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I dont know about giving it but she cant definetly take it...word is bond!!!
but seriously what insight can you give on someone using a VA Loan to purchase their first home? Whats good and whats bad about it.
Exactly!
I dont know about giving it but she cant definetly take it...word is bond!!!
but seriously what insight can you give on someone using a VA Loan to purchase their first home? Whats good and whats bad about it.
That's right. Say you are investing in a townhome or your first home to use it as a stepping stool for your next home.
Getting into a fixed 5, 7, 10 year ARM isn't crazy at all. It's just the loans where you are paying INTEREST ONLY.
You might consider talking to a mortgage broker. You end up paying them some money in the end, but they can help. Especially if your credit isn't great, which mine wasn't at 640. Just look for a repuatable one. I tried using one 5yrs ago in SA & he just about had me in a house, until my wife & I decided that we weren't ready. Then we ended up moving to central WA. I used one here in WA State to get a private money construction loan & built my own house. I was able to kind of beat the system & come out way ahead. I was the general contractor & did a lot of the work myself, on weekends & after my regular job, with my in-laws. Then we sub-contracted out the electrical & insulation. I was blessed enough to have 2 brother-in-laws that build houses. It took 4 of us 11 months to complete my home, but I ended up with $30k in instant equity. This was a unique situation, but it worked out for me. My broker says the type of loan I got, now has to have 20% down. I built a 2160sqft, appraised $220K home for $190K without putting up any money of my own. I'm also thankful that my housing market hasn't blown up. Mostly in part to the Seattle market being crazy. A lot of people have started moving to my area from there. So, it's actually helped my market.
So, you might consider talking to one. Just ask around & find a repuatable one.
*I ended up with a 6.4% rate, but that was the best I could get w/ my credit back in Oct. when I refinanced out of the construction loan to a conventional loan*
join the military.. no money down.
provide more info er
how does that help with a house.
VA loans require i think 1 or 2 % down.
This is a bit of a mystery to me.
That would be pretty nice. I should join just for the low down payment.
I didn't even use my VA loan.
how about texas vet? did you use that?
and if you dont mind why didnt you use your VA Loan?
Just didn't need it is all.
If you have difficulty saving up for a down payment, then the added costs of a home might not be appropriate for your cir stances. Even if the payment equals your current rent, you have taxes and maintenance to consider. Also, given the amount of the current standard deduction, the tax savings between that and what you can claim with these taxes... by itemizing may not be as much as you think.
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