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VA Home Loans
#1
If you have any questions about how to get a VA loan, what it does, how it works, or anything else about mortgages ask here.  Since getting out I am now working in that field, and I know it can get confusing.
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#2
Can you give us a basic overview of the process, qualifications, and common mistakes? Does it differ between banks? Are there restrictions like being married or single or what have you?
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#3
Ok so first step of the process, get your certificate of eligibility from the VA. The two MAIN qualifications are a fico over 620 and no more than 41% debt ratio (VA uses net income instead of gross income which is weird) the debt ratio for VA loans is a bit tricky (take home pay / EVERY bill including daycare).  So as far as lenders go, very minor (like $6 a month) swings in rates, so go with who you feel comfortable with.
  The most common mistake is people think that the VA funds the loan.  They don't, what the VA does do is promise lenders that if you don't pay, they will cover some of the loan.  
  You will not need a down payment for a VA loan, there is something called a guarantee fee that is a one time fee paid at closing(unless you are disabled, not sure on %).
   The really cool thing about them is that there is no mortgage insurance (yes you still need homeowners) the real downside is the appraisers are PICKY (but not any worse than FHA loans) so you will likely have to have something done to a house.  I had to put up a railing.
   Married or not doesn't really matter any more than any other loan (certain states require spouse debt and income, some dgaf)

Feel free to pm with any questions that you might not want on a public board. 

(I'm waiting on my license so in like September (because we all know how damn long government takes to get stuff out) I'll put up info to contact me at work
   
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#4
is there a limit for the % for closing costs with the VA Loan, or does it just depend on the lenders.
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#5
(05-29-2016, 11:38 AM)ElKabong197 Wrote: is there a limit for the % for closing costs with the VA Loan, or does it just depend on the lenders.

The seller can only give 6% of the sale price towards closing. As far as total cost of closing that can vary, you can save a lot of money by shopping for a title company instead of using the recommended one.
“I have never listened to anyone who criticized my taste in space travel, sideshows or gorillas. When this occurs, I pack up my dinosaurs and leave the room.” <br />― Ray Bradbury
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#6
Is there any possible chance to get a VA home loan while using the GI bill/ disability as your main income? I have a 780 credit score as well.
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#7
(05-29-2016, 01:25 PM)Disgruntled POG Wrote: Is there any possible chance to get a VA home loan while using the GI bill/ disability as your main income? I have a 780 credit score as well.

Not the GI bill because that ends after the semester. The disability is up to you, the lender can't straight up ask about like welfare or disability  (they will say something like...if you happen to have alimony, child support, disability you CAN IF YOU WANT use it to qualify)  So tell them about it and they can use it to qualify you.  They will need a copy of your award letter.
Really dumb not to tell them. More money is more money
“I have never listened to anyone who criticized my taste in space travel, sideshows or gorillas. When this occurs, I pack up my dinosaurs and leave the room.” <br />― Ray Bradbury
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#8
I was told VA Disability is not taxable and therefore not claimable income. But my GI Bill income was allowed.
I even told my loan officer that was ridiculously stupid and demanded to speak to her supervisor.
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#9
Aaaaaaaand den?
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#10
What are some of the main things that disqualify someone from getting a VA home loan?
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#11
(05-30-2016, 06:40 AM)cookiecj Wrote: Aaaaaaaand den?

The supervisor said the same thing and we claimed GI Bill as income and didn't claim disability at all.
I'm sure it's different with different lenders
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#12
I've always heard the opposite. How strange.
CPD: after you beat up someone you gotta take something from them.  CPD: it can be food, money, their anal virginity, whatever, but you gotta take something from him

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#13
(05-29-2016, 08:50 AM)MootPoint Wrote: If you have any questions about how to get a VA loan, what it does, how it works, or anything else about mortgages ask here.  Since getting out I am now working in that field, and I know it can get confusing.

Does the VA offer anything like this for small business loans?
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#14
(05-29-2016, 07:40 PM)5.9lcummins Wrote: I was told VA Disability is not taxable and therefore not claimable income. But my GI Bill income was allowed.
I even told my loan officer that was ridiculously stupid and demanded to speak to her supervisor.

Yeah your loan officer fucked up. Not taxable is fine (in fact we multiply things like that by 1.25) The GI bill should NEVER be used to qualify for a loan...like EVER. I used my va disability to qualify even.  You may want to talk to another lender because that's seriously fucked.  VA disability works exactly like untaxed pensions or rerirement income.

(05-31-2016, 08:42 PM)Yossarian Wrote:
(05-29-2016, 08:50 AM)MootPoint Wrote: If you have any questions about how to get a VA loan, what it does, how it works, or anything else about mortgages ask here.  Since getting out I am now working in that field, and I know it can get confusing.

Does the VA offer anything like this for small business loans?
 I just write mortgages, so I'm not sure but I think they have a business loan.

(05-30-2016, 02:33 PM)5.9lcummins Wrote:
(05-30-2016, 06:40 AM)cookiecj Wrote: Aaaaaaaand den?

The supervisor said the same thing and we claimed GI Bill as income and didn't claim disability at all.
I'm sure it's different with different lenders
GI doesn't work because it's short term and there is no guarantees that you will go to school next semester. That is uniform across the industry (post 2008 crash rules got strict) and anybody that is using it to qual you for a loan will have a hard time with underwriting and is just looking for a quick commision.

(05-30-2016, 06:58 AM)29PalmsGrunt Wrote: What are some of the main things that disqualify someone from getting a VA home loan?

