EDU Mortgage EDU

MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,837
heaven's fence.
Yeah but if you were still floating, you could lock now and only need a 15 day lock instead of paying extra to lock for 75 days.



And you could sleep at night knowing you weren’t a pussy 😛
i paid $380 and am getting 2.75%

if i locked now what kind of rate would i be getting? :dunno:
 

mc.

Well-Known Member
Jul 1, 2009
28,230
Lol your friend just closed on his new construction this morning. Only took 15 months :rofl:

I have to email you my updated info too
He texted me a little bit ago. They aren't even moving in because they still have builders doing shit so they are renting the apt week to week :rofl:

I told him "I bought a house within a month or so of you-- and now i've now bought a house, lived in for a year and sold it before you've moved in" lol
 

victor77

Internet Crew
OT Supporter
Mar 13, 2011
48,904
Internets
So what's the deal with VA loans? I can get one, other than the lower down payment what are the pros/cons?

Will the rate be higher?
 
Last edited:
  • Like
Reactions: MassiveGas
TS
TS
saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
So what's the deal with VA loans? I can get one, other than the lower down payment what are the pros/cons?

Will the rate be higher?
It’s quite possibly the best loan available.

No down payment required
No loan limits
No monthly mortgage insurance
Lower rates than most other types of loans.

There is a VA funding fee rolled into your loan at closing, but some veterans with a service connected disability are exempt from it. That’s the biggest “downside.”

Unfortunately some sellers and agents are uneducated about VA loans and think they are “harder” and they are a sign of a “less qualified” buyer. So VA often gets overlooked in a competitive bid situation. Which is stupid because it’s not harder than any other kind of loan. In many cases it’s easier.
 

kwhitelaw

OT Supporter
Sep 1, 2004
39,048
virginia
It’s quite possibly the best loan available.

No down payment required
No loan limits
No monthly mortgage insurance
Lower rates than most other types of loans.

There is a VA funding fee rolled into your loan at closing, but some veterans with a service connected disability are exempt from it. That’s the biggest “downside.”

Unfortunately some sellers and agents are uneducated about VA loans and think they are “harder” and they are a sign of a “less qualified” buyer. So VA often gets overlooked in a competitive bid situation. Which is stupid because it’s not harder than any other kind of loan. In many cases it’s easier.
Only thing I'd say is that a VA appraiser may be tighter with property condition

I'm located between quantico and belvoir/DC so the majority of buyers I work with tend to use VA financing. I never have an issue getting an offer accepted, up until this current market though where people are putting large amounts down and waiving all contingencies. That would be the only issue, in a normal market a VA buyer would be just as strong an offer as conventional
 
TS
TS
saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
Only thing I'd say is that a VA appraiser may be tighter with property condition

I'm located between quantico and belvoir/DC so the majority of buyers I work with tend to use VA financing. I never have an issue getting an offer accepted, up until this current market though where people are putting large amounts down and waiving all contingencies. That would be the only issue, in a normal market a VA buyer would be just as strong an offer as conventional
VA appraisals really aren’t much different than any other kind. And for the items that they COULD potentially pick up…shame on you as a listing agent/seller for putting the property on the market without first addressing obvious issues.

I.E., issues are either ticky tack things that should never have been an issue to begin with (missing outlet covers, GFCI outlets, etc), or the house is a GIANT pile of shit.
 

victor77

Internet Crew
OT Supporter
Mar 13, 2011
48,904
Internets
It’s quite possibly the best loan available.

No down payment required
No loan limits
No monthly mortgage insurance
Lower rates than most other types of loans.

There is a VA funding fee rolled into your loan at closing, but some veterans with a service connected disability are exempt from it. That’s the biggest “downside.”

Unfortunately some sellers and agents are uneducated about VA loans and think they are “harder” and they are a sign of a “less qualified” buyer. So VA often gets overlooked in a competitive bid situation. Which is stupid because it’s not harder than any other kind of loan. In many cases it’s easier.

Good to hear. I haven't bought a house in about 15yrs, re-learning all this. We are definitely not "less qualified" buyers, the houses we're interested in are in the 600-800k range and we can swing a high down payment if we needed to, but I'd rather not drop that much up front if I don't have to.

Only thing I'd say is that a VA appraiser may be tighter with property condition

I'm located between quantico and belvoir/DC so the majority of buyers I work with tend to use VA financing. I never have an issue getting an offer accepted, up until this current market though where people are putting large amounts down and waiving all contingencies. That would be the only issue, in a normal market a VA buyer would be just as strong an offer as conventional
I left that area years ago, don't miss it one bit.
 
TS
TS
saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
Good to hear. I haven't bought a house in about 15yrs, re-learning all this. We are definitely not "less qualified" buyers, the houses we're interested in are in the 600-800k range and we can swing a high down payment if we needed to, but I'd rather not drop that much up front if I don't have to.


I left that area years ago, don't miss it one bit.
I’d make it known in any offers that you’re approved for both VA and conventional with a large down-payment if needed. That way you can go the VA route but have the other route as a backup if needed. 98% chance the VA option goes fine, but it may make the sellers more comfortable with your offer. Just don’t give them a BS lending tree or rocket mortgage prequal letter, lol.

Also VA will require a termite inspection and says that the veteran is not permitted to pay for it. On an $800k house, you wouldn’t think sellers would fret over an $89 inspection fee, but some will. Ask your agent to cover it if the sellers object. Or the 2 agents can split it if they are having a hard time coming up with the funds to close their $40k commission deal.
 

MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,837
heaven's fence.
yo random question

i assume this is normal, but even though i paid the first years home insurance up front i still need to pay home ins cost into escrow every month to the bank? that seems dumb. i know property taxes will go up and it'll help pay some of that i guess. but its annoying :o
 

atxmike

This is my custom title
OT Supporter
Nov 28, 2007
2,727
Bay Area, CA
yo random question

i assume this is normal, but even though i paid the first years home insurance up front i still need to pay home ins cost into escrow every month to the bank? that seems dumb. i know property taxes will go up and it'll help pay some of that i guess. but its annoying :o
Yes, you're putting the money in escrow so they have it when next year's bill comes.
 
  • Like
Reactions: saabguy

Nikuk

This simulation needs a reboot
OT Supporter
Jun 24, 2005
15,598
Buffalo, NY. Again.
How long do I have to be at a new company - in the same role / field for the last 4 years - for it to not be an issue on a purchase loan?

Assuming 10% down, good ltv & dti & credit.
 

Users who are viewing this thread

About Us

  • Please do not post anything that violates any Local, State, Federal or International Laws. Your privacy is protected. You have the right to be forgotten. Site funded by advertising, link monetization and member support.
OT v15.11.2 Copyright © 2000-2022 Offtopic.com
Served by fx.offtopic.com

Online statistics

Members online
156
Guests online
63
Total visitors
219

Forum statistics

Threads
76,307
Messages
7,420,960
Members
87,015
Latest member
digimarkactanza