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va loans?

Has anyone had experience using VA loans? My fiancee is elgible and i have his eligibility certificate. Trying to decide whether to go VA or conventional. We have 20% down payment but might prefer saving it for improvements to home.
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June 03 2010 - US
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Answers (8)

lori112,
I remembered that there is a VA guideline about 2 unrelated buyers and one was a Vet other was not and amount of eligibility was reduced 50%.  Same rule would not apply to a married couple, but I noticed you mentioned fiancee so that could come into play if house was purchased before marriage. It has been years ago when I read about guideline and it may not still be applicable , but another example of all the facts need to be evaluated to arrive at best option for your specifics.
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June 03 2010
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we are in Illinois
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June 03 2010
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interesting replies. Thank you all very much for your thoughts. I did not consider 15 year VA product. I'll take a look at those rates. We qualify for 30 year conventional or VA. My credit scores are quite high 790-820 and his, the veteran, are lower but still good -low 700's. I actually qualify without his income on a conventional (we're looking at 400K sales price). Just trying to weigh options. It's nice to have cash in reserve so even though we don't need to go VA and originally, I had shunned the funding fee, I'm starting to see some attractive qualities to that loan.
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June 03 2010
Interesting options though like going from A to Z.... you didn't mention sales price, credit scores, or income/debt ratio, all of which could make a difference as to best program option. Something in between could be an FHA 15 yr. loan with 10% down and still avoid MI.  If putting 20% down still leaves you 4-5 months housing payment in reserves and funds to do improvements going conventional may be better option.  Putting down 10% and holding back monies for reserves and improvements makes VA more attractive. Get a referral to a local loan officer and explore best option.
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June 03 2010
CASH IS KING, but the mortgage debt can be a  burden.  If you can consider doing a 15 year loan see which way works better for you. A 15 year with 20% down payment would be great, but if you can qualify with 0 down do the 15 year and pay extra on the mortgage.  If the 15 year  payment is too strong of payment consider a 20 year. Buy now the prices are great!
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June 03 2010
I have closed over 300 VA loans and a veteran myself.  You may want to keep your cash liquid and just finance the full purchase price with a VA loan.  Use your cash for improvements to the home. 
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June 03 2010
Where are you located?
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June 03 2010

If the improvements are cosmetic and wont really pull the value up, put down 20% and go conventional.

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June 03 2010
 
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