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My husband and I both have VA loan benefits we just don't know where to start

Since we are both now out of the service we both have benefits and do not know where to start the process.  I would like a guideline as to what I need to qualify etc. Any suggestions?
  • January 05 2009 - Orlando
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Answers (4)

The process for VA is a bit easy than the other government programs as long as you have you paperwork in order. You will need the following in order to get the ball rolling:

1. VA Eligibilty Certificate. We can actually get an ACE report for your to remove the hassel of getting the forms from Tampa.
2. Original Certificate of Eligibility for our records.
3. Full lending application with all VA disclosures.(Provided by your lender)
4. 30 days pay stubs along with two years W-2s.
5. Complete sales contract for new home.
6. Home Insurance on new home.
7. VA appraisal and inspection of new home.
8. 2 months bank statements along with any quartely investment account statements.
9. Copy of license and social security cards.

This would be just about everything you need barring any issues that need to be cleaned up on credit or on the property you are purchasing.  Of course you will not need the items on the property until you find one.

The typical terms on the VA loans are very straight forward. They are:

1. Up to 100% financing.
2. Seller can pay up to 4% of the purchase in buyers closing costs.
3.  No Mortage Insurance.
4. Funding Fee would most likely be 2.15 - 2.4% depending on your status. This is wrapped into your loan amount and is not required to be paid upfront.
5. Rates range on a 30 year fixed from around 5%- 5.5%.
6. There are no prepayment penalties.

You could start the prequalication process at anytime. Please let me know if you have any questions and if I may help in anyway.


Warmest Regards,
Patrick Keefauver
407-268-4700 ext 112

  • January 11 2009
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Va loans can be great but your first step is finding a loan officer that knows what they are doing. Many dont when it comes to VA loans. In my experience VA loan can be a real pain. Certain appraisal requirements need to be met and with the so loan current interest rates and other loan programs a VA loan may not be your best option. The only way to find out is to speak with a qualified lender that had done these loans before and find out your options. Most good realtors work with team of lenders to help you with this.
  • January 05 2009
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The best place to start is with a realtor and loan consultant with experience working with Veterans. The realtor should have a good working knowledge of the VA Home Loan Program and also ask the right questions. Veterans with a disability can get the funding fee waived, the fee is 2.15% for first time users of the program. They would also know if the home your interested in also qualifies for the VA porgram. Also you will save some money in closing costs, the VA will not allow you to pay some of the closing cost fees. The loan consultant can assist with the paperwork to get your eligibilty certificate and help you throughout the entire process. The important step is to get with the right people for you and will look out for YOUR best interest. Thank You also for your service.
  • January 05 2009
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Karina:

Thank you both for your service to our country.

In order to qualify for your VA loan benefit, you will need to first gather your DD214 documentation as well as bank statements, asset accounts, 2 years w-2's, current paystubs and last two years tax returns.  Once you have gathered your documentation you will need to meet with a lender.  I would recommend starting at your local bank where you handle your checking or savings.  They are likely FHA/VA approved. 

Government insured financing is actually a little more liberal in their credit guidelines.  If you have any current collections (except medical), those will likely need to be paid.  If you have had late payments in the past year on any loans (credit cards or installments), you may or may not qualify right now depending on the reason for the late payments. 

Best of luck with your purchase!  
 
  • January 05 2009
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