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looking to buy our first house.....

We are getting a VA loan..... have no idea what to look for when shopping for a lender. Any suggestions on where to go?

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MHaney1980

Asked by MHaney1980 at 4:47 PM on Jul. 27, 2009 in Money & Work

Level 1 (0 Credits)
Answers (8)
  • We have ours through Bank of America and so far (4 years now) we have been very happy with them. I would go to several lenders and see what they can offer you and take the best offer. Good Luck!
    JeremysMom

    Answer by JeremysMom at 5:04 PM on Jul. 27, 2009

  • If u go to military.com they have some helpful tips when shopping for a loan the only thing I did realize about the loan is that although u dont need money down u need money for points? I really dont understand what it is but they required us to have 3 thousand dollars before we got the loan
    kirsty_mcgrail

    Answer by kirsty_mcgrail at 5:22 PM on Jul. 27, 2009

  • when we bought our house 20 yrs ago i remember we bought it from century 21 and they suggested who to get the loan from.also when you get a morgade other companies will buy your morgadge and there really isnt anything you can do.but where your so is in the service i am sure they can tell you where to get the best deals or a lender thats works with service people...
    nana77500

    Answer by nana77500 at 5:35 PM on Jul. 27, 2009

  • Not sure on that, but I can tell you what happened when we tried to use a VA loan. Some sellers would not accept a VA loan buyer's bid - they stated conventional or cash only. I think they did this because the VA loan was a lenthier process and they didn't want to wait to see if it would go through (might be less prevalent problem now since sellers just want to sell). Also, we found that we actually got a better deal on our loan going the conventional route. So, you might try prequalifying for a convetional loan as well as getting all the paperwork done for the VA loan. If you are using a realtor, they might be able to direct you to your best bets. Good luck!
    Anonymous

    Answer by Anonymous at 5:40 PM on Jul. 27, 2009

  • *lengthier
    Anonymous

    Answer by Anonymous at 5:41 PM on Jul. 27, 2009

  • We used USAA.
    Christina807

    Answer by Christina807 at 5:50 PM on Jul. 27, 2009

  • We went through Wells Fargo and I WOULD NOT recommend using them. They missed our closing date, the closing cost were way higher than they quoted us, and much more. Good luck!
    Anonymous

    Answer by Anonymous at 5:56 PM on Jul. 27, 2009

  • We just closed with Wells Fargo and we closed on time. We have used them before and had a great experience. Our loan officer was fantastic and got everything processed in a very timely manner. Helped I had our w-2's, pay stubs, bank statements and investment statements copied for them to review when we filled out the loan application. Be prepared the more prepared you are the better the process will be for you. Talk to people you know and get recommendations for your area on who to work with for a loan. Make sure you have reviewed your credit and do not take out a loan while in the mortgage process that can make you lose financing or delay it. Get a competent realtor too.
    Anonymous

    Answer by Anonymous at 11:44 PM on Jul. 27, 2009

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