Beginners Guide to VA Home Loans in 2023
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- čas přidán 20. 07. 2024
- TIMESTAMPS:
00:00-00:28-INTRO
00:28-1:38- FORMS NEEDED: CERTIFICATE OF ELIGIBILITY
1:38-2:33 - FORMS NEEDED: THE DD-214
2:34-3:46 - SUBMITTING LOAN APPLICATION
3:46-5:48 - PROVIDING LENDER DOCUMENTATION FOR APPROVAL
5:49-7:01 - PRE APPROVAL LETTER / HOME SHOPPING
7:01-8:20 - UNDER CONTRACT
8:20-9:18 - ORDERING APPRAISAL AND UNDERWRITING
9:18-10:20 - CLEAR TO CLOSE / CLOSING
10:21-11:07 - REVIEW
#valoans #vahomeloans #valoans #mortgage #veterans #homebuyer #homebuying #tipsandtricks #tips
WE SERVE VETERANS NATIONWIDE
Email Me For Anything VA Loans: jimmy@valoansforvets.com
Everything you need to know about credit scores and VA loans.
Contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: connect.valoansforvets.com
2. Email me at jimmy@valoansforvets.com
3. Call me 602-908-5849
Instagram: / jimmyv____
Facebook: / valoansforvets
Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.
Thanks for watching! I SERVE VETERANS NATIONWIDE. If I can personally assist you with a VA Loan you're welcome to apply at www.VALoansForVets.com/apply. For specific VA Loan related questions you're welcome to email me at jimmy@valoansforvets.com
Dude.. I’m going to be honest we got 500k and they asked if we needed more I said no but I made an offer and I kind of hope it doesn’t go through, but if it does I’m going to be kind of sad because the more houses are coming on the market and I told my wife to find something she loves not something she likes. I feel rushed by my lender and agent , 0:57 they only have my first dd214 not my second one and and I feel like I’m being rushed . I learned more in this video than I have talking to someone in person.
@@PokiNero hey man. Know that I’m here to help and be a resource for you if you need anything at all. Call me or email me.
Pint of blood, your first born and your 3rd grade report card.😃
Haha that’s too good!
Very nicely put JV!! I'm in the process of purchasing my 1st home with a VA loan. Thanks.
My pleasure!!
My husband sent me this video. We're starting the process and doing the research to ensure we make the right moves. Thank you for the break down of the process. We appreciate your information.
Glad it was helpful Charisse!
Brother, you perfected this Beginners Guide to VA Home Loans. I'm wishing you the best of everything you set out to do.
Wow Eugene! I receive it. I appreicate you my brother. Much love. - Jimmy
Jimmy, thank you for these videos. I'm about to PCS back to the states from Europe and looking to buy my first home when I return. Your videos have taken a great burden of anxiety off of my plate and I am truly thankful.
That brings me great joy to hear you say that. If I can personally be a resource please let me know as we serve Veterans and Active Duty Nationwide with ALL of their VA Home Financing needs. - jimmy@valoansforvets.com
Wow, thank you so much for this!!!!
My pleasure 💪💯
Great video & great information put out! I liked & subscribed because I’ll be using my VA loan one day in the future & I’m gonna need more info lol…
Love it. Rooting for you...Let me know if you have any questions -- jimmy@valoansforvets.com
Thank you so much for the information 👋🏽👋🏽👋🏽
My pleasure!!!
Thank you Jimmy
Very informative and much appreciated. I'm trying to go thru the process right now and your video helps a lot. Thanks for the info. 💯
Glad it was helpful!
Jimmy is the real deal! Thank you for your service. Your videos are extremely educational.
I sent Jimmy a question and he took the time to provide me with a thorough answer. Thank you for providing me a response. It is greatly appreciated!
I appreciate you Marilyn!!
This is great content thank you!
Glad you enjoyed it!
So informative thank you! 👏 👌
My pleasure John! 💯💪
Hi so I’m 100% permanent and total, I do not work. My boyfriend is a combat veteran. I’ve been doing research and I feel like I’m over my head but this video helped put some stress to rest!
