Military home loans

[MANWHORE]

Good Morning all......Does anyone here know if i can use my Military background to help me get a better rate on a home loan? I was just thinking about that this morning. I figured i should be able to at least get something for my 4yrs active. I have work,so i'll talk to you guys later.

 

[dolfe1]

Good Morning all......Does anyone here know if i can use my Military background to help me get a better rate on a home loan? I was just thinking about that this morning. I figured i should be able to at least get something for my 4yrs active. I have work,so i'll talk to you guys later.

I have some knowledge of financing, I don't believe this is simply a yes or no answer, it will depend on the lender but generaly I would say yes, speak to your loan officer.

 

[crewboss]

I have some knowledge of financing, I don't believe this is simply a yes or no answer, it will depend on the lender but generaly I would say yes, speak to your loan officer.

pretty much everyone who puts in 4 years is eligible for a VA loan.

 

[dolfe1]

pretty much everyone who puts in 4 years is eligible for a VA loan.

Does a VA loan equal the lowest possible rate?

 

[crewboss]

Does a VA loan equal the lowest possible rate?

almost always and basicly everything that sucks about closing a mortgage has already been negotiated out for you. no downpayment, rate negotiation, never pay PMI, a cap on closing costs, no prepay penalty, etc.. VA loans are a great option if you qualify.. Here's some info...


More than 29 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans

1. Most important consideration, no downpayment is required in most cases.

2. Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $240,000.

3. Flexibility of negotiating interest rates with the lender.

4. No monthly mortgage insurance premium to pay.

5. Limitation on buyer's closing costs.

6. An appraisal which informs the buyer of property value.

7. Thirty year loans with a choice of repayment plans:

a. Traditional fixed payment (constant principal and interest; increases or decreases may be expected in property taxes and homeowner's insurance coverage);
b. Graduated Payment Mortgage--GPM (low initial payments which gradually rise to a level payment starting in the sixth year); and
c. In some areas, Growing Equity Mortgages-GEMs (gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan).

8. For most loans for new houses, construction is inspected at appropriate stages to ensure compliance with the approved plans, and a 1-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications. In those cases where the builder provides an acceptable 10-year warranty plan, only a final inspection may be required.

9. An assumable mortgage, subject to VA approval of the assumer's credit.

10. Right to prepay loan without penalty.

11. VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties

 

[crewboss]

Dolfe, assuming you are not a veteran, all you need to have is 180 days or more of active service.

 

[dolfe1]

almost always and basicly everything that sucks about closing a mortgage has already been negotiated out for you. no downpayment, rate negotiation, never pay PMI, a cap on closing costs, no prepay penalty, etc.. VA loans are a great option if you qualify.. Here's some info...


More than 29 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans

1. Most important consideration, no downpayment is required in most cases.

2. Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $240,000.

3. Flexibility of negotiating interest rates with the lender.
4. No monthly mortgage insurance premium to pay.

5. Limitation on buyer's closing costs.

6. An appraisal which informs the buyer of property value.

7. Thirty year loans with a choice of repayment plans:

a. Traditional fixed payment (constant principal and interest; increases or decreases may be expected in property taxes and homeowner's insurance coverage);
b. Graduated Payment Mortgage--GPM (low initial payments which gradually rise to a level payment starting in the sixth year); and
c. In some areas, Growing Equity Mortgages-GEMs (gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan).

8. For most loans for new houses, construction is inspected at appropriate stages to ensure compliance with the approved plans, and a 1-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications. In those cases where the builder provides an acceptable 10-year warranty plan, only a final inspection may be required.

9. An assumable mortgage, subject to VA approval of the assumer's credit.

10. Right to prepay loan without penalty.

11. VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties

Negotiate interest rates? Never heard of that. I never served, so this does not apply to me, if you have good credit it doesn't matter anyways.

 

[crewboss]

Negotiate interest rates? Never heard of that. I never served, so this does not apply to me, if you have good credit it doesn't matter anyways.

yeah i guess if you qualify for a VA you can negotiate the apr on the loan. i've never heard of that right with any other kind of loan either. VA loans are designed to give veterans a boost and it looks like they do a good job of that. you're right credit is very important, although not the only factor. i bought my first place back in december, landed 5.5/30yr w/ no points no closing. i showed up on close w/ a pen and a check for $755 for prepaid tax. but i guarantee that if i didn't show 12 months of bank statements w/ a consistent balance, the high credit rating wouldn't have mattered and i would not have qualified.

 

[juicedUp1111]

Yo

Bro,
I did this twice alraedy. The only benefit is no down payment, and no PMI. But in all actualty you will pay some PMI because the servicing fee will be 2.75 of your total loan. If you need more info LMK.

 

[MANWHORE]

OK i probably won't even bother. My credit is great,I just wanted to see if i can get lower than 5.7%. I think with 1st time buyer,i can get a little lower.

 

[ramboj70]

OK i probably won't even bother. My credit is great,I just wanted to see if i can get lower than 5.7%. I think with 1st time buyer,i can get a little lower.

bro I used my VA loan and my rate is at 5% try wellsfargo. but a VA is not always the best bro.