, but I dont have a job. I did some research online and they said that the GI bill doesnt count as income. Could I still qualify for the VA home loan off my disability?
absolutely. Many disabled vets get approved by their fixed income from disability. We would love to help show you how much you can afford and get approved for.
I am 25 and my fiance is 24. He is in the National Guard and by 2025 he would have served long enough to qualify for a VA loan. We will be in our early 30s by then so still a good age to buy our first house. I am very excited but theres a lot of research and planning we got to do. If we buy a house without a down payment but decide to make a large payment later would that reduce our mortgage rate?
Wow it is so cool to see someone so young with a great understanding of the research needed and how great you are getting your planning down now! The large payment to the balance in the form of a lump sum down the road will not change your rate or payment, it just reduces the debt. So, if you do come into money later and want to apply it to your loan, you will want to see if doing it simultaneously with a refinance is doable as the refi can do two things, it may lower your rate if they are lower at that future date than the date you closed the purchase and you may also be able to reduce the term existing. Say you bought with no money down for 400K and borrowed 400K at say 6%. Now 3 yrs in, you get 25K saved up and want to pay down the home balance. If rates are higher, then do not refi, just make a large payment toward the existing balance. However, if rates are lower, you may want to refi to say 4.5% and apply the 25K and at the same time you will owe 27 yrs, but you may want to change to a 25 yr or 20, or 15. We will be here ready to help when that day comes. In the meantime, spend hours on our channel and let us know what else you want to hear or learn about and we will produce the content. Make sure to subscribe so you know when we have new stuff. Thanks a ton.
What a wonderful question, we love your thought process. Keep in mind today, that it is more of a seller's market since there are more buyers than homes for sale, so sellers may not be willing to cover your costs. However, you can basically have the seller cover any fee you want, there really is NO LIMITATION other than you cannot have the seller cover more than 4% of the closing costs, HOWEVER not all fees involved in the loan are classified as closing costs so we have seen situations where seller concessions are as much as 6%! Did you also know the seller can pay off your credit card debts or collections etc if that will help you get approved for the loan? We are here to help!
Can you do a video on collections and charge offs, or judgments? Also,does past due miltary star card debt keep you from getting approved? I.e. does it show up on a cairvs database when yall do that check. At what point in the loan do yall do CAIRVS? I have my coe, 560ish credit score and im on a fixed 617 disability income and trying to do a purchase on a mobile home in georgia. Appraisal value is over 38,000 and payoff would only be 23,000ish. Can you do a loan amount that low? Would my income suffice since i have no only one loan of 89.00?
we can work on this video. In the meantime, no your military star credit card will NOT affect caivrs. We pull caivrs in like the first few days of the process so that no one is wasting time. If someone feels they may have a bad caivr, we can pull it early, even before the loan process starts. We do not lend less than 50K so you may want to work with a local bank or credit union.
Thanks a lot for the reply. I like the videos and the dedication yall have for vets. Keep making videos cause this helps a lot of vets who may never go to a bank to deal with a lender.
How much see your services and is it ever a case that the payments are spaced out into something almost like a loan itself that I pay more overall down the road but am able to afford the right now? Going through a rough time of a breakup and got the short end of it all for sure. One minute you're shopping for engagement rings and a home, you happened to literally open the wrong door and... the discovery of your life and all bad...still in the way down but I'll be okay with enough time. For now I'd like to continue with my goals and moving asap. Thanks for your time.
My husband is deployed and I am his power of attorney. He wants me to move forward will securing a home and I’ve received the COE but I don’t know what to do from this point. Our credit is poor. I really am just in need of guidance.
Poor credit is something we work with all the time. We would love to have you try us out. Have you contacted us here at Low VA Rates? We can guide you on whether you current POA is sufficient or if it needs to be updated too. The VA has some rules about POA.
I think I know what you are asking. Do you want to know if there are classes to learn more about VA loan so that you are prepared when it is time for you to get a VA loan?