 Three things really,  shitty debt to income ratio (technically 41% but I have seen 60% fly) below a 620 credit score (fyi the score I would pull and the one you get from free credit report WILL 99.99% of the time not match at all), and finally a shitty discharge.  Keep in mind you can only use the VA loan for your primary home (not like a rental or something).  Honestly honorable discharge (or still active) ok credit, less than dick deep in debt, have a job and you probably qualify.

Oh another thing that will help you pick a lender, don't go to banks. Look for a mortgage originator with a nmls number, we do waaaay more training because people at actual banks don't have to get licensed
“I have never listened to anyone who criticized my taste in space travel, sideshows or gorillas. When this occurs, I pack up my dinosaurs and leave the room.” <br />― Ray Bradbury
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#15
Nmls?

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#16
http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
This I think? I'm tired of renting and talking to Her Majesty about getting a 2 family after the little one gets her degree.
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#17
Yup that, proves your banker knows their shit
“I have never listened to anyone who criticized my taste in space travel, sideshows or gorillas. When this occurs, I pack up my dinosaurs and leave the room.” <br />― Ray Bradbury
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#18
Everything OP said is spot-on, especially the part about not going to banks for mortgages. They are impersonal, and the bigger banks are worse with this--they are primarily involved in actual banking and have not as many resources to allocate toward mortgage lending, so they can drag out the process by a couple months, and that's even when you call them every day to stay on their asses.

Not to steal OP's thunder, but to add something, if you're using a VA loan to buy a house, might as well save time by only considering houses that don't need roof repairs, foundation repairs, siding, etc. The appraiser WILL make note of that on any house you're trying to buy and won't give you a loan unless the seller fixes it. In Texas, repairs are a big negotiation point, and many sellers won't accept offers with VA loans because of lender-required repairs. Either that, or an appraiser will ding something and the seller can refuse to repair it and you can't buy the house. We have one VA appraiser here in DFW who has become pretty notorious for killing deals because he is under-appraising houses and refusing to consider perfectly good comps that prove the value of the house. In other words, he's only helping veterans lose out on houses with their VA loans because if a house under-appraises and the appraiser won't consider other comps, most sellers won't lower their price and/or the VA buyer can't or won't pony up the cash to cover the difference between asking price and appraised price.

FHA is a similar deal, though. Conventional CAN be the way to go, but just be wary of shit like the above and look at newer houses if you can. Either that, or build up cash to cover the difference on a house you really want in case it under-appraises. Nothing wrong with risking a deal when you ask if a seller will do certain repairs and not knowing if they'll agree or not, but if a house is in bad condition you may not get that house with a VA loan.
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#19
I'm in the process of buying a house using the VA loan right now and the appraisal went surprisingly smooth for me... And the house was built in 1939. Maybe I just got lucky.
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#20
(06-07-2016, 03:36 AM)dotKev Wrote: I'm in the process of buying a house using the VA loan right now and the appraisal went surprisingly smooth for me... And the house was built in 1939. Maybe I just got lucky.

I will say that a lot of historic homes end up updated and maintained enough that it doesn't end up as a problem. At SOME point, it's been maintained enough to keep standing and not have major problems. What I'm talking about are the homes built in the 70s, 80s and early 90s, that are just new enough still to have not been updated much or maintained well sometimes, and are just old enough that it's a problem. Most historic homes in the historic districts of Fort Worth that were built in the 20s and 30s are high-dollar homes simply because they are old, and they are almost always updated and well-maintained to keep them up to modern standards because they have to be. Even the ones that are maintained shittily and not updated can still go for a pretty penny.

I sold a house once that was built in the 70s, it had lead paint and aluminum electrical wiring still. My buyers were using a VA loan initially and couldn't get the house, the lender recommended they go conventional. Given, that was partly because the husband was maybe 5 months out before EAS and the way the lender saw it, he was 5 months out from not having a job anymore so they had to go off the wife's income solely. But older, turn-of-century houses? Shit. You'll rarely see aluminum wiring and lead paint. It's just a weird anomaly. The people who built houses in the 70s and 80s are mostly ancient now, and they never updated their homes because they didn't see a need to. Now that generation is dying off and leaving their adult kids to do estate sales and sell their parents' homes in a trust, and investors are going to buy them up and updated and flip them.
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#21
(06-03-2016, 07:24 PM)MootPoint Wrote: Yup that, proves your banker knows their shit

Answer me you fucking bitch
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#22
(06-01-2016, 05:43 AM)cookiecj Wrote: Nmls?

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Mortgage Licence Number. it's the license that allows a lender to lend.
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#23
(06-14-2016, 03:38 AM)LiferLance Wrote:
(06-01-2016, 05:43 AM)cookiecj Wrote: Nmls?

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Mortgage Licence Number. it's the license that allows a lender to lend.

It lets you look up your loan officer on the nmls site (the thing is if the guy works at a bank or credit union, he only needs to register vs get licensed) as a rule direct lenders have stricter requirements than loan people at banks.
“I have never listened to anyone who criticized my taste in space travel, sideshows or gorillas. When this occurs, I pack up my dinosaurs and leave the room.” <br />― Ray Bradbury
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#24
Would you rather fight 100 duck sized horses or 1 horse sized duck?
Thanks Obama!
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#25
(05-30-2017, 12:35 AM)AlyssaGarcia Wrote: Applying for VA loan becomes much easier when you are assisted by a lender who has complete knowledge about VA loan process.

No shit sherlock.


Redux: "Winning a fight is easier when you're a better and more experienced fighter than your opponent."
CPD: after you beat up someone you gotta take something from them.  CPD: it can be food, money, their anal virginity, whatever, but you gotta take something from him

#FREEHCT


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