Zillow Advice: FHA and VA Loans - We have excellent credit (775-805) are active duty military and are building our retirement home. E http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ Zillow Advice | Zillow Real Estate Thank you both for your service ... http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ <p>Thank you both for your service and congratulations on building your retirement home.&nbsp;&nbsp;&nbsp;<br/><br/> I would strongly suggest meeting with a qualified loan officer to assist with your decision.&nbsp; He or she can breakdown all of the options for you.&nbsp; They will take into consideration your credit scores, income and liabilities and help you to decide what program is best.<br/><br/>As I am sure that the VA loan options seems on the surface the best way to go as you are active duty veterans,&nbsp;you may want to also consider going with conventional financing.<br/><br/>If&nbsp;you go conventional, you will&nbsp;NOT need the complex to be approved.&nbsp; So no waiting.<br/>There will&nbsp;NOT be any need for you to be on active duty for 90 continuous days to be eligible.<br/>NO funding fee.<br/>NO termite inspection.<br/>NO restrictions on building materials and/or builders being approved.<br/>You may also have the option of NOT having any mortgage insurance.&nbsp; This can be accomplished by either a lender/seller credit for a single premium or you can choose to finance in the single premium instead of paying a monthly payment.<br/>You also do&nbsp;NOT need 20% down.&nbsp; You can get in with as little as 5% down payment.<br/><br/>Please take the time to talk with a local licensed loan officer to assist in your decision.<br/><br/>Best of luck to you both.<br/><br/><br/><br/><br/><br/></p> Mon, 14 Oct 2013 22:30:00 GMT http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ 2013-10-14T22:30:00Z Using the VA for financing ... http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ Using the VA for financing a home is a great idea. &nbsp;In your case I would suggest you stay the course and once VA approves the project it would be a nice option for you. &nbsp;Hope that helps! Mon, 14 Oct 2013 19:46:00 GMT http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ 2013-10-14T19:46:00Z If you can get everything ... http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ If you can get everything going and approved for the VA, I believe that would be your best choice. The conventional loan will be weeded out because you do not have the 20% down payment. The FHA is still a possibility for you if you can afford the 3.5% down along with the closing costs. The reason why I choose VA over FHA for you is because FHA loans have mortgage insurance that last throughout the entire loan.&nbsp;Either way, I recommend you speak with a lender like myself. We would be happy to speak with you to help you get the loan that you need.&nbsp;So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck! Mon, 14 Oct 2013 19:41:00 GMT http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ 2013-10-14T19:41:00Z I think the VA loan would ... http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ I think the VA loan would be the best option. No money down and no pmi. Sun, 13 Oct 2013 23:59:00 GMT http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ 2013-10-13T23:59:00Z You should definitely look ... http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ You should definitely look at VA options. You will get the lowest rate - with no money down and with no PMI. If you would like assistance please feel free to contact me through my profile - I can also assist with the VA approval for the property Sun, 13 Oct 2013 17:11:00 GMT http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ 2013-10-13T17:11:00Z we highly suggest that you ... http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ we highly suggest that you check out the.......<br/>===================================<br/><br/>To quote you: This is a Q &amp; A area, not for ads Sun, 13 Oct 2013 15:01:00 GMT http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ 2013-10-13T15:01:00Z Since you are active military, ... http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ <p>Since you are active military, we highly suggest that [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]</p> Sun, 13 Oct 2013 13:50:00 GMT http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ 2013-10-13T13:50:00Z I would think you will need ... http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ I would think you will need to compare all loans with a loan officer to compare your options. You won't need 20% down but MIP or PMI will be added to the loan. VA might be your best option if they approve the development. <br/><br/><br/>tim Sun, 13 Oct 2013 12:58:00 GMT http://www.zillow.com/advice-thread/We-have-excellent-credit-775-805-are-active-duty-military-and-are-building-our-retirement-home-E/515111/ 2013-10-13T12:58:00Z