PROS and CONS of a VA Loan
ฝัง
- เผยแพร่เมื่อ 1 ก.ค. 2021
- #valoans #preapproval #realestate
Serving Veterans is my civilian MOS! Need a mortgage or want to discuss your scenario? We are licensed and serving Veterans in 48 states for purchase and refinances.
Here is how to contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: connect.valoansforvets.com
2. Email me at jimmy@valoansforvets.com
3. Call me 602-908-5849
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Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
VALoansForVets.com Headquarters: 3602 E Campbell Ave, Phoenix, AZ 85018
Equal Housing Lender- For licensing, go to www.nmlsconsumeraccess.org
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Jimmy Vercellino discusses the pros and cons of a VA loan. What makes a VA loan unique? What makes a VA loan beneficial? What makes it good to go? Also we'll discuss what some of the cons of a VA loan are.
#valoans #valoansforvets #vahomeloans
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"Good to go" and "Adapt, improvise, and overcome" along with the info this motivated Marine is god damn outstanding!
LOL!! Let's go!!! Appreciate you my brother!
I could never stand those words and phrases, tbh. Was happy to never hear them again when I got out. Oh well.
@@jasonfrost5025 why'd you join the Marines? what motivated you, chow, leave, and liberty? Man Im still a motivator, speed and intensity, bearing and proud of it.
@@artisanconcrete1212 Lots of reasons, but the buzzwords are awful. It also triggers my PTSD now.
Amen brother. Same.
Awesome👏🏻 piece Jimmy. I was 56 when I hired a BA attorney to get the VA loan on my present home. I got the loan for the total purchase price, which allowed me to preserve my liquid cash. I don't plan to pay off this loan, although I could if I wished to. My rate is 2.25%, and I earn far more than that on my investments. Why in the world would I want to invest money at 2.25% by paying off my mortgage when I earn far higher returns on my cash?
The OP has also stated elsewhere that VA would "auction off" the house if there is a loan on it when he or she dies. That's not how it works. The performance of VA loans-even through the 2008-2009 crisis-has been far better than other loan types.
The VA home loan is the best loan program on the planet by far. It requires no down payment (100% financing), carries no mortgage insurance, and has rates about .375%-.50% lower than conventional loans.
It's one of the benefits earned by people who have stepped up and worn the uniform to serve their country. Stay blessed and keep up your good work 👍🏻
Love this Harry - thank you for sharing your story. I'll see you at the top sir! -- Jimmy
Stay Blessed too
Can you recommend me to the SBA attorney you hired ?
Appreciate your response
@grant_dock
Great info, Jimmy. I'm a Viet Nam disabled vet living in Southern California. I've been Pre- Approved as a first time buyer. I hope you'll keep posting info for us new vets.
Michael -- Helping Veterans increase wealth through the aquisition of real estate. That's what I do sir!! Blessings my brother!! Congrats -- always here to be a resource -- jimmy@valoansforvets.com
Me the first 2 minutes into this video "RAHHH! YUT! KILL! RAAHHHHH!"
LOL!!!! Get some!!!
RAHHH!!!
YES!! So happy to see Marine pride still exists! I thought it was starting to disappear from this generation. OOORAH!!!
This man is squared away! His communication skills are superb. Thank you for the information. #SemperFi
Appreciate that Devin! Semper Fi Brother!!
Thanks for the videos, I learned something new each one. I have had several VA loans and really enjoy not paying the funding fee due to the service-connected disability
Appreciate the comment. Blessings my brother!
I'm exempt from the funding fee luckily! On 50% disability, very thankful that I got all that medical stuff taken care of before i got out, and immediately after.
Important for sure!
Me too!!
All Realtors need to watch your videos. Every video is highly educational! Subscribed today!
Thank you Kennia - 💯💯💪💪
So clear and inspirational video… it gives the tools and motivation to go for it!! Thanks Brother
Thank YOU Cesar - I appreciate the kind words. Comments like yours make it all worth it.
