VA Home Loan question?

Question

I'm am getting ready to come home from Iraq and want to buy a home. I do have some money saved and a credit score of about 690. With the housing market the way it is, VA loan or conventional? I plan on living in the area for 5-8 years. Also if I use the VA loan, is it better to go without the down payment and put the money into the home? If it matters, I'm looking at homes around 125-150k. Thanks!

Answer 1

Way to many variables. Once you get to the area talk to a good agent (get references) and work with them. Generally, if you do not have 20% down, you will do better with a VA loan. You won't find a lower fixed rate mortgage and you won't have to pay mortgage insurance. Putting a down payment on a VA loan will require some juggling. You might be better off doing some upgrades to the house you buy (windows, furnace, carpet, fencing, etc) if they are needed, than putting all your money in a down payment.

Bottom line, VA is probably best but some banks don't like to work with them. Everything else is a judgment call. Find someone knowledgeable and trustworthy that you can work with, this will take some time, and then make the final call.

Of course, the spousal unit, if you've acquired one, has much input.

Answer 2

First of all, I would like to start off by saying that the MMA works with all types of mortgages. Whether you have an interest only, fully amortized, negative amortized or an ARM, they all have the possibility of getting paid off. But if an individual is able to pay a fully amortized 30-year mortgage payment, yet decides to get an interest-only mortgage, as long as the savings from the difference between the fully amortized payment and interest-only payment is left in the HELOC, the interest-only mortgage will usually pay off quicker, resulting in greater savings. However, these savings are not generally great enough to merit a refinance because of the closing costs involved, which offsets the savings. But if an individual is in the process of refinancing anyways, or are in the process of moving, they may want to consider getting an interest-only loan. Remember, this is true only if the client has enough money for a fully amortized loan, but decides to leave the difference in the HELOC, bringing the balance down faster, resulting in a transfer more often, resulting in lower monthly payments on the 1st mortgage, thus freeing up more money to pay down the HELOC faster, resulting in a transfer more often.
I found interesting information about your answer & the best options here.
http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html
Good luck!

Answer 3

its actually better just to rent if you only plan on staying in the area for about 5 years.conventional loans are anywhere from 15 to 30 years.VA loans are alot tougher to get,my husband been preapproved for a loan but the house inspections are alot tougherwith VA loans ,they are more picky

Answer 4

VA is hard to beat. You can go with a down payment or not, your choice.

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Answer 5

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