VA/FHA/Conv/Purchase Home Loans
11-07-2015, 02:17 PM
#21
I was thankful to the VA when I had to short sell my house back in 2005. Only issue now is that I can't use the VA again without paying back the debt. My most recent purchase was 0% down USDA loan, so pretty much the same deal. Wish I still had the option of my VA, but can't afford to pay back the $29k debt. Just thankful they were there for me when times were hard.
11-07-2015, 10:32 PM
#22
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I was thankful to the VA when I had to short sell my house back in 2005. Only issue now is that I can't use the VA again without paying back the debt. My most recent purchase was 0% down USDA loan, so pretty much the same deal. Wish I still had the option of my VA, but can't afford to pay back the $29k debt. Just thankful they were there for me when times were hard.
You may be able to get around it with bonus entitlement. If your loan amount is over 144k, bonus entitlement kicks in and may overcome the deficit of your lowered entitlement. USDA has higher rates, and monthly mortgage insurance, so VA is still a much better option.
If anyone has specific questions, or is in the market to buy or refi and wants a quote I am always available to you! Just give me a shout.
11-25-2015, 10:12 AM
#24
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http://www.benefits.va.gov/HOMELOANS...n_examples.pdf
11-26-2015, 01:13 PM
#25
O.k. so looking at those examples.
We used our VA certificate in 1998 for 74K on a house. That loan is paid in full now and we own the house outright but we are wanting to use the certificate again.
We have bought property for 135K recently and will work with a builder on a construction loan to be wrapped up in the total for the 417K (basically a 282K structure of primary residence) which is the county limit where we are building.
What is considered restored and not restored? How did the first purchase effect my overall benefit?
We used our VA certificate in 1998 for 74K on a house. That loan is paid in full now and we own the house outright but we are wanting to use the certificate again.
We have bought property for 135K recently and will work with a builder on a construction loan to be wrapped up in the total for the 417K (basically a 282K structure of primary residence) which is the county limit where we are building.
What is considered restored and not restored? How did the first purchase effect my overall benefit?
11-26-2015, 08:29 PM
#26
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Thread Starter
O.k. so looking at those examples.
We used our VA certificate in 1998 for 74K on a house. That loan is paid in full now and we own the house outright but we are wanting to use the certificate again.
We have bought property for 135K recently and will work with a builder on a construction loan to be wrapped up in the total for the 417K (basically a 282K structure of primary residence) which is the county limit where we are building.
What is considered restored and not restored? How did the first purchase effect my overall benefit?
We used our VA certificate in 1998 for 74K on a house. That loan is paid in full now and we own the house outright but we are wanting to use the certificate again.
We have bought property for 135K recently and will work with a builder on a construction loan to be wrapped up in the total for the 417K (basically a 282K structure of primary residence) which is the county limit where we are building.
What is considered restored and not restored? How did the first purchase effect my overall benefit?
As for the construction loan is the builder financing the construction, and you plan on using a VA loan for the "end loan" to pay them off?
11-28-2015, 11:19 AM
#28
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The VA techincally has no cap. If its over the county limit, you just have to use the VA high Balance loan calc to see what you can do.
03-08-2016, 04:12 PM
#29
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Rate have dipped- and with new FHA MIP people are saving great money even at the same rate!
Also if you are looking to purchase a home, give me a call. We now have a friends and family program which will take care of some closing cost!
Also if you are looking to purchase a home, give me a call. We now have a friends and family program which will take care of some closing cost!
06-14-2016, 12:34 AM
#30
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I wish I looked on here a little while ago, I am purchasing a house in PA closing in mid July. Unfortunately deployed to Afghanistan until mid Aug. I at least was able to get the funding fee waived and closing costs are only around 8k.
06-14-2016, 09:59 AM
#31
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No worries. Congrats! I'll send you a PM
01-11-2017, 11:13 PM
#33
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Bump for FHA's MIP reduction. This really helps everyone, but will be a big saver for many with current FHA loans. If you want to run numbers, send me a PM!
http://www.cnbc.com/2017/01/09/feder...this-year.html
http://www.cnbc.com/2017/01/09/feder...this-year.html
01-12-2017, 12:26 PM
#35
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01-15-2017, 07:46 PM
#37
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03-04-2018, 10:56 AM
#38
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4 years since the OP and a lot of people helped-or led in the right direction. Rates are up, but inventory is still low and it's keeping the market prices up.
I helped a tech member go from a 480 FICO to closing on his home in 7 months. Don't get discouraged guys! Any questions never hesitate to reach out.
I helped a tech member go from a 480 FICO to closing on his home in 7 months. Don't get discouraged guys! Any questions never hesitate to reach out.
09-10-2018, 07:03 PM
#39
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Thread Starter
Bump- rates are up but inventory is still at record lows so demand stays high.
I can now give 89.9% Cash out with no MI to NON VA borrowers as well! Nuts!
We have also removed origination for FHA loans!
If you are looking to buy, sell ro Refi int he next 12 months and you have not reached out, you are likely doing yourself a disservice. I'm here to help my fellow Tech' peeps/
I can now give 89.9% Cash out with no MI to NON VA borrowers as well! Nuts!
We have also removed origination for FHA loans!
If you are looking to buy, sell ro Refi int he next 12 months and you have not reached out, you are likely doing yourself a disservice. I'm here to help my fellow Tech' peeps/