Bless you and thank you both for your service to our great country. If I can personally assist you please feel free to reach out at jimmy@valoansforvets.com
You should easily be in a house
Thank you for making this video
My pleasure!
Thanks jimmy!
My pleasure.
I can't thank you enough for this video.
Glad it helped!
I’m about to start my med board and I wanna go straight to Virginia upon finishing the medboard and SFL so this is very helpful
Happy to hear that. If I can personally assist you feel free to reach out to me at jimmy@valoansforvets.com
Thank you Mr. Vercellino.
You bet!
Thank you, very helpful
Glad it was helpful!
Thank you for your help
My pleasure!
I paused the video @1:50 , logged onto Ebenefits and requested my COE in less than 5 minutes. First step completed thank you so much!
LET'S GO!! My pleasure.
100% P&T here. I am officially in the closing stage of buying our home already but I wish I would have stumbled on this video sooner cause the anxiety was killing me. Great info for veterans looking at buying their first home like I am.
Congrats!! Excited for you. Always here to be a resource if you need anything in the future! Jimmy@valoansforvets.com
Thanks again. I love how you breakdown each step. I’m so new in this game and trying to learn all the verbiage to buying a home. I’m so happy you were the first video that popped up when I googled -what does funding fee mean? I am exempt from having to pay it but still wanted to know what it meant. I look forward to learning from you❤️
It's truly my pleasure!
I live with family and I 100% can't stand them
I so look forward to using the VA home loan as a first time home buyer
Time for you to go Julius! haha
🔥🔥🔥
Vamos!!
Good copy!
💪💯
Semper Fi bro.
Back atcha brother!
First of all sorry if my question is a bit all over the place, I'm still new to the benefits I am provided and am a bit confused about the extent of the VA loan. Firstly what is the max amount for a VA loan? Second, how can I leverage the VA loan to keep purchasing houses, I heard you talk about being able to rent the houses out and get another primary residence but I've also heard that people have eventually maxed out their VA loans unless they were to sell the houses. Lastly, what are your opinions on building a home with a VA loan, or another loan that is perhaps better for that? If you have a video about this, I would love to watch or if you can please answer this. Thank you so much for making videos explaining this topic.
Hello, VA does not have a cap if you don't currently have a va loan. Meaning this a Veteran could use a VA Loan up to any purchase price they'd like with no money down. However, if you've used an existing VA Loan then there is a cap of $726,200. So for example if a veteran used 300K on their first purchase they would have 426,200 on their next purchase. I have a video title "2 VA Loans at the same time" that you're welcome to check out and learn more.
So if you’ve never used a VA loan before then there is no cap (could be 2 million dollar loan) but if you’ve used a loan before then there’s a cap of $726,000??
Hello Jimmy I am new to the channel this was my first video and I couldn't have been more happier. I'm currently using my GI Bill to go to college. Ive been thinking about my future after graduation in which I would like to buy a home. How much money roughly do you advise clients to have saved up in the bank before they start looking to buy a home? Thank you for actually answering everyone I took the time and read most of your responses
Welcome aboard! That's a really good question...I would say it's always a good idea to have 3-6 months of living expenses / mortgage payments saved when you buy a home. Owning a home can come with addtional costs, some you expect, and some you don't.
@@JimmyVercellino i figured thanks so much
Great content brother how would this work with manual underwriting for folks who may not be working anymore?
VA allows for manual underwrite. The approval standards are a little more stringent however. Let me know if I can answer any other questions. jimmy@valoansforvets.com
Dude, you’re fuckin awesome!! I’m gonna be calling you this week!
Haha 😂 thanks brother! 💯💪
Great video! Quick question: can you apply for the loan for more than asking price in order to make some home improvements?
Thank you! VA will only allow us as veterans to finance the lesser of the purchase price or appraised value. If I can answer any other questions please let me know jimmy@valoansforvets.com
Hey Jimmy, good info! My question is can I purchase a home that needs work and roll in the renovation $$ into the loan?
Thank you! Yes, you can. However, you'll need to find a lender who does VA renovation loans.
Words have meaning.
