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If the seller had other people looking at the home he would have definitely sold to them. So a VA loan is not competitive. I took it because it was the right time, and I didn't have a down payment. Add the seller assist on it I couldn't pass it up.
I would look at your options for rates and types of loans to give you the best edge.
My biggest piece of advice is to shop around for a lender. Use quotes to negotiate and get lower quotes from other lenders. It’s a pain but well worth it in the end. I had 6 different lenders working against each other.
No need for a real estate again who’s a VA expert. Better to have one who’s knowledgeable about the areas you’re mostly interested in.
Thanks! Will start talking with some lenders. I’ve got a little bit of time, so I’ll spend some time spinning on this.
I did it and it wasn’t an issue. Lots of good info above. Some sellers don’t like dealing with them because the inspection is more thorough and therefore more likely to turn up things. So not a good option if you’re trying to buy a “fixer” but otherwise the inspection protects the buyer from costly hidden issues and /or gives you leverage if something is found.
The other reason sellers sometimes balk at them is they can take longer to close. That was not my experience- we closed in 4 weeks but slower is a perception in some markets.
In the end all money is the same so if you can get a better deal with a non-VA loan go with that. And definitely shop around. Your mortgage on the same house could be several hundred dollars a month or more different depending on the lender you choose- no matter what type of loan.
Appreciate that, thanks! Will definitely shop around
Any advice? Feedback? Suggestions? Guidance?
“With VA loans, the seller can pay for some of your closing costs: up to 4% of the purchase price. For closing costs with conventional mortgages, the seller can only pay up to 3% of the purchase price if your down payment is less than 10%. However, sellers can pay more if you have a higher down payment.”
In a competitive market, why would a seller want to do any of this?
Idk how my realtor swung it, but I got 6% seller assist. covered all my closing.
I used my VA loan a few years ago for my place at my last duty station. I did it all through USAA and had zero issues. I believe if you are disabled you do not have to pay the funding fee which is a percentage of the loan...so could save a bit.
It’s worth looking into conventional loans. Not all require 20% down. Also, while the VA does not charge PMI, there is a fee you get charged that essentially equates to it...I think it’s the funding fee would need to doublecheck
Yeah the funding fee is the big expense on the VA loan, but I’m exempt for my disability rating.
I’d assume areas around a duty station are typically a lot less compatible than the area I’m looking.
Looks like I’ll need to do some more research on conventional. Thanks!
The VA funding limit is set to be lifted starting January 2020. Which means vets can buy a home above the $484k limit with no down payment...which is awesome and kind of crazy.
Look into what the VA limit is for the county you’re targeting. If the home price is more than the VA limit then you’ll have to put 25% of the difference down. However, after Jan 2020, a VA limit will no longer exist.
VA loans can take a couple additional weeks to close, but honestly, I wouldn’t let that deter you from using VA. The financial benefit is worth it, plus the inspection and appraisal the VA conducts is in your best interest. They won’t let you buy a property that has major issues and won’t let you buy a property above the appraised value.
I think a VA loan is only problematic in a competitive market. I used it for my first house in a high inventory/low competition area and had no issues. My last house purchased was in a very hot market and it was a significant issue. When we would get into a multiple offer situation we always lost even if we were above asking price.
OP have very similar concerns in the Boston Market. Seems to have cooled off a bit but still very competitive. I am in very early stages, though.