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My brother and I (both vets) are gonna try to get a house. I don't know much about the VA loan, so if you have used it, can you help me out? Is it true that the loan is guaranteed? By that I mean, even if your credit is less than favorable, can you still get the loan? Also, the down payment thing, can you really just not put a down payment and finance 100% of the house?
 

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adamf2 said:
My brother and I (both vets) are gonna try to get a house. I don't know much about the VA loan, so if you have used it, can you help me out? Is it true that the loan is guaranteed? By that I mean, even if your credit is less than favorable, can you still get the loan? Also, the down payment thing, can you really just not put a down payment and finance 100% of the house?
Well seeing you are a vet in good standing you should not have a problem.
Here is a link...
http://www.military.com/Data/LandingPages/GIBIll_VALoan.htm?ESRC=ggl_mem_vetben.kw
 

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That is the whole purpose of the VA loan, getting approved without putting a down. The loan is "guaranteed" sorta. The VA is telling the lending agency that if for some reason you can't pay it they will step in and cover it until you can. You can still get denied for it.

They just increased the average loan amount to 360K i believe. You also have to get a certificate of eligibilty from the VA. Depending on the mortage company you use they may have access to the database which shows your eligibilty. If not you'll have to send in for it.

A downside of it, depending on location is the VA doesn't approve loans in all areas. For example it may approve you to buy a house on one street but two streets down they won't.

Check this link out for more info. http://www.homeloans.va.gov/

Eligibility Form

VA Approved lenders in your area
 

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Thanks guys. Looks like a lot of good info.
 

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When I did my VA loan 2 years ago, the only drawback was the higher interest rate I had to get. 5.5% vs. 6.0% on a 30 year loan. Its not that big of a difference and is much better than having to pay mortgage insurance for the first few years.

When you get your loan payments going, start paying every 2 weeks instead of once a month. It will make it so you pay an extra payment per year, saving you thousands in interest. If your budget allows, pay an additional amount toward the principle every two weeks. I am doing this and it took my loan from 29 years to 21 and save well over $10,000 in interest. I now make 2 extra payments per year.
 

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This thread helps me also... Good thread - good replies. I too am looking at buying a house in the next few weeks.
 
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