Q. 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.
A. I've seen as fast as a few days to a couple of weeks if there are no eligibility issues.
how can i find a va construction loan lender?
Q. i am a veteran and trying to get a va construction loan but can not find one here in ky. all the bank and other institutions do not want do the paperwork and say it is not profitable enough to do. I am all ready preapproved through the va my certificate of eligibility on file in Virginia. we own our land. we plain to build with the help of family so we do not need to borrow much. we do not need a home loan but a construction loan that we can transfer to a va home loan when complete.
A. Honestly I don't think there is any such thing.
You use a conventional construction loan, and then convert to a VA loan upon completion.
You use a conventional construction loan, and then convert to a VA loan upon completion.
I have a va home loan certificate for the amount of 30,000. Does the certificate serve as a down payment?
Q. I am looking to purchase a home, and i am unclear about the certificate i recieved from the Veterans office. Is the certificate for a down payment. How do i go about using the certificate. And what is the max on a VA home loan
A. Go to the Veterans Affairs website and enter your information it will give you the maximum loan amount. You nromally do not need a down payment with a VA home loan. Are you currently working with a VA Rep. on this and if so what have they told you about your situation? What does the VA certificate say exactly? Sounds like from what you have said - that VA Certificate would be your eligibility certificate. So when you are ready you bring that with you to the Bank or Mortgage Co. to get started with buying a home. A word of warning - VA can be very picky when they send in their experts to inspect the home you are bidding for. Expect that the older the home is - the longer the entire process is and it can be a big pain for both buyer and seller. Meaning if their inspectors (electrical, plumbing, etc.) see any possible needed repairs expect VA to demand those repairs be fixed before the deal goes through! Good luck!
Do you have to be active duty to recieve a VA home loan?
Q. I was researching VA loans and got confused. Do you have to be currently active duty to recieve a VA home loan, or can you be out but still in the reserves?My husband has been Active duty during wartime for 3 years been deployed to a warzone for a year, but we want to be able to buy a home when we're out of the military.
A. Actually, you can either be Active Duty or a Veteran.
The VA Loan Guaranty program is not a loan program. The basis of it is this:
1st - File for the Certificate of Eligibility. (Note: If filing while active duty but not used until after released, he will need to file again. An active duty eligibility does not carry over to veteran status.)
2nd - Seek out a realtor or home you wish to buy.
3rd - Let the realtor and/or bank know that you wish to pursue a VA Loan Guaranty.
4th - Depending on who the bank/lender is will depend on where to go after that...but it's pretty much invisible to you...meaning the bank/lender will do everything.
5th - The VA will notify the bank/lender what you're qualified for and the bank/lender will let you know if there's any money due at closing and the closing date. (If accepted for the loan.)
The VA will "Guarantee" the loan to the lender. Meaning, if you find a home for $100,000 and the VA 'guarantees' $50,000 then if you default on the loan, the lender is guaranteed to $50,000 from the loan. Of course, you still owe the remainder of the loan to the lender and you now owe $50,000 to the VA...but, that's ONLY if you default on the loan.
Depending on your credit scores, it can be cheaper to not use the VA. Some lenders will charge more interest rate because there's not as much being put down as a down payment. Make sure you look at both sides of the issue, not just the VA.
The VA Loan Guaranty program is not a loan program. The basis of it is this:
1st - File for the Certificate of Eligibility. (Note: If filing while active duty but not used until after released, he will need to file again. An active duty eligibility does not carry over to veteran status.)
2nd - Seek out a realtor or home you wish to buy.
3rd - Let the realtor and/or bank know that you wish to pursue a VA Loan Guaranty.
4th - Depending on who the bank/lender is will depend on where to go after that...but it's pretty much invisible to you...meaning the bank/lender will do everything.
5th - The VA will notify the bank/lender what you're qualified for and the bank/lender will let you know if there's any money due at closing and the closing date. (If accepted for the loan.)
The VA will "Guarantee" the loan to the lender. Meaning, if you find a home for $100,000 and the VA 'guarantees' $50,000 then if you default on the loan, the lender is guaranteed to $50,000 from the loan. Of course, you still owe the remainder of the loan to the lender and you now owe $50,000 to the VA...but, that's ONLY if you default on the loan.
Depending on your credit scores, it can be cheaper to not use the VA. Some lenders will charge more interest rate because there's not as much being put down as a down payment. Make sure you look at both sides of the issue, not just the VA.
I am active duty and trying to start the process to get a VA Loan. Where do I begin?
Q. Is there a way to get a Certificate of Eligibility for the range your looking to buy in. I know all Soldiers basic entitlement is $36,000, I was looking to see if there is a way to get a higher certificate of elgibility to acquire so we can get an idea of what is realistic. Our income is roughly $75,000 annually.
A. Simply contact the Best VA Loan Specialist's in the country and they will be able to help you regardless of where you are looking. They will be able to answer all of your questions and concerns and likely save you lots of time and money.
Not all lenders will be able to provide the same options and service. The VA Loan is absolutely the best option available to those that are eligible and it's disappointing when those who serve lose out.
http://www.vamortgageleader.com/top-va-loan-originator-2010/
Not all lenders will be able to provide the same options and service. The VA Loan is absolutely the best option available to those that are eligible and it's disappointing when those who serve lose out.
http://www.vamortgageleader.com/top-va-loan-originator-2010/
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