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Question about VA loans

Discussion in 'Veteran's Forum' started by Central Texan, May 19, 2004.

  1. Central Texan

    Central Texan AmericanSoldier

    146
    0
    Dec 27, 2002
    Texas
    Would somebody be so kind as to explain to me just what the differance in between a VA loan and a "regular" loan?
    See, I'm fixin to start buildin a house on some land I own and was told by my Dad to look into a VA loan. I know it's for military personel, but other than that I have no idea what it is, and neither did he.
    On the same note, where do I go to talk to somebody about getting a VA loan? I've heard that USAA does home mortgages, is that the same sort of deal?
    Any help and/or advise would be greatly appreciated.

    Thank you Brothers.
     
  2. RussP

    RussP Moderator

    33,805
    3,487
    Jan 23, 2003
    Central Virginia
    You need to check the real estate section of either the Austin or Waco newspapers for rate comparisons. VA rates are usually lower than Conventional rates. You can also call the VA Regional Office 1-800-827-1000 for information.

    Here is a good info site...

    http://www.valoans4u.com/faq/valoan_faqs.php#cando
     


  3. Roland-G23

    Roland-G23 STI Convert

    533
    0
    Dec 29, 2000
    Albany, OR USA
    A VA Loan is basically a guarantee. You need a certificate of eligibility, and that will have a finite dollar amount, and usually you can borrow up to 4x the amount of the guarantee. You normally don't have a down payment, or its really low, and there is no PMI (Mortgage insurance unless you put 20% down). There is a VA funding fee.

    You will most likely have to get a construction loan, and then convert the construction loan into a VA loan once the house is completed.

    Contact a mortgage broker in your area and a VET CENTER if there is one nearby for more information.
     
  4. 4TS&W

    4TS&W 2A RKBA 4EVER

    3,585
    0
    Jul 20, 2002
    here and there...
    http://www.va.gov/

    Click on home loans.

    A VA loan has several benefits. I'm in the process of using my VA loan guarantee for the second time.

    Basically you need to download the app for a certificate of eligibility (.PDF file) and fill it out.

    Send it off, or have them send it to your lender.

    It's a great perk, if you qualify.
     
  5. TScottW99

    TScottW99 NRA Life Member

    1,088
    45
    Jul 15, 2002
    Roanoke, VA
    I agree it's a great perc and rather easy compared to other loans. I used my first one, paid it off and just started my second one a little over a year ago. No hassles for me, closed in less then 30 days, great % rates. Good luck!
     
  6. KNEESINTHEBREEZ

    KNEESINTHEBREEZ Got Silk?

    184
    0
    Jan 9, 2004
    Texas
    Since you live in Texas, you need to look into the Texas Veterana Land Board. Many times they will have better loans for vets.
    http://www.glo.state.tx.us/vlb/