Like all mortgages you will pay back the principle and the interest. Anytime you borrow money with interest, you will pay back more than you borrowed. The great thing about VA loans is they generally have lower interest rates and do not require you put any of your own money down.
Absolutely. The stipulation is that you have to occupy the residence in a reasonable amount of time. Typically, it is no longer than 60 days, but there are exceptions to this rule. Give us a call at 844-326-3305!
Assuming your husband is the veteran, no this is not the case. The debt still needs to be paid even after death. If you are on the loan then you will have a financial obligation to make sure the house is paid timely and/or in full. Normally if that is not possible the house is put up for sale and the bank is made whole that way. There are also insurance policies, which our partner insurance agency Low VA Rates Insurance agency can help put in place so that in the event of your husband's death the house can be paid off in full.
The veteran does not need to be married in order to get a VA loan. However, if you would also like to be on the loan with him because you just want to be or because you have to be in order to qualify then yes you must be married first. Now if you have military service and VA benefits as a veteran yourself you guys could both be on the loan together without getting married.
Wouldn’t it be better to find a local loan specialist and deal face to face with someone or is it generally accepted that local loan specialists lack the requisite VA Loan knowledge?
Totally a personal choice. For years, many people wanted to work with local loan officers for that familiarity feeling. However, in today's world where we do so much over the phone, over the web, etc, we have seen that your local loan officers may not have the experience needed, or they are generally smaller broker type outfits that cannot make the same underwriting decisions a national lender like Low VA Rates can.
If I wanted to get a duplex or 4 plex, would I have to put a down payment down or have a lot of money saved up. Even though I plan to live there. Also I am a disabled veteran.
KoR3299 no money down. It’s awesome
@@lowvarates So, my wife called and the person on the phone gave us completely different info. The guy on the phone tried to talk me out of a multi-family home and that I had to buy a single family home. Also that we would have to down a down payment or money saved up. He said "Nobody has that much money to start off". Hopefully you can clear the air on this issue.
@@asdfjkl2600 This is concerning to hear to say the least. Would you be so kind to email the president of the company at eric at low va rates dot com (but type it like a normal email address) so we can have a fun learning experience with this loan agent. In your email make sure to indicate the caller ID number you would have called from and the estimated time and date. Mr. Kandell will get back to you personally. You have been given incorrect info.
@@lowvarates sorry for this delayed response. I am not on TH-cam often and I don't receive notifications for comments. That being said I have emailed Eric with the info you have requested. The subject line is Call.
@@asdfjkl2600 I just replied to your email this morning. Sincerely, Eric Kandell
How long do you have to live in a home with a VA loan. Meaning if I wanted to buy a duplex, live in one side, rent the other. How long do I have to live there
You have to have the intention to occupy the home for at least 12 months. There is a loophole to this though. If you decide to do an IRRRL, you only have to certify that you previously occupied the home. There are many things to go over when it comes to deciding what home is right for you. Give us a call at 844-326-3305 and let one of our licenced loan officers assist you!
What closing cost/fees can not be rolled in the loan when using the VA loan?
Hey karma0582, and thanks for watching. We have a great article on our site that explains closing costs. Check it out here:
www.lowvarates.com/va-loan-blog/va-loan-closing-costs-how-much-to-expect/
Two questions:
1) How are student loans calculated/figured into the debt ratio for VA loans?
2) What is the general timeline from start to finish for a VA loan?
Student loans just like any other loan are counted in your DTI ratio, however, if you have your student loans deferred, the lender will most likely not count them in if you can prove they will be for at least 12 months after your closing date.
Most VA loans close in about 40-50 days, which is pretty standard regardless of the type of financing. If you are ready to get started, give us a call!
My hubby is a veteran and I am civilian: I was told that with the VA loan we will have to put down 12.5 percent. Right now my income is more than his. Is this information true? what should/can we do? thanks in advance!
That is not true at all. You can be the main wage earner and your husband will still be on the loan. VA loans require NO MONEY Down. Please do not work with whoever told you that as they likely do very little if any VA loans. I would love if you gave Low VA Rates a shot.