Agree
Hey sir thank you for the video
I have two questions 🙏🏿
1st : So if I buy the first home, how long should I wait to buy another one ( when I bought the first home I didn’t live in it , I just rent it out using my deployments orders ) so currently the home is rented out and tenants paying my mortgage and I’m trying to get a new one
2nd: I heard something about the perimeter the property has to be with a military base , I’m tryna know how far from a base can someone buy a property
Hi there, VA will require that we as Veterans occupy the property for 1 year before purchasing another property.
@JimmyVercellino Good Afternoon, I am using my VA Loan for my first home and I have very nervous since it's my first home and my credit score is below 600. I am retiring from the Navy after 20 years. I am working with my realtor to find the house I want and I working to see how much I qualify with the lender. Also, if I found a house for $300,000 would I be able to ask for $400,000 for any extra costs that are needed. The process is very confusing and I want to try to understand the process and what I need to do.
thanks for the comment Chris. I would say keep watching my videos on various VA Loan related topics as I'm confident they witll help with understanding the process as a whole.
Hi Jimmy I just had a couple questions about the loan since I am starting to plan out my goals towards getting my first home in about a year or two. so a little information about me, I'm currently serving in the national guard and will be getting deployed to Syria this coming year (2024). I know I will be getting my veteran status six months into the deployment and my main goal out of this deployment is to buy a home with my VA loan benefits. First question would be how would I prove the 2 years worth of W-2 paystubs if I was overseas for a year? I plan on saving most of the money I make overseas to cover any closing costs and anything like that so I was just wondering if I would have to go through a different process if I'm trying to purchase the home right after I get back from my deployment. Thank you!!
Hi Maria, thank you for your service to our great country. Praying for the safety of you and your unit as you deploy. That said, we'll gather 2 years of tax returns, and W-2's even if it's from a civilian employer to qualify you. Make note of my email and reach out with any addtional questions. jimmy@valoansforvets.com
Great video! I read your comment on the minimum 620 credit score. Is there a credit score milestone where the perks pay off? Don’t want to over pay fixing credit if I don’t have to. Thank you!!
Appreciate that and thanks for the question. When you say "credit score milestone where the perks pay off" How do you mean exactly?
@@JimmyVercellino are there major benefits in paying down debt to fix credit score. 620 ,650,700?? I just don’t want to dump extra money trying to fix my credit score if there isn’t a major advantage trying to climb the credit score ladder/ranks.
I see. Thank you for clarifying! In my experience you will begin to see more competitive rates once you breach the 680 threshold and higher. So while you can qualify for a VA Loan with a 620 simply stated the more competitive the credit score the better the rate. If I can personally be a resource for you please email me at jimmy@valoansforvets.com
My question is, I have been told to have someone do research on each house i look at to make sure that the last owner did not owe anything that would fall onto me.
Is that something the VA will do? And does the VA make sure that we don't get swindled in a deal with a house that has varmints, bugs, etc.....
That's correct. It's always a good idea to have an inspection done on the property before moving forward with appraisal, etc.
Jimmy do you know about Vendee? I would love to ask you some questions about it. Thanks
You know many years ago I ran across this but haven't dove into sense. I'll need to do my homework and report back to you.
I am a 100% disable vet is this a good time to purchase or start to purchase ? I live in Houston Texas . 3:45 3:53 4:00 4:03 4:09 4:13 4:14 4:15
Hello! Thank you for your service to our great country! If your long on real estate I always reccomend my clients take the jump into home ownership. It's nearly impossible to perfectly time the market. If you have a long term time horizon home values have always done one thing only and that's go up. Let me know if I can answer any questions jimmy@valoanforvets.com
@@JimmyVercellino ok my name is Luke Batiste would love to have a phone conversation can I get a number I’m again in Houston Texas ?
Does the VA Home Loan support the USDA Single Close construction loan/ One Time Close(OTC) for the purchase of raw land/ and construction on said land??
Hey Robby - you'lll need to find a lender who can assist you with that. If you shoot me an email I can give you a resource. Jimmy@valoansforvets.com
Jimmy, I plan to make a $460K deposit on a $580K home. Does the VA appraiser still need to look at the home since I'm getting a loan for $140K?
Hi Pat, that's correct. An appriasal would need to be done on the property.
