Military Nesties
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Has anyone here used a VA loan to purchase a new house? Do the pros outweigh the cons when compared with a normal loan? SO and I would be first-time homeowners and just started looking into. Any warnings or thoughts?
Re: VA loans?
I used my VA certificate 3 times so far. First time was on a new construction house, VA funding fee is cheapest the 1st time around, we didn't need to put a down payment on the house and no PMI. THe VA does require an inspection and they have more items that have to be passed.
I didn't have any problem getting my certificate back after each house sold, it does take a little time when requesting one so plan ahead when house hunting.
We have a 30 year fixed VA Loan. We've refinanced 2x now using the IRRRL (VA Streamline Refinance). Our original loan was at 6% and we are now at 4%. It's an amazing refinance program that requires NO money, NO credit check, you get your current impound account money back AND you can skip up to 2 mortgage payments (just gets tacked on to the backside of your loan).
I love our VA loan. It was an incredible tool to us as first-time homebuyers with no down payment. We were able to get 100% financing.