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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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VA Loans?? Anyone??
I've been looking into different types of mortgages and found alot of information on the internet regarding both VA mortgage and a conventional mortgage. Anthony was in the Navy and can qualify for a VA Loan.
Has anyone here used a VA Loan? My question is, did it work out better than a conventional? My understanding is that if you put down less than 20% of a downpayment, you DON'T have PMI with a VA Loan. Is this true? My head is spinning from all this research....
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Posted 8/17/06 2:45 PM  |
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Prudential Douglas Elliman Real Estate
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: VA Loans?? Anyone??
I don't know about putting down less than 20%. We put down more than 20% and got a % discount for my DH being a veteran. I think it was 1/4 or 1/2, I can't remember....
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| Posted 8/17/06 2:54 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: VA Loans?? Anyone??
You can actually put ZERO down with a VA Loan, but there is a "VA Funding Fee" (there's a fee if you put down 10%, too, but it's not as much).......
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| Posted 8/17/06 3:01 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: VA Loans?? Anyone??
Yes, you can put zero down, but you may negate any discount of points and/or have a fee added. I did a VA loan thru USAA.
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| Posted 8/18/06 8:59 AM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: VA Loans?? Anyone??
you don't need a down payment but from my friend's recent experience, they are really on top of the condition of the house. it took months of having engineers and electricians and every one else checking the house before the loan would be approved. i think its a great opportunity if you don't have the money but she wouldn't do it again because it was too much stress that the house wasn't going to pass their standards. they also guarantee the loan if something happens and you can't pay it.
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| Posted 8/18/06 10:07 AM |
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Anniegrl
I'm two!
Member since 5/05 4320 total posts
Name:
Ann
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Re: VA Loans?? Anyone??
For us, it worked out better, especially being first time buyers. No money down, no PMI, no points (actually, we had negative points at closing!)
There's a cap to VA loans though; for us at the time it was around $240k. And a VA loan takes longer to go through, plus the part about the inspections being stricter is true.
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| Posted 8/18/06 11:06 AM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: VA Loans?? Anyone??
Thanks for your replies, everyone!!
About how long does it take to go through??
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| Posted 8/18/06 11:15 AM |
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Anniegrl
I'm two!
Member since 5/05 4320 total posts
Name:
Ann
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Re: VA Loans?? Anyone??
I seem to remember it being about 3 weeks to go through, but I could be wrong.....I just remember that as one of the differences between a VA and conventional loan. It didn't hold us up at all though.
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| Posted 8/18/06 12:26 PM |
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Anniegrl
I'm two!
Member since 5/05 4320 total posts
Name:
Ann
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Re: VA Loans?? Anyone??
Posted by Anniegrl
I seem to remember it being about 3 weeks to go through, but I could be wrong.....I just remember that as one of the differences between a VA and conventional loan. It didn't hold us up at all though.
And if you're wondering where we got a house for $240k, it was in Virginia, about 3 years ago 
Oops - I just quoted myself!
Message edited 8/18/2006 12:34:18 PM.
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| Posted 8/18/06 12:28 PM |
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