I'm a veteran and I'm currently in school full time using the GI bill. My fiance and I are thinking about purchasing a home. Based on my status, I know I won't be pre-approved because I do not have income coming in since I'm still in school. My question is, once we're married (in a month), could I apply for a VA loan and add him as a co-borrower and fully rely on his income? I do receive disability compensation, but it's not much. Thanks! :)
Yes you could do this once married for sure. Great plan.
Can I use the VA loan for property without anything built on it? And are there limitations on certain areas to buying land?
no you cannot use the VA loan to buy raw land. You must have a home on it.
This guy is a great sales man.
👍🏾 I'll be calling him soon
Well, that is kind of you, but Eric is no longer salesman though he started in the industry over 15 years ago as a VA loan officer. As you can tell from this video and many others, he's just very passionate about helping veterans better understand their VA home on benefits.
Quick reminder that a larger down payment will save you tens of thousands of dollars over the life of your mortgage. Be absolutely sure you understand compound interest BEFORE you buy a house.
Mike Dickinson great point if you have the money to put down. Thanks.
Want to refi. I almost have all in order.
I do need to finish a few home repairs.
How would VA appraisals affected my refi cash out..with repairs in progress.
1. Restroom floor.
2. Shower plumbing gets clogged
3. Washer plumbing gets clogged.
Current loan is. VA
Great questions! So if your home in the current state meets VA minimum property requirements then you will be fine. None of what you list above seems like it would have any real impact on the marketability and thus would not affect the value, but if the appraiser indicates the items need repaired, you will have to repair them prior to funding the loan. I do not think the plumbing would ever come up, but if the restroom floor is totally torn up/out that could be a hold up. We would love to do the cash out loan for you and we will offer our low rate apr and fees guarantee.
I live in Maryland. Do you guys finance VA Home loans in the Maryland area?
you bet we do. We are in all states but NY and MA, we are also able to do loans in DC
I have a question, say I come and we set up a 30 year mortgage plan at a 2.5% interest rate for a 300,000$ house. After two years I’ve some how saved up 300,000$ and can completely pay off my house. Is that an option? Will I be penalized? Will I still have to pay off the interest for the full 30 year mortgage or just the actual cost of the house? (I think that’s called principle).
VA loans do not have prepayment penalties so NO you would not be penalized and you could pay the entire loan off as fast as you want. The sooner you pay off a loan, the less you pay in interest and the better off you are.
@@lowvarates thanks!
Hi...How about Bankruptcy in the last 2 years? Prior to enlisting in 2019. Hoping to buy in 2 years if possible based on VA loan requirements that I researched.
Should not be an issue. what kind of BK was it? Chapter 13 or 7 and was a home/mortgage involved?
Will you do a video for vets with a 100% please
Hey smakinazz2007, 100% what? If you would clarify for us, we would be happy to do a video for it.
I think he means vets with a 100% disability rating. I'm also interested in that.
I would like to know the same, I'm 100% disabled veteran and I also receive SSDI, how do I find a mortgage broker when I need one? I'm moving to Georgia by the 15th of December 2018 and I want to try to get approved and buy a house asap. Staying with a cousin so the 60 days isn't a issue, can even close sooner if possible.
Thanks
Pamela Fox
What if you qualify and want a home priced higher than the county limits?
There is always a misconception regarding loan limits for a VA loan. In counties where the loan limit is lower than your purchase price or refinance loan amount, you may have to have equity (refinance) or put a down payment (purchase).
Why does this advise not apply for the state of MA?
we are not licensed to do loans in MA, however the content that we share and all you can learn from our channel still applies to Veterans in MA.
Does Low VA Rates offer construction home loans?
Hey Felton, good talking with you again! We have done a video on VA Construction loans. Check it out here: th-cam.com/video/iF7rAmErIDg/w-d-xo.html
Do I have to be working at the same job for 2 years before being eligible for a VA home loan?
no you do not. You should have two years in the same line of work, industry or at least be able to show stability but YOU DO NOT NEED 2 YRS at the same job or even employer. We would LOVE to help you get approved for a loan.
what ERic said
Do I need to live in that house to use the va loan?
