Va Home Loan Question?
My Father just received his Certificate of Eligibility for a VA home loan. Does this guarantee him the loan? What are the next steps? Also, his credit is below average, can he use me as a cosignee if I have an above average credit score? We’re hoping to get our first house this year and take advantage of the new home buyers tax credit.
No, the bank makes the loan. VA makes it possible that you don’t need a down payment (or very little) and possibly the seller can pay closing costs if written as part of the bid. There is also the VA funding fee (which can be financed)- your father will be exempt if he is receiving compensation for a service connected disability.
These FAQ’s should help.
I’m not sure about cosigning, but the loan can be put into both your names.
VA Home Loan question?
I have the Certificate of Eligibility from the VA home loan office. My credit score is roughly 670. The only debt I have is on my truck which is like $11k. I will make around $60k this year. The thing is I checked my credit score and I have 20 inquires from when I was car shopping… I would like to know what my chances are for being approved for a $65000 home loan. I dont want to go to to the bank and be declined and have another inquiry on my credit report. Any info would be helpful. Thanks.
You should have no problem, even with the car inquiries. A mortgage inquiry will not hurt your credit score. Ask us for referrals (in the form to the left) to a good mortgage lender and go make the application.
Whats type of home loan is easier to get?
We did receive a certificate of eligibility from the VA for a home loan but, as we attempt to maneuver through the process of getting a home loan it seems more & more that no one likes to deal with VA loans.. Should we try to get a loan somewhere else instead of using the VA? We live in Washington state if that helps..
The typical obstacle with the VA loan is the appraisal/inspection. I know it says that VA does not require an inspection, but the VA appraisal is an inspection too. Some sellers do not want to deal with all the picky stuff that VA/FHA want to make a home qualify, and some of it is a bit picky. It is hard to beat the VA deal, stick it out there and get yourself a great house.
how does a VA Home loan work?
My husband and I got our certificate in the mail and it says they gave us $36,000 but not sure what they mean by that… can anyone explain? thanks.
That is the amount of your entitlement. The maximum entitlement for VA loans up to $144,000 is $36,000. It is the amount the VA promises will be paid to the lender if you default on your loan.
Anyone know anything about VA home loans?
My husband just got 70% disability from the VA and the paper work said that we qualified for a VA home loan. We are in desperate need of a new home, because ours is falling apart and is a major health hazard. But when we started looking for banks that did VA loans we were shocked at everything we were finding out. Not one of those banks said the same thing about VA loans. We are very confused right now. Then we went to the VA website and did some research but it only listed the basic stuff of the loan. We have already gotten our certificate of eligibility from the VA but we are at a road block about finding a bank to fund it. Some banks told us that we had to have a credit score of at least 620 to get a VA loan and others told us that a VA loan requires that same things as a FHA loan. Please can someone give me some straight answers so that I can get my family in a better and safer home.
To G C, My husband bought this home about 6 years ago because it was a cheap buy and he paid it in cash. it was built in the 1960’s and is only a small 2 bedroom and there is 4 of us. In order to get this house up to code we would have to rip it down and rebuild it from the ground up. My husband only paid $12,000 for the house and land with cash. At the time he was single. But now our family has grown and we need a bigger house and a safer home, one that is not in a dangerous nieghborhood. I am currently attending college full time to make a better life for us so we will have no problem affording a house payment.
First I would like to thank you husband for his service. You can finance 100% there is a fee but that is rolled into your mortgage, rates are representative of what is out there, and no you do not have to carry PMI insurance. Yes not all banks and or realtors will deal with it, if you fill out the form to the left, we will refer you to a pre-screened VA lender. First you will need your eligibility statement and the usual paperwork as in income for 2 years, credit check etc. (You will have to be in the 620 range or above) You will also need some good faith money (which is returned at closing) and closing costs, if you cannot get the seller to pay, you will also need to pay for 1 years insurance on the property, have an inspection, pest inspection and appraisal done, these costs are yours. No pealing paint, furnace plumbing and electric in working order basically the home is in move in condition. You also have need to meet the income to debt ratio which is no different than any other mortgage.
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How long does it take to receive a Certificate of Eligibility for a VA Loan?
I need to move into a house pretty soon. I know how the VA can be and I just need to know whether or not they are going to take forever, i.e. 90 days to get me a certificate of eligibility.
I’ve seen as fast as a few days to a couple of weeks if there are no eligibility issues.