Hi jimmy nice vids.
I recently have cleared alot of debts and my credit profile. Fico 5,4,2(home) are 633 middle score. I am 100 p@t, have not worked since 2021 with no taxes filed since then. I live fully off VA disability. Can I apply?? Not sure what I would need to do. I figure I could afford maximum 1450 a month even at 0% down and 8% rate thats close to 200k and about .37 of takehome vs the rounded up gross. Have car payment and few installment loans about 400$ a month. Thanks in advance
Yes, you could certainly apply. Depending upong where you live a lot of my clients use their 100% VAD as income towards qualifying for all of their home. If I can personally assist you please reach out at jimmy@valoansforvets.com
Thanks for the great information! Do you happen to know if there is a free VA or non-profit organization that could help with counseling me in how much house ($) I can afford? I feel like there are a lot of incidentals which could crop up and don't want to be blindsided in a year or two when I seek to buy a house and find out I need 5-10K more for this, that, or the other thing lol.
I'm happy to discuss these things with you - email me and we'll get it scheduled. Jimmy@valoansforvets.com
Hey Jimmy. Can someone purchase a home using the VA loan and as soon as they move in start renting out rooms and still living there? Possibly even utilizing air b& b a couple weekends a month? Just trying to see what the rules are on short term rentals since I figured you can’t just move in a person and you not live there. Please advise
Hey Big - yeah you want to be careful here. Here's what I would tell you: Creating border income no issues at atll (renting out rooms) air bnb you just want to be careful with how much you do it. In other words remember VA requires it be a primary residence and you must occupy for a marjority of the year. Let me know if I can answer any other questions - jimmy@valoansforvets.com
@@JimmyVercellino Thanks for the quick reply
About how far out/ when should I start this process? I’m currently living in an apartment and my lease is up in December. But I want to move into a home. About how far out should start?
Good question Christian (my son's name). I would start the process about 90 days out. If I can personally assist you with your VA Home Loan please let me know as I'm licensed to lend in ALL 50 states. jimmy@valoansforvets.com
I've been in the trucking industry for almost 3 years, but I've worked for 6 different companies in that time but no employment gaps. Could I possibly still qualify?
No issues there Jay, let me know if you have any other questions. jimmy@valoansforvets.com
Hey jimmy ive watched a couple of your videos now but got sum questions, so if i live in the house for a year and want to get a different one can i rent it out to make money from that house and start my own realistate? I wanted to take as much advantage as i coupd from the va loans
You sure can. Keep in mind we as veterans must qualify by way of income and credit. If you have enough entitlement remaining and check all the boxes there will be no issue with that.
I need your help immediately on VA housing loan just need to give an offer first time buyer disabled veteran
Here to help sir. Email me at jimmy@valoansforvets.com
How do you use your VA Loan if you’re doing the Career Intermission Program. (It’s a program to where you can take up to a 3 year hiatus but you owe three years back. ) Once approved for the program you will be sent to the Inactive Ready Reserve(IRR) to which you’ll only get paid 2/30th of base pay. You receive a DD214 and partially still get paid from the military. Since it is not a PCS I will not be able to show orders. Will I request for VA Loan before going into the program or wait until I receive the DD214? After the 3 years is up, you go back to active duty. Please help.
sounds like an interesting opportunity. I assume that while you're out you'll be working in the civlian sector? If that's the case that would be the income we would want to use to qualify you.
@@JimmyVercellino yes, but I’m also trying to figure out VA disability. I rupture my Achilles which is causing sciatic nerve pain, and separately sleep apnea. But now I’m trying to figure out how to claim disability, since I’ll be able to use that as payment for mortgage correct?
I’m 20 years old and i’m worried about the two years of w-2, i’ve worked multiple jobs with no gaps would i still get pre qualified considering i have not had one job for 2 years?
Hey Brian, great to hear from you. As long as you have a 2 year work history that's the most important part. Not 2 years on the job.
Could you use a second VA loan to buy a second house for yourself to live in and rent the other house(current house)?
You most certainly can. Each scenario is specific to the veterans remaining entitlement usage left to apply to a new va loan. If I can specifically assist you pls email jimmy@valoansforvets.com
Does a down payment help with interest rate? If so how much down payment would let me get lower interest rate?
