VA Loan

[Reed1978]

Does anyone know how applying for a VA loan works. I believe that you need to be on active duty for 6 months to qualify - but, does the 5 weeks we spend on active duty during our senior year externship count, and what about the 45 days of ADT that we have to request on MODS? Is it possible to get the loan before I have graduated school and report to my duty station? Thanks for the help!

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[Smills91]

Does anyone know how applying for a VA loan works. I believe that you need to be on active duty for 6 months to qualify - but, does the 5 weeks we spend on active duty during our senior year externship count, and what about the 45 days of ADT that we have to request on MODS? Is it possible to get the loan before I have graduated school and report to my duty station? Thanks for the help!

I actually looked into this, and unless you plan to make this your FINAL home or home that you plan to live in for the majority of your life, then you're better off waiting, because as I understood it. It's a one-time loan. Once you use it, you lose it. So it's best to use it for the lengthiest amount of loan possible.

 

[Smills91]

Smills, you are wrong. You can use VA loans on more than one house, but only one house at a time. If you own a home that you purchase with a VA loan, then you have to sell your house before you can qualify for your next house. I purchased my first house with a VA loan, sold it and then purchased my current home with the VA loan.

Your explanation has nothing to do with what the OP was asking. His question needs to be answered by the VA Eligibility folks.

Oh okay, then I guess I miss understood the people I was talking to. Can you re-finance your current home with a VA loan if you bought it before active duty and then went into 'active duty'?

 

[kjayquen]

I actually looked into this, and unless you plan to make this your FINAL home or home that you plan to live in for the majority of your life, then you're better off waiting, because as I understood it. It's a one-time loan. Once you use it, you lose it. So it's best to use it for the lengthiest amount of loan possible.

You can get more than one VA loan in your life. Just not more than one at the same time. As long as your first one is paid off (through sale of home or completion of all payments) you can get another later in life.

 

[ArmyDDS2013]

What are the exact benefits of a VA loan besides a 0 down payment - wouldn't that just make monthly payments higher?

 

[krmower]

What are the exact benefits of a VA loan besides a 0 down payment - wouldn't that just make monthly payments higher?

Yes - because they have a 2% processing fee that they roll into the mortgage. Also the interest rate will be higher than a conventional loan.

I have always gone with a conventional loan when I have purchased a house.

 

[ArmyDDS2013]

Yes - because they have a 2% processing fee that they roll into the mortgage. Also the interest rate will be higher than a conventional loan.

I have always gone with a conventional loan when I have purchased a house.

It sounds like the VA loan isn't worth it then?

 

[krmower]

It sounds like the VA loan isn't worth it then?

If you didn't have money to put down or your credit isn't high enough to qualify through other means, then it's better than nothing.