The VA loan program has an occupancy requirement that says the borrower must be intending to occupy the home as his or her primary residence. However, there is no requirement on how long the borrower must occupy the house.
Low VA Rates so let’s say that I say that’s my primary residence but I rent it out to like a family member or something can I do that?
@@jayson_inthe_5oh not if you do not plan on also living there. If you move in for a time and then change your mind and move out and want to rent it out to whomever, again that is fine, but it sounds like you are looking for a way around the VA occupancy rule and we would urge you to use other financing so as to avoid any trouble.
I have a question: are there companies that can do manual underwriting? My wife and i plan on not have a credit score of 0. (Debt free)
yes we are one of the best at manual UW.
May I ask what are some of the requirements to eligible?
@@aaronwatts12 income, a reasonable credit history and a clean history the past 12 months, honorable service
@@lowvarates I don't think honorable is a condition, I know of veterans with a general and oth, that have VA home loan eligibility. It could be a case by case basis. However, a Bad Conduct or Dis honorable is a definite No.
@@kareemmance5845 yes that is correct
Va home loans has pmi? Thanks
Ops....nevermind lol
no they do not and I think you figured that out already.
I currently have a 90% disability and it might become 100% next month. I currently go to school full time, but I dont have a job. I did some research online and they said that the GI bill doesnt count as income. Could I still qualify for the VA home loan off my disability?
absolutely. Many disabled vets get approved by their fixed income from disability. We would love to help show you how much you can afford and get approved for.
I am 25 and my fiance is 24. He is in the National Guard and by 2025 he would have served long enough to qualify for a VA loan. We will be in our early 30s by then so still a good age to buy our first house. I am very excited but theres a lot of research and planning we got to do. If we buy a house without a down payment but decide to make a large payment later would that reduce our mortgage rate?
Wow it is so cool to see someone so young with a great understanding of the research needed and how great you are getting your planning down now! The large payment to the balance in the form of a lump sum down the road will not change your rate or payment, it just reduces the debt. So, if you do come into money later and want to apply it to your loan, you will want to see if doing it simultaneously with a refinance is doable as the refi can do two things, it may lower your rate if they are lower at that future date than the date you closed the purchase and you may also be able to reduce the term existing. Say you bought with no money down for 400K and borrowed 400K at say 6%. Now 3 yrs in, you get 25K saved up and want to pay down the home balance. If rates are higher, then do not refi, just make a large payment toward the existing balance. However, if rates are lower, you may want to refi to say 4.5% and apply the 25K and at the same time you will owe 27 yrs, but you may want to change to a 25 yr or 20, or 15. We will be here ready to help when that day comes. In the meantime, spend hours on our channel and let us know what else you want to hear or learn about and we will produce the content. Make sure to subscribe so you know when we have new stuff. Thanks a ton.
What fees could I (VET), be possibly put on the seller
What a wonderful question, we love your thought process. Keep in mind today, that it is more of a seller's market since there are more buyers than homes for sale, so sellers may not be willing to cover your costs. However, you can basically have the seller cover any fee you want, there really is NO LIMITATION other than you cannot have the seller cover more than 4% of the closing costs, HOWEVER not all fees involved in the loan are classified as closing costs so we have seen situations where seller concessions are as much as 6%!
Did you also know the seller can pay off your credit card debts or collections etc if that will help you get approved for the loan? We are here to help!
Can you do a video on collections and charge offs, or judgments? Also,does past due miltary star card debt keep you from getting approved? I.e. does it show up on a cairvs database when yall do that check. At what point in the loan do yall do CAIRVS? I have my coe, 560ish credit score and im on a fixed 617 disability income and trying to do a purchase on a mobile home in georgia. Appraisal value is over 38,000 and payoff would only be 23,000ish. Can you do a loan amount that low? Would my income suffice since i have no only one loan of 89.00?
we can work on this video. In the meantime, no your military star credit card will NOT affect caivrs. We pull caivrs in like the first few days of the process so that no one is wasting time. If someone feels they may have a bad caivr, we can pull it early, even before the loan process starts. We do not lend less than 50K so you may want to work with a local bank or credit union.
