Q. I'm pre approved for the Veterans home loan through my bank. I really like this short sale house but my realtor told me "Doing a VA loan with a short sale in our present market environment is quite difficult." Is he just being lazy or are their some strings attached with the VA home loan that I can't do a short sale. Thanks in advance for responding.
A. There could be a reason or two why.
Like the house needed some repairs of some sort.
Other than that a va loan is fine.
you can read about short sales here if you like.
Like the house needed some repairs of some sort.
Other than that a va loan is fine.
you can read about short sales here if you like.
What would be the best way to go about getting a Veterans Home Loan?
Q. My husband and i are trying to buy our first home. We have the land to put it on with everything set up. Just need to find a mobile home that fits us. We have 3 children for the ages 9 to 4 so we are going to need a 3 bedroom. I guess an estimate would be of maybe $50,000. I don't know how or were to start. If anyone can point me in the right direction i would be grateful.
A. I agree with RJC...you don't really have to worry about the regulations or particulars, etc. The Banks know full well how to take care of a VA Home Loan. They will want a DD 214 as part of their loan application process of course, but they can handle all of it for you. You'll be answering questions about your income, you'll be asked for pay stubs, credit card statements, and such of course (this is normal for mortgages in today's market), but this is to determine your eligible loan amount. As a veteran you (or your husband) are eligible for the VA portion, but your credit is based on your own financial background. In a nutshell, since this is your first home, you'll pay the VA funding fee (2.25 or 2.15% of the loan amount, can't remember exactly what it is), but that is rolled into the loan ... it'd be about $1100 bucks added to $50k for example (that won't do much to your monthly payments).
Update: after you determine your loan eligibility (how much you qualify for) then start looking.
Update: after you determine your loan eligibility (how much you qualify for) then start looking.
Can I use my Veterans Affairs loan for mechanics tools for work?
Q. I recently left military service to go to trade school. I was wondering if when I get a mechanics job, I could use my VA loan for tools to perform the job.
A. The only VA loan I know of is toward purchase of a home, and the VA only guarantees the loan. It does not write the check.
I don't know of any VA programs that will let you buy "tools of the trade" once your training is complete. Check with your local VA office or www.va.gov
I don't know of any VA programs that will let you buy "tools of the trade" once your training is complete. Check with your local VA office or www.va.gov
Is it true you can get a $200k Veterans affair loan to start a bussiness?
Q. Because, I served in the Army for four years, have been to the middle east, got honorably discharged, and now go to Film school. I would like to get a loan, to start a business, when I get out. Or use that money to make an independent film/video. Also I have bad credit, does the VA care?
A. The Small Business Administration and the VA have resources to help you start your own business, but they do not actually loan you money. The SBA will help you get a loan from a lender for up to $500,000. They "guarantee" a percentage of the loan to the lender in case you default payment, which helps you get the loan, but you still must have a solid business plan, financial statements, and some kind of collateral. If your business fails, you are still responsible for the full dollar amount of the loan.
How much can i get from my Veterans small business loan? How much would the liquor license be in California?
Q. Heard i can get 500,000 in California. I`m looking to purchase this store/Gas station. Also how much would the liquor license be?
A. You heard wrong. Being a veteran has NOTHING to do with a small business loan. The only benefit is when applying for a SBA loan, you'll get a faster turnaround and lower interest rates, but that is it. You still will need experience, good credit, good cash flow (of the existing business since that's what you want to do). and 10-30% of the purchase price to come out of YOUR pocket. If you can't afford to pay $60-150,000 downpayment, don't get your hopes up.
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