Great educational piece! Looking forward to working with you guys soon!
Thanks Eric!!
❤ Highly motivated, truly dedicated - give’em one - ORAH!
YUT!!!
I'M SO GRATEFUL FOR YOUR VIDEO!! I shared with my husband, whom is a Veteran, but he STILL can't wrap his mind around what I'm trying to explain... so you broke it down exactly how I've been breaking it down for everyone.. haha!! Thanks for your video, sweetie!! I will keep up updated as we are currently planning a precise purchase (well I am, he's just along for the ride...🤣 😂... stay tuned!
~Bev 8)
Muchy love Bev! Blessings to you my friend! Thank you!
Great presentation Sir! One thing I would add is that yes, you can use VA loans over and over again a hundred times throughout your life, HOWEVER only one at a time. So you have to pay that first loan off completely before getting that subsequent one (unless you are active and PCS). And it has to be on your primary principal residence. So you can't just buy a bunch of properties all over town with a VA loan on each and rent them all out. Exception is if you PCS from say CA with a VA loan in place, you can keep that loan, and rent out that house and can buy again with an additional VA loan at your new duty station town in TX for example. Semper Fi from an Army Guy!
Thanks Beej!
Young veteran from corps and this has helped out so much for prepping for upcoming process towards end of year !
YUT! Love it Richie. See you at the top buddy!
Always super great information, thank you very much brother.
Much love brother. Appreciate you!
Thank you. It is info that made me understand more indepth info on VA home loans.
Glad it was helpful!
Great info, love the presentation 👍
Thanks Bruce 💪💪
Thanks for watching! I SERVE VETERANS NATIONWIDE. If I can personally assist you with a VA Loan you're welcome to apply at www.VALoansForVets.com/apply. For specific VA Loan related questions drop your comment down below. You're also welcome to email me at jimmy@valoansforvets.com
This was very helpful🙌🏽 Quick and easy to understand the basics! I know there are further benefits for veterans that are SC 100% total and permanent and those who were dual military. Could you elaborate on some things to know when that is the circumstance. Also information about only being able to buy certain types of homes and if we can buy land or not.
Thank you again for all your help!
My pleasure Arnesha - thank you for the kind words and most importantly your service to our great country! Veterans that are 100% are able to have their VA Funding Fee waived which is going to save you BIG money when you use your VA Loan. VA Loans and Land is a no go. However, some lenders may assist you with a VA Loan Land Purchase and simo build. Plesae let me know if I can answer any other questions for you -- jimmy@valoansforvets.com
great information ! Thank you !
Glad it was helpful!
Thank you guys for your service. If it weren't for you this country on this world would be a much darker place. God bless you
Much love - thank you!
Awesome video thank you!!!
My pleasure Joane. Appreciate the kind words!
Great video! Good info & content.
Glad it was helpful!
Good to go! Great presentation 👏 💯
Thank you Tensai!!
Good to go?! Felt like i was in uniform sitting through a breef. Great job. Thanks for info
Glad it helped! Yes! Good to go!
Very easy to understand. Thank you
Best compliment I can receive. Thank you!
Awesome video Jimmy! I'm always learning something new watching your videos! A recommendation I have for a future video you could do could be entitlement? Semper fi and God bless you!
Thank you so much Angel. I’ve done one on the past but I should probably update it.Thanks again for the valuable feedback.
Great info. Thanks Brother. Rah!
YUT!!
This was awesome!😊
Appreciate it my friend!
Thank u for the awesome education!!!!
I appreicate you and the kind words - it's my pleasure!
Out-Fuc@ing Standing!!! Thanks for the info Marine!
haha! You got it!
I love this dude already Semper Fidelis brother
Appreciate you Juan 💯💪
Great video!!
Thanks so much!
Aweosme video brother!! Good to go :)
Thanks a ton!
Thank you just got my loan today
CONGRATS!!!
