Profile picture for fresnoflash

Are Calvet and VA worth the extra work with the rates as low as they are?

I've been asking around to see who used Calvet, VA loans, and conventional around here before I return home and start looking for a lender.  Some guys don't like either the rates or the fact either the inspectors were to harsh or the lenders take for ever on the Calvet and VA (one fellow claimed as much as 4 months for his loan to go through) most are saying just go with a conventional loan.  The hard part is I spent all my money here to pay off my credit cards so a house payment wouldn't financially kill me everymonth.  I'll have some money to put aside to cover any closing costs but I'll have nothing to put for a down.  I checked my credit score and it's currently 782 although one credit card isn't showing paid off yet probably becuase it was only 2 weeks ago.  What do yall think is it worth it to avoid the PMI with Calvet or VA or are the conventional loans out there getting that much better to make the Calvet and VA not worth looking into? 

  • November 30 2008 - US
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Answers (9)

You won't be able to get a conventional loan in California unless you have at least 5% down. (10% in many cases) If you are a vet and you don't have the down payment money to put down, then taking advantage of VA/CalVet programs are probably the best for you. The rates are a slight bit higher but you can get 100% financing with no mortgage insurance.

 

You may want to compare it to FHA financing with 3% down (3.5% after January 1), but I don't see conventional financing as a viable option for you based on the limited information you have given.

 

  • November 30 2008
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Profile picture for fresnoflash

What kind of information do you need to see what may be available options for me?  Thanks for the fast reply I'm trying to figure out my options before I return home.

  • November 30 2008
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The best thing to do would be to make a quote Resuest here.

After you do that, you can post the Quote Request ID here (It starts with ZR) and you will get some feedback on what can work for you. The quote request will have most of the information needed.

 

 

  • November 30 2008
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Profile picture for fresnoflash

I had one I was just reading the only reply and realized I made a typo but I was able to add some more information at the same time while adjusting my annual income (I put in my monthly gross instead of annual gross).  I looked broke to alot of people for a few hours.  Here's the request number ZR-RTTTYFP.

  • November 30 2008
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Profile picture for FERMI

I don't know anything about Calvet (I am in Michigan), but a standard VA loan shouldn't take more than 4 weeks to close. There is no monthly MI so it's a better deal than just about anything else.

 

If someone is trying to talk you out of it, they may not be VA approved.

  • December 01 2008
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Fresno, if you really think this is the best time for you to purchase a home VA is the way for you to go. Apply for you VA Letter of Eligibility at www.va.gov. ... Good luck 

  • December 01 2008
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Profile picture for Ken Kopper

Fresno, I just closed a VA purchase that took me 3 weeks from processing to funding so I am not sure why someone elses loan took 4 months but that is RIDICULOUS! . Most lenders should have access to the VA portal and be able to get your Certificate of Eligibility for you in a matter of a few minutes online.

 

 

  • December 01 2008
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Profile picture for Ken Kopper

BTW, you already received one quote and to be honest you shouldnt need to look any further.

 

I would call Gregorio for application and conditional approval and have him work on getting your COE for you so you are all set to go when you are ready to start looking @ homes.

 

Good Luck and Thanks for your service!

 

  • December 01 2008
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Profile picture for fresnoflash

Cool thanks everybody.  I'll see about getting a hold of him in the next couple days we got several heavy projects here the next couple days.  Thanks for your support.

  • December 02 2008
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