Thanks a lot for the reply. I like the videos and the dedication yall have for vets. Keep making videos cause this helps a lot of vets who may never go to a bank to deal with a lender.
How much see your services and is it ever a case that the payments are spaced out into something almost like a loan itself that I pay more overall down the road but am able to afford the right now? Going through a rough time of a breakup and got the short end of it all for sure. One minute you're shopping for engagement rings and a home, you happened to literally open the wrong door and... the discovery of your life and all bad...still in the way down but I'll be okay with enough time. For now I'd like to continue with my goals and moving asap. Thanks for your time.
Hang in there. We can grow and learn more from our hard times than we can from our good/easy times.
My husband is deployed and I am his power of attorney. He wants me to move forward will securing a home and I’ve received the COE but I don’t know what to do from this point. Our credit is poor. I really am just in need of guidance.
Poor credit is something we work with all the time. We would love to have you try us out. Have you contacted us here at Low VA Rates? We can guide you on whether you current POA is sufficient or if it needs to be updated too. The VA has some rules about POA.
Is there a class to take to underwear more of all this because I hate going into a place with out being properly prepared
I think I know what you are asking. Do you want to know if there are classes to learn more about VA loan so that you are prepared when it is time for you to get a VA loan?
When you buy a house with the VA loan do you pay them back the exact amount your loan is?
Like all mortgages you will pay back the principle and the interest. Anytime you borrow money with interest, you will pay back more than you borrowed. The great thing about VA loans is they generally have lower interest rates and do not require you put any of your own money down.
@@lowvarates so I can't just put 20% down and buy a house or morgage without being in debt
You can put 20% down but would still be in debt for the other 80%
@@lowvarates oh I guess I won't use it thank for the info
what would you then use? There are no mortgage programs out there where you do not have to pay back more than you borrow.
Can a single active duty person stationed away from home able to get a VA loan?
Absolutely. The stipulation is that you have to occupy the residence in a reasonable amount of time. Typically, it is no longer than 60 days, but there are exceptions to this rule. Give us a call at 844-326-3305!
The lender is requirin me to have bank statement in english, but the one i have are in spanish
well that seems to be unfair and likely against fair lending rules. (maybe?). How hard is it to ask your bank for English versions?
how do I contact your company
You can go to www.lowvarates.com or you can call 866-569-8272 and once on our site you can chat live, you can text us or submit an inquiry too.
if my husbund die first .THE HOUSE IS ALL PAID?
Assuming your husband is the veteran, no this is not the case. The debt still needs to be paid even after death. If you are on the loan then you will have a financial obligation to make sure the house is paid timely and/or in full. Normally if that is not possible the house is put up for sale and the bank is made whole that way. There are also insurance policies, which our partner insurance agency Low VA Rates Insurance agency can help put in place so that in the event of your husband's death the house can be paid off in full.
Do i have to be marry to him before he gets a loan.
The veteran does not need to be married in order to get a VA loan. However, if you would also like to be on the loan with him because you just want to be or because you have to be in order to qualify then yes you must be married first. Now if you have military service and VA benefits as a veteran yourself you guys could both be on the loan together without getting married.
Wouldn’t it be better to find a local loan specialist and deal face to face with someone or is it generally accepted that local loan specialists lack the requisite VA Loan knowledge?
Totally a personal choice. For years, many people wanted to work with local loan officers for that familiarity feeling. However, in today's world where we do so much over the phone, over the web, etc, we have seen that your local loan officers may not have the experience needed, or they are generally smaller broker type outfits that cannot make the same underwriting decisions a national lender like Low VA Rates can.
nice
Hello to you too! How can we help?
Can I use my wife’s income without her being on the loan?
unfortunately no.
hello
hello to you