Profile picture for lredger

VA home Loan- what would a 240k mortgage equal in monthly $$$ (around)

And any negatives or things To ask/watch out for if I use the va to finance a loan? Thank you!
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November 02 2013 - Phoenix
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Answers (7)

Best Answer
You're probably going to need to stay closer to $210,000. VA has great features, but if you have a significant down payment and good credit (700 score) there are better ways. The main benefit of a VA loan is that you can get in with little cash from pockets. If that is your goal, and it is and always has been mine, then VA should be examined first and foremost. Do you know your credit scores? Is down payment the foremost issue?
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November 02 2013
You might want to use the mortgage calculator on Zillow As well to find out what the monthly payment will be.
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November 02 2013
You should find a good Mortgage Broker, or Mortgage Banker (not a depository institution), in the area, and apply. Don't pay for an appraisal upfront. Get a full "credit pre-approval" first. You may be able to find the right Loan Source by using the "Find a Pro" page on Zillow. I would avoid the "50 State Lenders" in favor of a local human. You may be able to find a Veteran to do business with and that would be fantastically fabulous.
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November 02 2013
Profile picture for lredger
Thanks for the tips. MY Credit score is in the low 700's, but I don't want (or have) enough to put a good down payment. I went through a short sale 2 years previous, and lost my 20% I put down.... Not looking to do that again if I don't "need" to. And for that reason I think the va is my best option. Thanks for the help.
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November 02 2013
Profile picture for wetdawgs
That's the exact reason for providing a link to the calculator.  You can change down payments, interest rates etc. to see what your monthly payment would be.

Not all sellers are willing to consider buyers using VA because there are some restrictions.    

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November 02 2013
Profile picture for lredger
Thanks, but for the va, doesn't it work differently surrounding down payment, interest rate, inspection, and type of property you can buy? I am trying to stay around $1300.00 for my monthly payment. Any idea on how much that equals for mortgage value?
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November 02 2013
Profile picture for wetdawgs
Here's a link to a calculator that will give you the opportunity to tinker and get some hints.   Taxes and insurance are something you should check carefully for your area because Zillow numbers are pretty generic, but taxes and insurance have local aspects.

You can find more calculators by hovering over the words "mortgage rates" in the top line and checking the drop down list.

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November 02 2013
 
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