Home Loan questions..

[freakygirl]

Been threatening for months that we were going to be buying a house of our own..

I've started the ball rolling.. I found MY house.. the one that called MY name out when I seen it.. OMG! I love it.. I want it.. I can't wait to see if we can get it.

Ok, now... questions.. I recieved the VA paperwork today, we can get a VA approved loan.. but I have NO idea how that works.. and ofcourse (anyone who knows the military will know what I'm talking about) they don't answer questions. I looked on the web.. and found a few sites, but still no answers.

The house we are interested in is For Sale by owner. And the websites I have found say to take the VA paperwork to the Real Estate dude.. he will do the rest. Well there is my question.. what do you do if there is no real estate dude?

Any body know of any online places I can find out about borrowing the money? I need to find out what our mortgage payments might be.. what kind of down we would need.. so on and so forth.. We are first time buyers.. my credit is near perfect (I'm lacking 2 points for a perfect credit rating). Not sure about his credit rating. Probably Ok, but not perfect.

Anyone have any advice?

 

[freakygirl]

Wow.. there is a whole net world out there.. Look what I found (ofcourse I found it 30 seconds AFTER I posted this thread)


http://www.mortgage101.com/pg00004.htm

Anyone else needing this information, might find this page useful. I haven't read the whole thing yet.. but that's where I'm headed now.

 

[Buzz]

just a start...

im a lazy ass... go figure..
but.. somewhere you can search for some good shit on va loans..
i was on a flight this past summer and talked to a va loan officer...
she was tellin me how hard it is lately to get them..
but...
here is where i would start if i was going to..
this is not a link for it.. but... a place to look
maybe a dfas link may get you goin on it...
not even sure if this is what your askin for...
ne ways..
www.perscoml.army.mil

good luck... hope i helped out a teeny

 

[Calamity Jane]

Freaky, you might want to call a real estate agent and see about getting a buyer's agent. They work 100% for you, and are paid by the seller (through the selling agent's commission). We've purchased three houses, and used a buyer's agent on two. I wouldn't do it any other way.

 

[Ree]

First and foremost, even if the home was listed with a Realtor you would want to find an agent of your own. You need an agent that works for you and will be loyal to you. The agent is considered your Buyer's Agent and will work towards your interest in the home not the seller. The agent that has the home listed works for the seller, not you, the buyer.
Some For Sale By Owners, are willing to work with a Realtor and will pay them a portion of a commission to be agreed upon between the seller and the Realtor. If the owner of the home is unwilling to work with a Realtor then you should go to a lender of your choice in your area that deals with the VA loans. (You are going to need a lender at some point and it is easier to deal with one face to face.) It is not an easy process to do on your own so you should try to find a lender that you can sit down with and find out the specific answers to your questions. If you have not done so, you should go ahead and order your VA certificate. The information your received online should have given you the guidelines to ordering your certificate. The lender will need that at some point during the transaction.
I hope that this helps point you in the right direction. If you have any other questions, you can PM me or email me. Sorry, I can't be more specific. The laws and regulations vary from state to state. The way things are done in my state may not be the same way they are done in your state.

 

[MidnightAngel]

You said you have decided to go VA loan. With perfect credit and interest rates so low, I'm not sure I'd do that. My parents have a VA loan, and they *really* regret it. VA requires a lot of things that a regular mortgage lender does not. My husband and I are eligible for VA, but did not go that way when we bought our house 2 years ago. Too many restrictions, regulations, etc.. You might want to check "regular" financing also.

 

[freakygirl]

Just spent the last couple of hours getting our credit reports... His=POOR.. Mine=Perfect..

I guess the "dream house" is on hold once again. We have to get his credit fixed before we can do anything. His ex-wife sure gave him the shaft.

Thanks for all the information you guys.. I'll keep it all handy for when we are able to do something.

 

[Vinny]

VA

Freaky,

I have some really bad credit. We went to the local Savings and loans and applied to build a house. The real estate agent told me they do not accept VA loans. I don't know who she thinks she was fooling but I know better. Anyway, the reason for this is that the VA has many regulations. Not only bad ones but ones to protect you. After the house ws built, I told her we decided not to buy because we want Va and we will look elsewhere. It is amazing how that same day, she calls me back and tells me the good news is her coorporate office sent her a memo stating they now accept va. Looking at my interest rate of 6% with va, it is much better that the 8% my friend has on his house. Anyway, the va has helped us with things they messed up on because the house has to be built with their specifications. Once again, my credit sucked but they approved us on my credit because I was the vet. SO keep trying and I honestly beliebe you will be in that house.