Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
VA Home loan
I qualify for it but I dont understand how it works. Can someone please 'dumb it down' for me? DH and I are hoping to get a house by the time January/February comes along. All I know about the loan is your credit cannot be lower than 620.
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Re: VA Home loan
What in particular don't you understand?
The biggest perk is that with the VA, you put down $0.
With a conventional loan, you typically have to put down 20% of the purchase price. If you put down less than 20%, you pay a monthly fee, called Private Mortgage Insurance, that protects the bank in case you default. (Because you look risky to a bank bc you couldn't come up with the full 20%.) There's no PMI on a VA loan.
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I got my info from here http://www.va.gov/opa/publications/benefits_book/benefits_chap05.asp
Ah, this is what you're talking about?
The short answer is that that info is really for the lender and doesn't matter to you, the borrower, one iota. That paragraph tells the bank that they promise to pay back no more than 25% of the loan if you default. The VA is guaranteeing the bank 25% of the purchase price, just as if you had put down a 20% down payment. (The table outlines that they'll pay back a greater percentage if the loan is cheaper.)
That whole mess there in the middle of the page has nothing to do with the actual loan amount that you, the home buyer, will receive or qualify for.
I'm always amazed at the lousy job the government does explaining VA, GI Bill and Tricare benefits to recipients. Stuff is never as complex as they make it out to be, they just can't spit it out in English.
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The Googlesites Paint Bio
Thinking of doing cosmetic updates to a dated home? These were our costs.