2006-08-10 12:13:39 · 9 answers · asked by josh k 1 in Business & Finance ➔ Renting & Real Estate
much better off with a conventional loan
2006-08-10 12:19:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They can be. When looking at loan options you should compare everything, but often everything isn't black and white. While there is an added 2% funding fee added to a VA loan, VA limits what a lender can charge you in other closing costs. get good faith estimates on all of the loan types you are considering. If you were planning on buying a home with no down payment, you can do so with other loan types than VA but often you have to jack up the price of the house to cover a seller down payment concession so you need to add in the difference in your payment over 30 years to see the true picture. If you can get a 100% loan, I suggest it over the VA, but if you are looking at an 80/20 you need to consider the costs of the refinancing you will likely have to do a little while down the road. mortgage brokers often try to deter clients from doing government loans either because they aren't designated to provide government loans or they simply don't want to do the extra work they require.
2006-08-14 07:53:53 · answer #2 · answered by linkus86 7 · 0⤊ 0⤋
It depends upon the situation. If you have good credit and a decent down payment, you can do better in the conventional market.
If you have good credit and small down payment, it obviates the need to split the loan into two or pay PMI, saving you money because you get the same relatively low rate on the entire amount.
If you have bad credit, a VA loan will get you comparatively attractive rates on loan, not quite as low as if you had sterling credit, but much better than the non-veteran in the same situation will get.
2006-08-10 18:03:35 · answer #3 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
If you want 100% financing one loan with no private mortgage insurance for a purchase yes it is. However if you are refinancing and you have a low loan to value I would say 85% or less and good credit it is probably not a good loan for you. You see if you did a purchase right now your blended rate would be higher than the va rate. You always need to consider your options and current needs and insure that the product offered is going to be one that helps you insure your financial future
hope it helps
2006-08-10 16:50:39 · answer #4 · answered by jen 1 · 0⤊ 0⤋
Actually, if you're a disabled vet, there is no funding fee. There's no PMI. There's no downpayment requirement. Lower credit still gets better rates with VA due to the government loan guarantee. It's a really good package for the average vet.
2014-07-14 08:59:13 · answer #5 · answered by Randy 1 · 0⤊ 0⤋
If you have great credit, it's not such a good deal. VA loans have a 2% funding fee on purchases. That's in addition to any other loan costs.
2006-08-10 12:26:04 · answer #6 · answered by Martin 2 · 0⤊ 0⤋
in lots of states, Realtors do no longer do loans. you are able to come across a lender that works with VA. in case you do a seek of your city (or the subsequent best city) and VA lender, that could desire to artwork. particularly unsolicited advice, get each and every thing in writing. no longer something ruins family individuals gatherings like a family individuals deal long gone undesirable, each and every thing is probable superb now, yet in basic terms get each and every thing in a legally binding document.
2016-11-04 07:51:31 · answer #7 · answered by ? 4 · 0⤊ 0⤋
When they had VA financing for va foreclosures it was the best loan going for investor .
2006-08-10 12:28:52 · answer #8 · answered by Chris N 2 · 0⤊ 0⤋
no
2006-08-10 12:18:26 · answer #9 · answered by Anry 7 · 0⤊ 0⤋