You are giving out comprehensive info..think I will reach out to you in spring 2022 I'm in California
Thank you for that wonderful compliment!
Thanks so much; never used mine... will be my 1st time...
Good deal Samuel - if I can be of addtional assitance feel free to reach out to me at jimmy@valoansforvets.com
Great job my fellow veteran
thanks my fellow veteran
This video is great man
Hey I appreciate you Tomaz!
Holy shyt! I've never heard of this va loan and I'm a vet!
Let's go!!!
Thank You
My pleasure 💯💪
You the man👊🏾
No no no…You Da Man!!!
Valuable information. Thank you Jimmy. Does Section 1 or Section 2 items have to be cleared for a VA purchase?
Good question @realtorcruz ! Section 1 items will always need to be remedied. Regarding section 2 that will be an underwriter discretion call. Always safe to have them both cleared if possible.
😂😂thank you for your motivated explanation!!
My pleasure Tania!!! -- Jimmy
Awesome video.
💯💯💪💪
First THANK YOU for teaching all these!!
Question: What do you mean "No Private Mortgage Insurance"?
Wow, I just bought my home...Not my realtor neither the lander new anything in reference do this. The no down-payment - well at the last minute going over docs etc I got emails from the lander saying "...we will have to check how much $ you will have to come up for the closing..." I kept sending responses to "No I do not..." My realtor got involved and then the emails stopped in ref to the money at closing but never a response like 'oh I am sorry for the misleading info'. It was super stressful dealing with the realtor, lander, and the seller. My closing date was confirmed three times to be in Nov 2021. One week prior to the first walk through with the superintendent I got a call saying my closing date had been moved up to be in Oct 2021, and I had to be there for the walk through with the superintendent one week prior to the day of the walk through. I was like What? I am a disabled Vet, single mother, recently retired, and the State I was in was not doing less than 12 months leasing agreement. When mine expired in July 2021 (knowing that "Nov 2021" I would be in the home) I didn't want to renew the lease and then have expenses to break a lease and have that in my personal credit history. So I rented in another State because I had to be there for medical surgery visits etc anyway. So, I had a lot in my plate. My realtor did the first walk through in my place, which was the sellers idea (I asked the seller if my realtor was the one buying the home? She says that the 1st walk through was not important), they all told me the first walk through was not important. When I came to the home for the second walk through prior to closing, I marked everything and brought up the issues with the ceilings etc to all parties involved. I was told some stuff would get fixed but not the ceiling. They did not fixed majority of what I had pointed out, and the superintendent told me "You should have done that in the 1st walk through NOT now." I had the inspection and they said nothing about the ceiling (it's a pretty obvious issue with the ceiling) when I mentioned to the seller and the loan officer, they asked me if I wanted to drop the deal. My credit had been checked twice (so ding ding...) and the was what I could afford at the time. So I stayed with the lemon.
My pleasure! Thanks for the comment.
210 days out from construction loan being complete to lock in a fixed rate for a VA loan. Started as a new law in 2018. Pretty sorry for law for Veterans. To use my VA loan, I would have to wait 210 days from start of construction date to lock in a fixed rate.
Thanks Eric
The biggest con is that most sellers will not even consider it. When multiple offers are on the table they will go with cash or conventional. I sold my house in September 2020. And none off my offers were accepted when rates were low. I now that rates have tripled and housing prices have doubled I can not afford to buy. I have been renting for 3.5 years. It isn't a myth that sellers do not find VA loans appealing.
Yeah man, what you share is something I've fought my entire career and continue to this day. It simply takes education. Educating people about the truth of VA Loan to help them to understand how it works and that it's not a bad loan.
Thx fr video bro
My pleasure Santana!
the "good to go"! Once a Marine always A Marine! Oorah!!
YUT!!
So understandable 👍🏽
my man! thank you!
@@JimmyVercellino new subscriber👌🏽
Outstanding motivation devil
YUT!!
