VA Mortgage Questions?

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How do you know where you are? My father passed away 2 years ago and was a military veteran, he served in Vietnam and the Korean War. I know he would be disqualified if he was still alive, but I (a girl) or my mother. We both receive VA benefits. I am curious if I should try to ask if I or my mother for me to be qualified.
I am a first time home buyer and VA loan guarantees. What is the best way to get a mortgage without getting screwed? We buy 18-24 months, primarily because we want to pay off credit card debt. I want 250-280k home, but do not want to get on my head. Some websites and programs would also be helpful. Thank you.

5 Comments
  1. Reply
    glenn
    January 28, 2011 at 2:39 am

    If you have your Dad’s old Military ID or if you have a form called a DD214 then it should be very easy to track down any benefits your Mother may have. Even without them I bet if you call the VA they can help you track the stuff down.

    Several years ago I tracked the same sort of stuff down for my Dad. He was still alive but had no idea where any of his data was. The military tried to find it at a main place in St Louis but could not find it and then later found it in a repository in Washington DC. It took about three months. But if we had had the military ID they could have found it in very short order.

  2. Reply
    Mortgage Guru
    January 28, 2011 at 3:33 am

    Susan,

    VA Home Loan Guaranty Benefits apply only to unmarried spouses of veterans who died on active duty or as the result of a service-connected disability. If your mother qualifies, she could apply for the benefit for herself, but I can tell you from experience that she would not be able to use that benefit to help you purchase a home. Also, if her current home is on a VA loan, she would not be able to use this benefit.

    It seems that you’ve posted a great deal of general questions which are great for gathering data. Until you speak with someone about your specific scenario, none of these answers are really going to help all that much. If you would like to speak with someone, please feel free to email me or message me. I can give you a great idea of what your options may be to purchase a home. Advice is free!

    Charles

  3. Reply
    Jud B
    January 28, 2011 at 4:15 am

    Your VA Benefit is just a Guarantee in case you default. Your mortgagor will most likely tell you “NO PROBLEM”. But you have to look at the payments and learn. First Contact HUD , the Federal Housing and Urban development Agency. Contact the FHA, Federal Housing Authority. Get some education first and learn the financial holes between different types of mortgages.
    Open your phone book and find the nearest Federal building and go see real people. “DO Not”rely on web sites.

  4. Reply
    lenderjayne
    January 28, 2011 at 4:18 am

    You would have to find a lender that is approved to do VA loans. However, VA is not always the best way to go and a good lender will show you the comparison in loans. Depending where you live there may also be a first time home buyers program that goes along with your VA loan. You didn’t mention which state you are in. In CA there is a great first time homebuyers program.

    Waiting 18-24 months may not really be a good idea either. Interest rates are going higher which means that possibly in 2 years the house payment you are looking at today may cost more in 2 years. Meet with a qualified loan officer and see what you payment would actually be now and if it is feasible for you to buy. You also have great tax benefits from owning. But YOU have to be comfortable with the payment not the lender.

    Good luck.

  5. Reply
    Mortgageman
    January 28, 2011 at 4:50 am

    If you are not putting 20% down, a VA loan is a great option. There are many lenders approved to do VA loans. VA heavily regulates what you can and cannot be charged. If the lender has you paying and Origination or Discount Points, make sure you are getting a lower than average interest rate. One percent of the loan amount should get you .25% better in rate. Although VA overlooks bad credit, they will not let you buy more than you can afford.

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