Can I get a VA certificate of eligibility?
My husband and myself are both military. We purchased a home back in 2007; however, we used his certificate of eligibility. We now want to purchase another home, but since we are already using his cert. (cannot be used again if we this house isn’t paid off), can I request my certificate since I also qualify? The thing is that I am the second owner on this property.
Yes you can. Contact your VA to receive your certificate. Co signer doesn’t matter, his cert is the only one committed. Yours is free. Or alternately, our pre-screened lenders can obtain it for you during the application process.
Lost Certificate of eligibility for education benefits from the VA?
I’ve lost my certificate of elgibility for my education benefits. Anyone know how to request a copy?? I feel so foolish for losing such an important document but it must have gotten lost in my recent move.
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Can a VA home loan be used to buy a home in foreclosure?
I’m in the military and interested in purchasing my first home. However most of the homes in my area are in foreclosure; the ones that are in my price range at least.
I called at one in particular but the realtor said that the bank doesn’t like going with VA b/c the foreclosure wants all the costs to be covered by the buyer.
Other than talking to a realtor (which is what I’m going to do on Monday anyways) can a VA home loan still be used to buy a home in foreclosure?
Couldn’t the closing costs just be included in the the cost of the home itself?
Oh and I’m residing in the state of Florida.
Yes it can, however the VA may require an escrow of monies to make repairs and most lenders aren’t going there. You might consider purchasing a “short sale” instead. At least you can see the property is most likely being maintained and would you still have some negotiating room with the sellers instead of the lender.
If I am winning bid on, ” as is” VA foreclosure and the home inspection reveals problems. Am I obligated ?
Or does the VA let you negotiate the bid amount?
If you bid at the foreclosure sale, that part of the process is between you and the court. The VA doesn’t have anything to do with it. You’re better off dealing with the VA once they own the property and you are negotiating to buy it from them directly.
Most court let you pay a deposit towards the full bid once you win the auction — maybe 10% of the bid — with the balance due in X number of days. If you only paid the deposit, you could just not pay the rest. You would lose that deposit, but if losing the deposit would result in a significantly lower loss to you, it may be worth it to just take it on the chin and walk away. If you paid in the full bid at the sale, you are probably SOL. As a last resort, you could file a motion with the court to vacate the sale, laying out all the problems with the property, and hope the judge rules in your favor. It’s unlikely you would win, but worth a shot. Good luck.
How long does it take to go from a ratified contract through to closing on a foreclosure home? In VA?
Right now… the banks are flooded with paperwork on these neglected homes. Normally, it might not take more than a 2-3 weeks, but in this climate there really is no telling.
Who can we talk with in regards to a VA foreclosure vacant home for about 4 years now considered unihabitable?
Ask the Commissioner of Revenue in the county where the house is located or we can connect you with pre-screened real estate agent.
Va home loan after foreclosure?
Anyone else been through this? We did not use our VA loan when we purchased. We went through foreclosure. How long after forclosure can we use VA loan?
Remember its still a loan that you must be approved for it just backed by the FED. Most lenders will require at least 24-36 months before you will be eligible for a VA loan.
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We have a fairly detailed breakdown on VA Home Loan Requirements here. But it’s always good to check more sources.
VA Loan Requirements
Here is a breakdown of each of these requirements: Certificate of Eligibility. This document provides proof of military service and eligibility for a VA home loan. If you do not have a certificate, you can purchase an application from…
Publish Date: 08/23/2010 8:44
You can also read up on the VA’s own website by clicking here.
VA Home Loan Lenders- How to sort through them if you’d like to find the best VA Home Mortgage lenders yourself…
VA Home Loans Are Increasing In Popularity | Mortgage 101 Blog
Image by MauraNeill via Flickr
VA loan rates are available from most lenders, but many times it is best to work with a lender that specializes in these loans. VA loans are government backed and as a result are usually easier to qualify for and are cheaper.…
Publish Date: 09/21/2010 9:46
Applying for a VA Home Loan from Private Lenders: How to Get a VA …
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First-time home buyers seeking a VA home loan and military personnel pursuing a VA home refinance can go through any approved private mortgage lender to gain eligibility.
Publish Date: 11/14/2009 10:51
Of course, whether you are wanting to buy a house, or refinancing your existing mortgage you can always just contact USMHAF and we will be happy to save you time by putting you in touch with our pre-screened lenders.