Simper Fi Devil Dog! Love your videos first of all, I’m definitely a fan. Got question about getting financed for a multi family home. The lender told me that some VA guidelines are that you must have experience before getting approved to home hack. Is that true?
YUT!!! Thanks Josiah. Good question. If you're qualifying for the loan on your own, and not relying on the rental income to be approved, VA does not require rental history.
@@JimmyVercellino thanks for the info. I already pre approved already with another company. He totally gave me BUM SCOOP. Their loss
@@josiahgreen4341 if you want a second opinion Josiah - i'm not hard to find! 💪💯 jimmy@valoansforvets.com
Great video and information. I want to use my VA loan to buy land and a modular home but I’m a bit confused at the process. Ughh
Thanks for the kind words! I too am doing it for Yah ;-) mod financing is tough. You'll want to find a lender who will lend provide this type of financing. I would check with local credit union or maybe wells fargo and ask if they do mobile home financing.
@@JimmyVercellino of course any time Brother. Sounds good. I bank with Navy Federal so I will talk tot run and se did they finance what I am looking for. Would I still be able to utilize the Zero down or would this type of loan be considered a construction loan and require down payment? I live in Swfl and the housing market is tough because Soo many people with “big money “ from Cali and NY are moving here. So the prices keep rising on top of climbing interest rates. So that is what has me looking into mod home and land purchase because I can still find an acre or two for around $40-$49k /‘d a. Ice mod home for $220k roughly.
Thank you for this information. My husband found you and sent me this. My question is do VA loans cover off the grid homes? Would we need a doctor's letter as to why we need a home off the grid?
Hi DD - my pleasure. When you say "off the grid homes" how do you mean exactly?
Do you have a video on Va loans on a new construction builds so I have the information before I start my pre approval ?
Sure do. Check it out in the library.
Hey Jimmy, quick question. Is it true that VA loans have the same credit score as FHA loans? Like minimum of a 580?
I'm currently working with Rocket Mortgage (nightmare) and from all my research it says that you only need a minimum of 580. But they kind of blew off that idea, so I was just curious about your opinion. (Note, I'm higher than a 580 just not where "I need to be")
Hi Jon, thank you for your service. Different lenders have different credit score requirements. We can go as low as 600 .However, I tell my Vets that getting the score above 620 is always best because it gets you a better rate and gives you a better shot at approval. For more info you can visit my website at www.VALoansForVets.com
Hi Jimmy, thanks for this. On a VA cash out refi..can that money be used to pay for a second home? A retirement home is what's on my mind, but I'm not ready to sell the existing home..thanks
My pleasure and yes it most certainly can.
I am a surviving spouse and my husband passed away about 26 years ago. As I understood, I have a VA home loan I could use but never used it. I was wondering what I have to do to access it. I am planning on buying a house after getting my finances straight and save money in time before purchasing.
Hi Margie,
I'm sorry to hear about your husbands passing. I would like to discuss your scenario over the phone or via email. Can you please email me at jimmy@valoansforvets.com ?
Can you make a video of v.a loans for 100% dissabled vets please ex ,closing cost,escrow,all the info
Hey Edgar, you got it. Great idea!
Sender FI my fellow Marine! Your explanation of the VA loan pros and cons were on point 👏🏼👏🏼👏🏼👏🏼. New subby here. I’m in the unfortunate process of going through a short sale now and luckily my buyer submitted an offer ten thousand more than my actual asking, but still obligated from the seller side of thing have to factor in commission to the realtor (s) and any other fees associated with the sale which from the realtors standpoint I still will walk away empty handed. Sad to say but was also advised from the banks standing representing me the seller I can also ask for relocation assistance from my services. Are u aware of this? Your response will be greatly appreciated and welcomed.
Hello, thank you for your comment. I am somewhat familiar with short sales in career back iin the 2008-2011 period. With that being said, I have heard of instances where there is money offer to the seller at the end of the transaction to vacate the property this use to be referred to as 'cash for keys" I'm not exactly sure that's what you are referencing here however. Please let me know if I can answer any questions.
