VA Loan Information: Visit the home page of the VA. http://www.va.gov/
http://www.vamortgagecenter.com/
The VA has increased their loan limits! The maximum loan amount in most cases is $417,000. The VA also offers some advantages over conventional loans:
Other benefits of a VA Loan:
1. No Down Payment required at closing
2. Lower closing costs than conventional loans
3. No prepayment penalty if you pay off your VA loan early
4. No monthly Private Mortgage Insurance payment
5. The lender is willing to negotiate your interest rate
GOING TO THIS SITE, IS A MUST: http://www.homeloans.va.gov/veteran.htm
IT HAS THE FOLLOWING HELPFUL INFORMATION FOR YOU, ALL ABOUT THE VA LOAN - Home Loan Guaranty Services
1. Information on the Home Loan Program
Disaster Advice for Veteran Homeowners
Link To Online Videos for Veterans
Short videos provide information on the VA Home Loan process.
Pamphlets on the VA Home Loan Program
On-line copies of VA Home Loan Pamphlets.
Home Ownership Education for First Time Buyers
Valuable information for first time home buyers from the Ginnie Mae Home Owernership Center.
Frequently Asked Questions
Answers to questions most frequently asked about he VA Home Loan program.
About the Loan Guaranty Service
The VA Loan Guaranty Service is the organization within the Veterans Benefits Administration charged with the responsibility of administering the home loan program. See an independent evaluation of the Loan Guaranty program here: Final Report | Final Report Appendices
Information on Specially Adapted Housing for Disabled Veterans
Information on the Specially Adapted Housing program for certain seriously disabled Veterans.
VA Regional Loan Centers
Addresses, telephone numbers and websites of our Regional Loan Centers.
Contact VA Loan Guaranty Service
E-mail, phone numbers and website addresses for the Loan Guaranty Service
VA Approved Lenders
This function has currently been taken down for an indefinite period of time. To find VA Approved Lenders in your area, please call your nearest Regional Loan Center, by clicking here. We apologize for any inconvenience.
Interest Rate Reduction Refinancing Loans
Have interest rates fallen since you obtained your VA loan? Do you have an Adjustable Rate VA loan that you want to convert to a fixed rate loan? The IRRRL program, also called the VA streamlined refinancing program, may be for you. No appraisal or underwriting is required and a certificate of eligibility is not necessary.
If You Have Trouble Making Your Payments
If you have a VA loan but are having trouble making your mortgage payments, it is very important that you take steps to avoid a foreclosure. VA may be able to help.
Information for Elderly Home Owners
Information for Elderly Home Owners covers Reverse Mortgages, Interest Rate Reduction Refinancing Loans, and Home Equity Fraud.
VA Direct Home Loans for Native American Veterans Living on Trust Lands
VA direct home loans are available to eligible Native American Veterans who wish to purchase or construct a home on trust lands.
VA Benefits: 1-800-827-1000
Burial, Civilian Health and Medical Program of the Department of Veterans Affairs (CHAMPVA)
Death Pension, Dependency Indemnity Compensation, Direct Deposit, Directions to VA Benefits Regional Offices
Disability Compensation, Disability Pension, Education, Home Loan Guaranty
Life Insurance, Medical Care, Vocational Rehabilitation and Employment
Education (GI Bill): 1-888-442-4551
Health Care Benefits: 1-877-222-8387
Income Verification and Means Testing: 1-800-929-8387
Life Insurance: 1-800-669-8477
Mammography Helpline: 1-888-492-7844
Special Issues - Gulf War/Agent Orange/Project Shad/Mustard Agents and Lewisite/Ionizing Radiation: 1-800-749-8387
Status of Headstones and Markers: 1-800-697-6947
Telecommunications Device for the Deaf (TDD): 1-800-829-4833
For health care services, contact your nearest VA medical facility.
ON THE HOME LOAN: THERE ARE Pamphlets on the VA Home Loan Program
http://www.homeloans.va.gov/pamphlet.htm
Please be caredful, having many many ppl pullingyour credit - ok - use a Broker that can do the paperwork and has Lenders that do the VA financing - or go stright thru the VA, they have a list of lenders they will can refer you to.
Why use a Broker?
A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Also,
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??
By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. I have many programs available, and lenders to choose from - to help you get the best rate available. From USDA Rural, Government loans, Conforming, Sup-Prime, Investment, Commercial just to name a few.
2006-07-16 07:37:54
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answer #2
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answered by W. E 5
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