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How do VA loans work?
My wife is active military and we are hoping to buy our first home. Is there any reason why we shouldn't use a VA loan? How do we get started?
Asked By Jamie L | McLean, VA | 1603 views | Buying | Created 3 years ago
Answer(7)
Lisa and Greg Harris
eXp Realty, LLC
This is a great question for your lender. And I recommend working with a local lender that has knowledge of the VA loan process. I also recommend talking with a local REALTOR that has knowledge of VA loan home options. Being that yo uare in VA I am sure there are many REALTORS and Lenders that have this expertise as it is a heavily Veteran populated area.
As a REALTOR, I work with a lot of veterans in an area with several military bases and help veterans walk through this process. There are a few more things to look at when looking to purchase a home with a VA loan. There are conditions of the home that must be met and this in most cases includes being able to have a clear CL-100 letter of inspection. This means no current termite of water damage. It must be in good livable condition with windows and doors that lock and other items of this nature.
Reach out to a local VA lender and REALTOR. They can give you personal specifics for your situation.
As a REALTOR, I work with a lot of veterans in an area with several military bases and help veterans walk through this process. There are a few more things to look at when looking to purchase a home with a VA loan. There are conditions of the home that must be met and this in most cases includes being able to have a clear CL-100 letter of inspection. This means no current termite of water damage. It must be in good livable condition with windows and doors that lock and other items of this nature.
Reach out to a local VA lender and REALTOR. They can give you personal specifics for your situation.
- 3 years ago
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HEATHER MEYERS
Ignite Realty Brokered by LPT Realty
Hi Jamie, I would go the VA route. 100% is financed and you would only need closing cost. Depending on your credit scores and the price range you are looking in you may also qualify for assistance with the closing cost. I see that you are in Virginia, I have some great lenders that do VA loans as I am in large military community in Va. Let me know if you would like anymore help.
- 3 years ago
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Amanda Courtney
REP Realty Group
VA loans are backed by the Department of Veterans Affairs for eligible military buyers. Benefits often include $0 down, no PMI, and competitive rates. The home must pass a VA appraisal and meet basic property condition guidelines.
- 6 days ago
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Scott Carlson
BRIX Real Estate
Hi Jamie, VA loans are a great option in most cases with you not having to put down a lot of money to get the loan. Your credit scores will be looked at but if there is work needed on that front, an experienced loan officer can guide you on how best to increase your situation the fastest. They can also go through the pros and cons of VA vs Conventional loans, and there are times when going Conventional makes more sense, it all comes down to your specific situation.
Best of luck on your search, Thank you to your family for their service.
Best of luck on your search, Thank you to your family for their service.
- 3 years ago
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Pauline Dent
Keller Williams Chantilly Ventures
There are many things to consider when choosing the loan right for you. Having active military status opens up the possibility to compare a VA loan to a Conventional or FHA type loan to name a few. I would suggest you consider a comparison of interest rate, cash to close, to your monthly payment and consider how long it will take to get a loan closed when looking to lock in with the lender and program right for you. Happy to help if you would like a 30 year veteran agent!
- 2 years ago
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Jessica Fauteux
The Fauteux Group
Absolutely use a VA loan! It's an awesome loan! The only disadvantage to a VA occurs when you are in competition up against more competitive terms.
- 1 month ago
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Mandy Aufenkamp
EXP Realty
Hey Jamie, I do 80% VA loans where I am from. Usually VA loan is always going to be a better option. Unless you do not have any disability ratings and are going to pay a large funding fee and have the ability to make a down payment, then I would suggest to discuss the Conventional options with your lender. I would say 90% of the time VA is the better way to go though. Best of Luck on your home search!
- 3 years ago
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