Spelling was wrong sorry, Semper Fi leatherneck!
Hey Jim so I had a question. Would it be a good idea then to use the VA loan to buy a house only to end up moving again after just 1 year? I was told I'd be potentially losing money if I did that since I wouldn't be staying on that property for more than a year.
With that being said, I was told that a long-term time horizon would be best because being that I’m a first time buyer, I’d be charged an upfront funding fee of 2.3% added onto the cost of the house.
Hi Michael, that's a good question and some of the points you make below are well taken. The longer you are on real estate the better. If you try to sell your home in 1 year or less the rate of appreciation in the home might not give you enough equity to sell. This would apply to any loan type and not just va with a funding fee. One idea might be to buy a home and rent it out instead of trying to sell. If you're looking to build a real estate portfolio this is one way to begin that process. Please let me know what questions I can answer for you. -- Jimmy@valoansforvets.com
Hey boss, quicky for you. When I moved to Texas I didn't have to put any money down at close. It was all rolled into the loan. I'm currently working with a lender in Louisiana and they said we can't roll that in even though I negotiated 6,500 under fair market. Was I wrong in thinking that close could be rolled into the loan?
Hey Newell - your lender is correct. You’re unable to roll costs into loan. You can request a higher rate and use the premium to offset costs which could be a solution.
Liked and subbed. I just got my DD214. I am a contractor in Qatar but want to buy a house In Maine before I leave, I have 2 more years of work. Should I buy now?
Appreciate it sir! Just replied to your email! Looking forward to connecting with you...
Wow I had no idea if you had a service connected injury you don’t have to pay the funding fee. I’m good to go. My 10% tinnitus around aircraft has paid off 😂
lol exactly i got the same disability rating for the same thing
💪💪💯💯
Ahhhh.... writes at Mach speed and super illegible... just like the good ole marines I've come to know and love. Now, where's my crayons? 😂
LOL!! We're out here Travis!!
What if you had to turn a VA fund home back to the lender in leiu of fprclosure because you came down on assignment for an overseas assignement and you coultn't sell the home because the neighborhood went down? In short, I did a home turn in in leiu of forclosure and the VA lost money?
Hello George, based off of what you shared above I would expect their to be a charge / claim against your entitlement. Now, you may still have some remaining so it's important to keep that in mind. My suggestion would be to obtain a copy of your COE from your ebenefits portal and send me a copy and we can read it together -- jimmy@valoansforvets.com
Thank you for this. I was on the fence between the VA Loan and the CalVets VA Loan. But one question, if I want to buy a house, how long do I have to live in the house before I can move out to rent it out and buy another house?
Rumor has it that if I use a VA loan, I have to live in the house for a year before I can rent it out.
My pleasure - 1 year 💯💪 jimmy@valoansforvets.com
If you have a service connected disability percentage given after the loans already approved and in effect, can the funding fee still be zeroed out?
If it's during escrow yes. If not, you can have it refunded after the close of escrow. -- Jimmy
Would you clarify whether or not the funding is required as a down payment?
Also, are there ways to minimize the closing cost, or include that in the loan?
Sure. The VAFF can be rolled into the loan or paid in full at closing.
Now if the veteran does opt to put down 5 or 10% down they can VA reduces the VAFF allowing the veteran to save money so of the vet is in a position to do so it could make sense. Let me know if that helps - jimmy@valoansforvets.com
VA Inspections are a negative. I am a Marine veteran with a VA loan and my closing (2016) was delayed because the inspector stated the hot water in the shower did not get "hot enough". The inspector had to be explained how to operate the controls on the faucet. This delayed my closing by one week. The inspector also delayed my closing due to paint that had chipped off the exterior of the house exposing a lighter shade of paint underneath. The seller had to have the entire exterior repainted before passing inspection. I know of a veteran that had his delayed by an inspector who cited hardwater stains and rust on the exterior of the house. VA inspectors will deny and delay your loan for cosmetic issues. That said not all inspectors will do this however it is still common.