Hi Cameron, that's a really good question. Generally speaking you won't see any movent with a rate if you put money down on a VA Loan. However, if you allocate some of the towards buying down the rate as opposed to bringing in a down payment you'll be able to save money that way. Hope that helps!
Do u recommend to pick 2 or 3 homes in the event 1 of them is a no-go and you miss an opportunity for the others
Good question. Always good to have backup options for consideration.
How soon should we start this process, and how does this change if still active duty?
I would say it's a good idea to start the application process roughly 90 days out from the time you'd like to be in your new home - jimmy@valoansforvets.com
Hey quick question, what could I be looking at for an interest rate in Hampton,Va with a 675 credit score?
Hard to say as rates change on the day. However, right now (depends on credit of course) but we're seeing the average VA rate trade in the high 5's to low 's -- **keep in mind this is not a rate quote but rather a range of where rates are trending.
I will be looking at a home to purchase in a month how soon should I start this process with my lender?
Now! If I can personally assist you pls email me at jimmy@valoansforvets.com
How strict are the lenders with the 2 years of W-2? I just started my RN career 6 months ago and before that I was a full-time student with very little part time work during those 4 years of schooling. Am I going to have to wait to apply until I have 2 years of work experience with the current pay that I am receiving?
No, you don't have to worry about having 2 years of W-2 being specific to work history. Your loan originator will make sure to put that you were a student. RN's are difficult, but you always have a contract with RN. Just show them the contract and you'll show that you were a student and there won't be any issues. I have handled RN's a lot and I am sure Jimmy has as well. Just let them know your situation, you won't have to wait.
03XX is correct. We'll use your schooling towards work history. Hope that helps - let me know if I can answer any other questions. jimmy@valoansforvets.com
spot on Marine. Thank you!
Hello jimmy, i enlisted in the marines and will ship out to boot camp in September. Would i be able to utilize the VA home loan while im active duty for 4 years? Or is the va home loan only available after your term of service is over?
Hey Favian - great question. VA allows active duty servicemembers to use their VA Loan in as little as 90 days after being on active duty. Obviously you want be in a position to buy that soon but when things settle down and get to the fleet you may be in a position to buy then assuming your company / MOS allows you to do so.
Hey Jimmy I have a question we are under contract on a house in a different state and our underwriter person told us that I needed a job offer before we could close our house if I'm not on the loan why is it required for me to have an offer letter before closing, is there a way around it like a email or a letter from potential employers about there interest in me or does it have to be straight to the point offer letter?
Something there feels / sounds off to me. Would it be possible to jump on a call to learn more? To set up a time please email me at jimmy@valoansforvets.com
Jimmy，this video help me a lot of。I’m gonna sending
Email for you .
Wonderful! Jimmy@valoansforvets.com
If you are purchasing a home in a new subdivision and all the other homes are brand new occupied or unoccupied, what steps are different?
Nothing really different related to the home loan process. Business as usual. Let me know if I can answer any other questions. jimmy@valoansforvets.com
Jimmy, so how do we go about closing costs?
Generally closing costs are paid at closing. Let me know if you're looking to have a more specific question answered jimmy@valoansforvets.com
I just got 100 PT from the VA four months ago. Due to my disability, I struggled to hold down a job for long periods of time and kept changing them. Now that i have 100 PT i dont work at all. Will my job changes due to my disability get me denied?
Thank you for your service to our great country. What you mention below will have NO impact on your ability to qualify for a VA Loan. Reach out to me direct if I can be of further assistance. jimmy@valoansforvets.com
Question how would I prove income if I am running a business, without a w-2
Good question. Tax Returns (2 years).
What are they looking for in bank statements? Thanks
Good question. Mostly a positive / steady account balance. Non sufficient funds are bad news in bank statements.
Is the only real benefit to a VA home loan over a military credit union is you don't need a down payment?
I would say there are benefits to the VA Loan as a whole which often times can consist of lower down payments, (if any) no PMI (saving you money) possibly lower rates (also saving you money). Let me know if I can answer any specific questions.
