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VA Loan!??

Posted by on Feb. 6, 2013 at 2:04 PM
  • 14 Replies
Part one: Does anyone have any advice for the VA Home loan such as awesome lenders or things to avoid?
Part two: DH is getting deployed in March and we don't qualify to get our COE until the middle of this month. So I will end up doing the loan process myself. We already have the house picked out and we did a "specific" power of attorney that states I can apply for his COE and purchase a house in his name. Any other suggestions of something I may be forgetting? This is our first house so I have no idea what to expect from the loan process.
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by on Feb. 6, 2013 at 2:04 PM
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Replies (1-10):
barrelracer1699
by Chel on Feb. 6, 2013 at 2:28 PM

I have heard that EVERYTHING has to be perfect for them to approve the loan.

usmcwife327
by on Feb. 6, 2013 at 2:33 PM
Me too! I'm really hoping they don't make us wait until he comes home. I don't want to waste a whole year of BAH on a rental.


Quoting barrelracer1699:

I have heard that EVERYTHING has to be perfect for them to approve the loan.


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barrelracer1699
by Chel on Feb. 6, 2013 at 2:35 PM

 I ment in the house!


Quoting usmcwife327:

Me too! I'm really hoping they don't make us wait until he comes home. I don't want to waste a whole year of BAH on a rental.


Quoting barrelracer1699:

I have heard that EVERYTHING has to be perfect for them to approve the loan.



 

usmcwife327
by on Feb. 6, 2013 at 2:39 PM
Oooooohhhhhh!!!! Gotcha. Haha that will not be an issue because the house is brand new, has a warranty and the builder has done a couple houses for people with VA loans.


Quoting barrelracer1699:

 I ment in the house!




Quoting usmcwife327:

Me too! I'm really hoping they don't make us wait until he comes home. I don't want to waste a whole year of BAH on a rental.



Quoting barrelracer1699:


I have heard that EVERYTHING has to be perfect for them to approve the loan.





 


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gunsgirl
by Silver Member on Feb. 6, 2013 at 3:21 PM

question 1: go with a lender you trust, NFCU, USAA, for example. ( we went with NFCU because they had the best rates) however we did not go VA the second time we bought because of the fees.

before you apply for a loan pull your credit reports and pay for your FICO scores. you don't want any surprises.

do a budget - a new home budget. inspite of it being new you will want to factor in a home warranty on top of the 1 year builders warranty these run about 3-500 a year, and you will want to maintain it forever. budget in lawn care, landscaping, higher water bills, higher electric bills, ect. Pest control, HOA fees, taxes , insurance and flood insurance ( even if your not in a flood zone.)  these things can add from 200 to 600 a month to your monthly living expenses.

question 2: you should be fine with a specific POA, unless the laws have changed in the last year, I will say some banks will not do a loan with a POA like that, you will need to ask the bank if their underwriter will approve the loan with a specific POA>

gunsgirl
by Silver Member on Feb. 6, 2013 at 3:23 PM
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also remember than VA "no money" down does not mean you will not need money to close. it just means you do not need a down payment, you could have closing costs of up to 4% of the loan value.

TippyD
by Gold Member on Feb. 6, 2013 at 5:12 PM

crap.. get a POA specifically stating that you can buy the house and sign his name on all house paperwork as well as loan paperwork.. will he be somewhere you can get a poa if the need arises? 

sarahdryer78749
by Member on Feb. 6, 2013 at 8:24 PM
Go onto homes for heroes they will help you find a realtor and a lender we went through them and they took us step by step also you will have to earnest money it is kind of a deposit type of thing. Homes for Heroes also help with some of the down payment we put down 1900 for earnest money and at closing they gave us a check for 2000 because the seller paid for half of our closing cost and homes for heroes paid for the other half... You will have to pay for an inspector it was 400 dollars and then 75 it have have it reinspected to make sure that they fixed everything they agreed to. You should save between 3 to 5 percent of the value of the home for maintance.... Make sure you get a home warranty a month after we moved in our ac went out and it would of been 7500 but thanks to home it was only 60 woohoo lol
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cocoroo
by Coco on Feb. 6, 2013 at 8:32 PM
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We used the VA loan about 18 months ago. We used the builders lender and everything went smoothly for us.
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ReadWriteLuv
by Bronze Member on Feb. 6, 2013 at 8:42 PM

Unless you know for an absolute fact that you will be at that duty station for several tours I would caution anyone against buying vs renting. We had a really bad experience and won't buy again until my husband retires. Trying to own and manage a home in another state, with renters occupying the home, was a nightmare. We were left high and dry and ruined financially. We're still digging our way out of that hole. 

Of course I'm not saying this will happen to you, but we were talked into buying by my in-laws who thought it was ridiculous for us to rent and pay someone else's mortgage. Said in-laws of course weren't willing or able to help us out when the storm came through that ripped the roof to shreds, caused water damage and mold that our renters didn't bother to tell us about, and we had to pay the mortgage on the home plus rent at our current duty station for four months. 

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