Is the VA loan good?

Answer 1

If you have good credit and a decent down payment, you can do better.

If you have good credit and no down payment, it's something to consider.

If you have bad credit, it's likely much better than anything else you can hope for.

More here:
http://www.searchlightcrusade.net/posts/1155272607.shtml

Answer 2

1) First off, you'll need to verify your entitlement to a VA loan through the Dept of VA
2) The fee that is added to the amount of the loan goes up each time you use your VA loan eligibility. Buy a home, then sell, buy 2nd home - fee will be higher on 2nd home.
3)The down payment is so much lower that for most people using their VA eligibility makes getting into a home more affordable.
4)They won't compete or try to be the "lowest in town."
Have your lender compare loans on a specific amount so that you can see the difference.
Good luck...
Been there, done that...

Answer 3

It's probably the most secure mortgage you can ever get on a residential property. It used to be considered one of the best loans to have on your house because it was the easiest mortgage for a buyer to assume - not much of that goes on anymore it seems. What would happen is you would buy your house and finance it with a V.A. loan often at the best rates anyone could get then - the rates were a little lower than regular mortgages and you only had to put 5% down compared to higher down payment requirements for other loans. Then in a couple of years when you wanted to sell your house, anyone with good credit could come in and "assume" your mortgage without a lot of hassle although they did have to qualify.

Also, the VA had stringent requirements on building codes for the properties they would lend on so you knew you would be getting a decent structure, especially if it was a townhouse.

Answer 4

Pretty Good. I would still choose a 30 year fixed.

The VA loan allows veterans 100% financing without private mortgage insurance or 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws.

Answer 5

Yes, you don't have to put a down payment on your real estate, but if you CAN afford to, it makes things easier.
Also, it's always a good idea not to buy a home that is close to the amount the VA approved you for. (ie approved for 120,000, buy something at least at 100,000 or under).

Also, you are totally responsible to the mortgage company if you fail to make the payments. The VA guarantees the loan, but you still have to pay.

Answer 6

The VA doesn't loan money. The VA secures or guarantees a loan.

It's not good or bad. It is what it is.

Answer 7

no save