After 8 years in the army i got out and went straight to college for the last 1 and a half year. I haven't work since i receive VA disability and im using post 911 but I'm starting a new job next month. Do i have to work 2 years to qualify for a VA loan or any home loan?
No sir. As long as we can document 2 years of work history (to include the military) you can use that income to qualify. We must also verify that you're a full-time employee.
I got out with a personality disorder .. it says general under honorable conditions..i did 22 months ..i was told it wasn't honorable bc i needed 36 months... but because i got out early can i still qualify ??
Hi Clay, this would be up to the VA to make this determination. I'm optimistic they would. However, we would want to confirm with them. You can request a copy from va.gov or attempt to obtain one thru your e-benefits portal.
Any lender you recommend for VA Loan with score under 620/640 ?
Hi Cory, I would really strive to have those scores optimized to that range. This will get you the most competitive financing terms available while at the same time increasing the lilkihood you will be approved.
What’s the minimum credit score will someone get prequalified for?
Generally speaking 620. Some lenders may be lower. However I always recommend that my clients shoot for a 620 because they’re able to save money by way of rate and at the same time increase the likelihood of approval.
Oh boy, it's a process
Important to have the right guide! ;-)
update?
I thought it was as simple as being in the military, finding a house you like, being approved and moving in! How can you have two years of W2s if you are still in the military? What if I am 18 it says ai can be in for 181 days and be eligible but there is no way I can show all of that paperwork yet!
Good questions Donny - if you have not been in long enough to support that request you'll be required to provide a 2 year work history. We'll collect the 2 years of W-2's from that period. Let me know if that helps.
This sounds like a pain to do , I need to hire someone to do all of this for me
It's really not that difficult. Does it take time, sure. But it's worth the investment of time.
Hello Jimmy, I am med boarding and I am looking for a realtor to help start my process on using my VA Loan to purchase a home. How do you think I should go about obtaining one? And also what is a mortgage lender? I know certain things about using the VA Loan but not much about how to receive a lender and contacting the VA to do my appraisal. Could you help me or do you know any realtor friends that are certified in the state of Texas?
Thank you
Hi there, thanks for the comment and I would be honored to help you. We actually have a veteran who is on a med board right now who just had there loan approved. Essentially what we're looking for is the med baord paperwork documenting what your rating will be. We will want to pair that with a VA Service Connected Disability award letter confirming the VAD rating. Once we have those locked on we can proceed forward with your prequalification. As far as getting you in contact with an agent in Texas we have a lot of trusted partners that we could put you in contact with there. You can reach out to me at jimmy@valoansforvets.com
@@JimmyVercellino Thank you for replying so quickly! I will head there now
Question:va loan and first time buyer loan to get more money for closing cost ,is that a good idea
Sure. Just make sure to check / compare rates to a traditional VA loan.
Can you get a VA loan with a few items in collections?
Generally speaking if your credit scores are in line with the lenders prequalfiication I have seen Veterans get approved for a VA Loan with open collections if they are greater than 1 year old.
I'm one year W2 truck driver and one yesr 1099 trucker driver do I have chance to use VA for disabled veterans?
Hey Mike, yes this is possible. We would need to learn more about what your income looks like with regard to (how you're paid, frequency, hourly, by the mile, etc) you can email me at jimmy@valoansforvets.com
First time home buyer using the VA loan am I eligible for any grant or assistance for closing cost.
Hey 777 - possibly. I would google ______ county grants for closing costs to do your research. Hope that helps!
My income is from a VA pension and social security. Would I still qualify with this type of income?
Yes, certainly. However, it depends on how much your monthly liabilities are and the mortgage amount you're seeking. If I can personally assist you feel free to consider emailing me at jimmy@valoansforvets.com
What’s the best interest rate now for a 788 credit score
Hey Jason! Thanks for the comment. Happy to answer that for you. Please email me at jimmy@valoansforvets.com and I'll get that answered for you tomorrow when the market opens.
Can I get a VA loan approved for a second home in Puerto Rico even though it's not going to be my primary residence? I would like to eventually move down there to retire.
Hello OP! VA will require that you live in the property as your primary residence.
