View Full Version : VA Loan
getsome35
04-16-06, 02:06 PM
Marines,
Can anyone tell me what exactly is involved in a VA home loan. I am finally looking towards financing a house with the old lady and want to use the benefits that I rate.
Cpl Brija
Phantom Blooper
04-16-06, 07:01 PM
Should you try a VA home loan? <br />
By Dana Dratch • <br />
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If you need a home loan, you might consider hitting up your Uncle Sam. <br />
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Department of Veterans Affairs home loans -- VA loans for short -- are...
I wasn't that impressed with the VA loan program, you don't get as good as a rate, and there are some costs that are assumed in the loan. Yeah you don't have to pay PMI, but if you add up what the intrest rate is on top of the fees assumed in the loan I bet you'll see you its not that great of a deal. Especially if you in an area where homes appreciate quickly, once you have 20% equity in your house you can drop PMI. I bought the house down here in Mississippi using the VA. We close on a house up in Maryland (twice the value as this house) and we have more got an interest rate about a point and a half lower, and we purchased this one 2 years ago when rates were real low. So my point is shop around compare, and do the math.
getsome35
04-17-06, 07:48 AM
roger that!! what about the VA covering your down payment? I heard they cover the payment up to a 250,000 dollar piece of property?