Hi Nathan, Semper Fi Sir! There are no such things as a "VA inspection" as VA does not require a property inspection. The VA does require an Appraisal where the appraiser looks for 3 things in addition to the opinion of value that the property is Safe, Sound, and Sanitary. So long as you check those three boxes you shouldn't have any issues with the home. With what you mention above those would fall under the sanitary aspect of the home and would be considered a safety hazard. Let me know if you have any additional questions.
Just closed on townhouse with a VA loan. They did required an inspection of the property but we paid for it out of pocket and chose our own. The appraisal money got credited towards closing.
That's on the inspector. Also, the seller's agent should've been on it. We have an idea of what may or may not pass inspection. That's why some ppl request conventional loans only, because they're homes are too jacked up to pass inspection. Yes, your closing was delayed, but the vet buyer will always be taken care of
I chose my own inspector and because of him I got a new roof.
Hi Jimmy:) A couple of years ago I had to claim bankruptcy because of hurricane Irma. Since then I don't have any credit cards except for one debit/credit card with my bank. What do you think my chances are? My Experian score is 650.
Hi William, great work on reestablishing yourself. Based off of what you share it sounds like you may be able to get prequalified for a VA Loan. My suggestion would be to consider submitting an application on my website at www.VALoansForVets.com if you'd like to find for how much. Thanks!
Hey Jimmy, im pcs ing to AZ and planning to buy a house instead of renting. Can you help or recommend a realtor? I was also advice to check with usaa on getting pre approval befor talking to a realtor. im a first time using VA loan
Hey Walden, happy to be a resource. Pls email me at jimmy@valoansforvets.com
After exiting my Cares act covered mortgage and I make the 3 required payments after my deferral can I be eligible to buy in the same month of that 3rd payment or do i have to wait until the 4th month ?
Hey Justin, depends on the lender.
Great video Jimmy! I’m in the army reserve, and I was told that I have to do 90 consecutive days of active duty to use the loan. How can I go about doing those 90 days ? And where to go? Thank you!
Hi Sami - your command would typically call you to active duty. VA requires 90 days of active duty or 6 years for reservists.
You look for deployment and volunteer or find a way back to active duty. Did this many times
🔥
Boom!
Can you address the pros and cons of using the VA loan to pursue a house that hasn’t been built yet?
Good question - there are some different requirements related to a custom build using a VA Loan. You’d want to check out some of my older videos on construction loans.
What about the one time close construction loan?
It's an option and can be done.
Would you consider using a Dr loan for my first house (in a less expensive area) and saving my VA loan for my second house (which will most likely be more expensive) in order to save on the funding fee for the second home?
I prefer VA Loan personally. NO MI and likely will have a lower interest rate.
Hello, I currently have a duplex on a VA loan on a 2.5% int. in CA. I've lived in one of the homes for over 3 yrs and rented the other. My current employer is relocating me and my family to Indiana. Is there a way for me to have a second VA loan without refinancing my current loan?
My first loan was 690K.
Yes Luis, there is. We'd have to do an entitlement calc to see how much you have remaining. If you email me at jimmy@valoansforvets.com I put together an analysis for you and get you headed in the right direction (towards IN). Talk soon!
We are currently in the VA loan process and we’re told now ( a few weeks into the process)
It’s not zero down ..
Help
Hmmmmm can you email me personally to look at with you? Jimmy@valoansforvets.com
So what if you use your VA loan to get a house while active but get out with disability would I be able to refinance to get the VA loan fees waived?
Yes you could. However, the VA funding fee cannot be wavied in retrospect. In other words, the next time you use your VA Loan it will be waived. So if you refi or buy another home you'll never have to pay it again! Thanks! jimmy@valoansforvets.com
Hi, I’m using my VA Loan benefit for the first time. I’m a Vietnam Vet. I’m 100% service connected , Total and Permanent Disability. I ask for my COE and was denied. Is there any reason why I was denied ? Thanks, keep up.
