Va Home Loans

[admiral7]

can anyone using the VA home loan program explain the advantages/disadvantages of using the VA.All the info I can find shows the interest rates are the same,you still have to have credit life insurance,all the closing and fees are the same and lenders are more dificult to find.So please shine a big light on this for me.

[bozoc]

can anyone using the VA home loan program explain the advantages/disadvantages of using the VA.All the info I can find shows the interest rates are the same,you still have to have credit life insurance,all the closing and fees are the same and lenders are more dificult to find.So please shine a big light on this for me.

I don't know how VA loans work today. I got one many years ago in the 70's when I bought my first house. At that time you did not have to make a down payment. I was making decent money but had been to dumb to save much. That is why I used them. After the initial house, I was always able to find a better deal when I bought. Lower interest rate, etc.

[Pete53]

First of all the VA Loans the Fees are less. Also since your are disabled the rate will be cut and you will not get a couple of thousand in extra closing fees. The VA will actually inspect the property and make the seller fix things that they would not.

If you get into trouble the VA has programs to help.

I think the VA Loan Program is great.

[jbasser]

Pete is again correct.

Also if you are disabled 10 percent or more, you dont have to pay a thing called a funding fee. USually 2 percent or points.

The main benefit in a VA loan vs conventional financing is the 80 percent rule. Conventional states that if you dont have a 20 percent down payment you must pay private mortgage insurance or PMI. The VA has no PMI which saves the Vet a lot of money monthly.

You can also finance the entire cost plus closing cost.

It is all around a better program for the Veteran.

J

[admiral7]

First of all the VA Loans the Fees are less. Also since your are disabled the rate will be cut and you will not get a couple of thousand in extra closing fees. The VA will actually inspect the property and make the seller fix things that they would not.

If you get into trouble the VA has programs to help.

I think the VA Loan Program is great.

can you please explain the programs you speak of.I am also concerned about what happens when (not if) I die so the house will be paid and not leave a huge mortgage.

[Pete53]

Most Mortgages offer Mortgage Insurance but if you are very ill you probably not be able to get it or pay a high premium. Be very careful cause a lot of scammers try to sell accidental death insurance when means you have to die by accident and nothing else. Not only is it expensive but usually does not pay off.

If you are in good health you can get the mortgage insurance whether you use VA or Regular.

[out_here04]

Okay, I'm piggy-backing on the VA home loan issue somewhat. I am still a long way from seeing the light at the end of the tunnel to repair bad credit and tax issues due largely to my SC issues but one day I hope to realize the American dream of home ownership. The housing and economy news makes this even dimmer but what is a rule of thumb or other beacon of wisdom I should go by to make a long range plan come true one day. Donations accepted lol