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va loans?

does anyone have any info on va loans? we are looking to buy a house in arizona by september and ive filled out the paper work and all. does anyone know how long it takes to get word back from the va loan place on what you have been approved for. what about bad credit? i havent really been able to find what there limit is. does anyone know? I am just really depsperate now cause i need to get out of this state and fast.

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m2bin08

Asked by m2bin08 at 12:03 PM on Jun. 10, 2009 in Home & Garden

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Answers (4)
  • We got a VA loan through a VA approved lender...to be honest the pre-approval was overnight and the actual approval after everything was turned in (DD214, pay stub, w2, etc) was only a week maybe? It was a pretty simple process. And w/ VA you don't need a down payment which can be nice.
    cdecker83

    Answer by cdecker83 at 12:10 PM on Jun. 10, 2009

  • The amount you are approved for depends on things. Not sure what exactly. But your credit score doesn't affect VA loans like normal loans. We actually defaulted, our house was taken back. We can still get another loan, but in a higher amount. Sounds stupid, but that's what the VA people told my hubby. You get a second chance. You should hear something pretty quick.
    Anonymous

    Answer by Anonymous at 1:55 PM on Jun. 10, 2009

  • My husband was a veteran while I was still in. He had already moved to SC while I was still in FL and he was able to get it all done with his information before I was able to get up here over the weekend with my paperwork. I think the limit you are approved for comes from your income, but I could be wrong. Also, they won't loan you more than what your house has been appraised for. For example if you wanted to do $20K worth of remodeling, you can't add the $20K to the loan like you may be able to for another type of loan. We used USAA for our loan and everything went really smoothly.
    Christina807

    Answer by Christina807 at 3:43 PM on Jun. 10, 2009

  • We also used USAA but went conventional with ours. It shouldn't take long...we got ours approved in less than a week.
    pagirl71

    Answer by pagirl71 at 7:46 PM on Jun. 13, 2009

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