Has anyone used a VA loan lately?

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How does it work? You pass by a private mortgage seller, who then used to secure the loan and the terms of VA, such a low bail? Or does the VA loan terms? Has anyone been lately, … what are the prices like and what would be the deposit for a house like 150k?

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    May 4, 2011 at 12:51 am

    Ive done probably 2-3 in the past month. VA is not a lender. They only guarantee that the company that finances the loan will never lose money. VA is only the insurance company. For VA to insure your loan you have certain requirements.

    For this insurance you pay VA a funding fee, unless you are a disabled Vet.

    Any lender that is approved through VA can do your loan. Its just how they insure it. Its a good loan that can be fixed or adjustable. The credit restrictions are more lax ed. And there is no down payment required. Rates are about the same as FHA rates that are normally better then conventional. Im not going into rates because I dont want to figure APR. Call your local loan officer.

    Find a lender or loan broker that does alot of VA loans. They are confusing for a new loan officer or one that doesnt normally work with Government loans. If you call a loan officer and you say how many VA loans do you do? If they say I havent or I do maybe 1 a year. Move on. They are more complicated then FHA and you dont want some loan officer that doesnt know what they are doing.

    If they are not doing at least 1 VA a month dont give them time of day.

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