first time va home loan help!

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  • ABN_INF

    Well-Known Member
    Rating - 100%
    4   0   0
    Sep 3, 2012
    165
    18
    belle chasse
    i need suggestions.... I know absolutely nothing about buying a house. I have talked to a couple lenders but I never hang up feeling like I understand the process... The issue is that i am self employed and have to jump thru extra hoops to get approval because of it. If anyone can recommend a local lender (nola) or has been thru this recently themself and would share some advice please pm me...
     

    Magnus

    Member
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    0   0   0
    May 14, 2013
    5
    1
    I know this is an old thread. However, as a vet and as someone who has bought several homes, I felt obligated to post. The main benefit of a VA loan is being able to get into a home with little required down. However, they are not a "good deal" as home mortgages/trust indentures go. Just make sure to shop around, especially if you can afford more of a down payment than that required by a VA loan.
     

    gbundersea

    Just my 2¢
    Rating - 100%
    34   0   0
    Jun 4, 2007
    1,421
    38
    Walker, LA
    Unless you have 20% down and qualify for a conventional loan, VA loans are hard to beat. They have a single up-front guarantee fee, NO additional monthly mortgage insurance of any type, and rates that are almost always less than conventional. For example, today's 30-year conventional rate is 3.875, while VA is 3.750.

    With conventional loans, you will pay monthly mortgage insurance (MI) unless you have a 20% down payment.

    Rural Development (RD) loans have an up-front fee and a monthly guarantee fee, and FHA has both an up-front MI payment along with high monthly MI which is perpetual unless you refinance.
     

    troy_mclure

    Well-Known Member
    Rating - 100%
    30   0   0
    Mar 13, 2010
    2,762
    38
    Central
    yea, my va loan saved me $170/mo-$390/mo over fha and rd loans. interest rate was identical to non va loan, and id never be able to save $28k(20%) while paying rent too.
     
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