Home Buying in Riverside>Question Details

Carl Webb, Renter in Austin, TX

Do I even need a lender in order to use my VA Home Loan?

Asked by Carl Webb, Austin, TX Fri Dec 31, 2010

The property I want to buy is less than $50,000 so can I get preapproval from the VA Home Loan program? I think I don't need a lender because at this low price the VA will finance the whole thing.

Help the community by answering this question:


The VA insures loans so that lenders will lend to individuals where credit is not as good as is typically necessary. It also allows for 100% financing and other benefits to our Veterans. You will need to work with a lender that is VA approved to purchase the property.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
1 vote Thank Flag Link Wed Jan 5, 2011
Hi Carl. My husband and I are both veterans. We have bought and sold 8 properties (not all at the same time) using our va benefits. Some lenders do VA loans and some do not. You do have to pick one that does them. There are some things you will need to do to get ready to use your va benefits. First, you will need a letter of eligibility. It shows the bank your entitlement. The amount the federal government will guarantee is $417,000. You know it's 0 percent down and often times, all closing costs can be rolled into the loan.

I would love to work with you on purchasing a home. Please contact me, at your convenience, to discuss your options further.

Kim Dimmett
Keller Williams
512-771-3616 cell
512-439-7751 ofc
1 vote Thank Flag Link Mon Jan 3, 2011
Carl, thank you for the service to our country and happy new year.

Best confer with a mortgage broker who does VA Loans detail the conversation. Virtual answer is not to your benefit.

Many more questions require answers

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
1 vote Thank Flag Link Sat Jan 1, 2011
Carl, here is a good resource for more information on the TX Vet program as well.

1 vote Thank Flag Link Sat Jan 1, 2011
You do need a lender. The VA is the funds source not the lender.
Thanks for your service!
Feel free to call on me for any questions you may have.
There are limitations on the type of home the VA will lend money on.
Getting a Realtor on your side would be a good next step. MT services are free to you.

1 vote Thank Flag Link Sat Jan 1, 2011
Not sure but I will check on that. All I know about VA loans is that they usually need NO Down, are not too uptight about the debt/to/income, they are assumable and you have a ceiling of $417,000. if you buy more than that you will have to put a larger downpayment. I would definately call the VA if it were me.
1 vote Thank Flag Link Fri Dec 31, 2010
Sadly, you can not get a loan without a lender. I hope you can get this house fairly quickly. I know from your other posts it will be a great help to have your own place.
1 vote Thank Flag Link Fri Dec 31, 2010
VA does not lend the money directly. Approved lenders fund your loan and they are "guaranteed" against default by VA on your behalf provided you meet the income and credit criteria.
1 vote Thank Flag Link Fri Dec 31, 2010
VA doesn't lend money.... they just insure the loans.

YES.... you need a lender.
1 vote Thank Flag Link Fri Dec 31, 2010
Hello Mr. Webb,

Thank you for serving in the very best military in the world! I, am I'm sure my colleges below, appreciate you serving since the price of freedom IS NOT FREE!

VA money is guaranteed however; you have to qualify as a buyer first. In other words, yes, go through a bank, run the application and credit, then see what you qualify for.

So don't delay! Call Cindy Swannack at CS Mortgage to help you crank out that VA Loan!!!!!!!!!!!! Cindy's info is:

Cindy Swannack
512 483-6092

Happy New Year and all the best!!!!!!!!!!!!

Jeffrey Nyland, REALTOR®, GRI, SRS
The Nyland Team
Prudential Texas Realty
512-626-8552 (Direct)
512-267-3640 (Fax)
Jeffrey Nyland TX AUC# 16644
Exceeding Expectations!
Web Reference: http://www.NylandTeam.com
1 vote Thank Flag Link Fri Dec 31, 2010

Yes, yes, yes! It is the government, isn't it?! Seriously, a good VA Lender is worth their weight in gold. There is quite the process of forms and paperwork and you still have to qualify. I would suggest Shira Zippe, AmeriPro Funding, 512-569-9043, shirazippe@ameriprofunding.com. She has done an excellent job for my clients.
Good Luck!

Zina Rodenbeck, Realtor
RE/MAX of Marble Falls
1 vote Thank Flag Link Fri Dec 31, 2010
Also, you may qualify for a Texas Vet loan program.

1 vote Thank Flag Link Fri Dec 31, 2010
You still need a a VA approved lender to originate the loan. If you need a few to choose from , let me know. Good Luck!
1 vote Thank Flag Link Fri Dec 31, 2010
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0 votes Thank Flag Link Mon Nov 12, 2012
Good question. The VA doesn't loan money, they guarantee it. Make sure when you talk to a lender, you remember Texas has a vet program that gives you a better rate.

I understand you've already picked out a property. Do you have a realtor representing your interests? Don't want to push you, just offer to help if you so choose.

Good luck to you, Carl! You've earned the benefit of a VA home loan. In my opinion, it's one of the best benefits we can have. Contact me, as necessary, as you go thru the home buying process.

Kim Dimmett
(512) 771-3616
0 votes Thank Flag Link Wed Jan 5, 2011
The website says "Texas veterans must find a lender participating in the Veterans Housing Assistance Program (VHAP), and request a Texas Veterans Home Loan application to start the process. Once the application has been completed, it must be returned to the lender." So I went there and found the Texas Veterans Land Board approved for participation in Veterans Land Board loan programs. But why do you need a lender to originate the loan if the VA is going to finance it? But thanks for the advice. I'm going to explore this next month after I do my income taxes and start my new job.
0 votes Thank Flag Link Fri Dec 31, 2010
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