Hey Joe - Answered your question on a separate thread. Pls shoot me an email and I can help you obtain a copy. 💯💪
Jimmy , how I can use VA loan for second times or even more . For example: I have jumbo loan in San Diego 600k in 2019 so, if I want moving out to close with my kid school and using 2 times . Have any requirements for 2 times . Please advise
Hi Adam - in that instance you’ve used all of your VA Loan and you likely don’t have enough to deploy on the new house. To take advantage of the remaining about you would want to consider refinancing your home out of the VA (into a conventional) which would then free up the VA. Please email me with any other questions - jimmy@valoansforvets.com
could you do a FHA LOAN PRO / CON AND EXPLAIN WHAT IT IS!!
Hey Braeden, sure I could do that.
My husband was wondering if you need a certain credit score to use it
Good question. Typically most lenders require a minimum credit score of 620 to qualify. HOpe that helps.
I was thinking of a Navy Federal Credit Union VA loan. Would it cost any additional money for your team to work on my next purchase comparedvwith a loan officer from the credit union?
Hi Ron - would be honored to be a resource. You're certainly welcome to compare us to NFCU. Shoot me an email jimmy@valoansforvets.com
thank you for this information it was helpful for my wife and do you know anything about a business loan the business is already Established just taking it over i know its not a home loan or do you have information i can look up for them
Thanks Paul!
If I want to purchase a home using my VA loan, and I live in it but I want to rent out a room inside as an AirBnB, is that allowed?
Hi Jay, I see no issues with what you describe above!
what's up DEVIL! quick question. i just bought my primary home residence for $405k and im planning to rent it in a year from now and getting another home. what will my limit be for that 2nd time i use it? rahhh!
what's up tuefel! In that scenario you will have about 242K left over / remaining if you are not in a high cost county. Keep in mind you can go higher you just have to pay 25% of the difference. Let me know if I can answer any other questions.
what if a conventional loan has a lower interest rate than a va loan? I’m willing to put a 20% downpayment or more to lower my monthly payments. i also have a 50% plus disability. i was lookin yesterday on NFCU mortgage rates, their conventional loan (5% down) is lower than va loan. what other fees does a conventional loan have that a va loan doesn’t or vice versa?
Really good question Akila. In my exmperience this is a bit of an anomaly. Rarely have I seen this happen, as VA rates tend to trade roughly .25-.375% better on average. With that in mind, if you can get a conventional loan with 20% down and NO MI it would not be a bad idea to use that as a financing option and keep your VA in your back pocket for the next purchase to deploy at another time. Hope that helps!
@@JimmyVercellino what is 'NO MI?' thanks for your response
Can you use a VA loan on a New Contruction home?
You sure can. I have a video on this on my channel :-)
So you're saying that the lender is on the hook for 75% if the vet never makes the first payment?
Yes sir. VA guarantees 25%. Let me know if you have any othger questions. -- Jimmy
What if I only serve one contract will the loan be taken away from me
I don't see why...
How do i buy a hobby farm using my VA benefits?
Hello ! VA guidelines do not allow for hobby farms. Now you could buy a home with land and build a farm.
This sounds like 100% of all VA’s are guaranteed a home loan. As long as you have been employed for 2 or more years.
Am I missing something that wouldn’t qualify a loan approval?
VA and the lender will both require that you qualify by way of income and credit. Let me know if I can answer any other questions!
VA loan still worth it with ~ 50% down? No funding fee with disability rating
I would say yes, you'll likley get a lower rate in my opinion.
Does the VA loan go for a mobile home to? Would a new one be easier than a used one? I’m 67.
Hi Marie, it does -- you just have to find the right mortgage lender.
Can I purchase a house along with my father, using his VA loan? Co-signer?
You sure can. Keep in mind however, VA would require a 12.5% down if he's not a veteran and won't live in the property.
Oorah brother
Semper Fi Devil!