With a va home lone do I need any money upfront for closing costs and ect?
Hi - you would require a earnest money deposit to put down on the house. Typically this is roughly 1% of the purchase price but can vary depending upon the council of your real estate agent. You will also want to budget for closing costs and pre-paids these numbers can vary but a typical estimate will range from 2-3% -- thank you!
What if I have a general discharge under honorable conditions? Am I still qualified?
Possibly. VA will need to make that determination.
Note that they don't submit you for clear to close until after you've paid anywhere from 400 to 1000+ (depending on what additional inspections you order, i.e. Radon, Mold), out of pocket for those inspections, and then the VA pulls out, for any number of reasons and you've lost that money, not to mention your time. Love to see the link to all of the reasons the VA "will" deny your loan during that 30 day period that they're not upfront about. Reasons that wouldn't affect an FHA or traditional mortgage.
Hey Dustin, VA will never deny your loan. There are specific requirements that need to be cleared and addressed before the veteran can move in the property. If that dosent happen VA will not guarantee the loan until they do.
@@JimmyVercellino agreed, the VA can't deny any loan because they're not the lender, but they ultimately have the power to reject backing based on those requirements that need to be "cleared" and those decisions aren't made till literally days before the end of the financing period, or before closing which is far after you've invested hundreds to thousands of non-refundable dollars into fees and inspections. Not to include your earnest money which can be refunded. Many of those requirements that need to be met aren't available to the buyer till your deep into the contract process. HOA disclosures, property disclosures, etc. and while that's not directly the VAs fault it is a symptom of the MAJOR flaws in the real-estate system. It's a buyer beware world and unlike the auto industry they haven't instituted any "lemon" laws which are desperately needed.
Earnest money is not a requirement and most fees should be able to roll into closing fees im currently in the final phase of closing on my home I paid no earnest money after making it clear I understood it was not a requirement therefore was not paying it and only thing I’m coming out of pocket for is the inspection (310$). Buying a house is considered doing business and in America business is rigged to take as much as possible with fake and hidden fees educate yourself to prevent yourself from being extorted by the bad and corrupt business of America 🙏🏾
If you're pre-approved is it possible to increase the pre-approved amount?
Certainly Tim. You'll want to inform your lender and ensure you can qualify for the increased amount. Let me know if I can answer any other questions.
Is general under honorable a disqualified discharge
Possibly - VA would need to make the determination.
About someone who has a general discharge?
This can be done. It's important to request your COE from VA BEFORE you go out shopping for homes. Let me kow if I can help - jimmy@valoansforvets.com
The closings costs are really high any way to get help with these
Most definitley - you can ask the seller to cover possibly.
Explain the 2-1 buy down program in these high interest rate times.
A 2-1 buydown allows (in this case) a Veteran borrower to have below market interest rate for 2 year period of time. For example if a borrowers had an actual note rate of 6.25% the Veteran would have a year 1 interest rate of 4.25%, year 2 it would go to 5.25% and year 3 it would remain at 6.25% for the remaining life of the loan.
Do VA home loans work with buying trailer homes?
Hi Kristina, Property must be affixed to land. If that's the case VA could potentially allow.
I got pre-approved, but never had to turn in dd214 or COE?... Think I'll go ahead and get all that together regardless, just in case.
Good idea Tim! Thanks for watching - here if I can be a resource jimmy@valoansforvets.com
I have a 100% disability rating and no other income. Is that a problem?
No sir. You can definitley use this for qualification. Feel free to reach out at jimmy@valoansforvets.com
Does General Under Honorable qualify for the COE??
Possibly. VA would need to make the final determination.
I have a very complicated question and am desperate for help ASAP.
Hey Brandi - happy to assist. Pls email me at jimmy@valoansforvets.com
Does your VA loan reduce your morgage payment on a house?
It does, becuase you pay no PMI and it's not uncommon to have a lower rate than a conventional loan. Let me know if I can answer any other questions.
If I get approved for more than the total cost of the home, what happens to the difference?
Example approved for 500k home cost 350k what happens to the difference?
You wouldnt borrower the difference. IOW you will only be able to borrow based off purchase price, or appraised value, whichever is less.