Home Buying in Washington>Question Details

paulatrimble…, Home Buyer in Washington, DC

I have a GI Bill. How does this work with buying a new home?

Asked by paulatrimble72, Washington, DC Sun Mar 3, 2013

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Brent Mendelson’s answer
Paula,

Not sure exactly what you are asking but happy to tell you what I know. The GI bill will not prevent you from buying a home but the income you are receiving from the GI Bill will NOT count as income to help you qualify. Was that your main question? I specialize in VA loans and would be happy for no cost to talk and explain the process and answer any questions, provide you numbers, whatever you need. Troy and Lowell provided most of the basic information already but I am happy to review anything you may wish to know. Hope this and the rest of the answers were helpful.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
1 vote Thank Flag Link Mon Mar 4, 2013
The first step is to get your certificate of eligibility from the VA. I believe you can do this online now but the least you'll need is your DD-214 noting your type of discharge. You'll want to speak with a VA lender. I have a couple should you need their information. Though the loan is zero downpayment you will have a VA funding fee. If you have any kind of disability, the fee is waived commiserate with your level of disability, i.e., if you have a 50% disability 50% of your fee is waived.

Many agents are wary of a VA loan as the VA appraisal can be very stringent. You'll want to have an agent that is familiar with the VA process and the things that a VA appraiser will look for and give the seller a heads-up. A good buyers' agent familiar with VA appraisals should be able to guide you away from properties that will give the VA pause.

I am former military and work extensively with VA loans. Feel free to email me should you want to discuss further. troy@brandongreen.com
1 vote Thank Flag Link Sun Mar 3, 2013
Hi Paula,

The GI Bill is for education funding and should not affect your ability to get a VA loan. They are two separate programs. The VA loan is based on your military service.

Most lenders (not all lenders are necessarily banks) are HAPPY to do VA loans because military personnel are great customers. They are typically no downpayment and 100% financing. In some cases they are higher, which could cover closing costs, meaning no money out of your pocket.

Also, I have had several military clients who used a military recommended VA lender and they all got terrible service. I have a local lender I always recommend for his customer service, who has been working with VA loans for 25 years and on the last one we did, he got them so much money they had to find a way to use the extra money or give it back. They paid down student loans.

Let me know if you'd like my assistance in making your home purchase in DC.
:)
Kelly Putz
703-961-8663
kelly.putz@gmail.com
0 votes Thank Flag Link Sun Mar 3, 2013
Military, active or retired, are entitled to a loan (VA) not available to the general public but it may or may not be a better loan for you, that depends on many other circumstances. You would definitely add that to the mix when you are discussing loan types with your lender and that person can create the scenarios for your consideration. Zero down payment is a big plus but 100% financing is also available with some other products. For a disabled veteran, the VA loan is a no-brainer. My recent 78 year old client didn't believe me and couldn't understand why no one had told him in all the years he was buying and selling about that opportunity - but he was delighted I had.

If a builder or a seller will accept FHA they will accept VA. These are both government backed and do require more scrutiny on the part of appraisers/inspectors which is ultimately for your protection. Having done several VA loan associated sales recently, it's not as dragonian as in the past. Please give me a call and thank you for your service!
0 votes Thank Flag Link Sun Mar 3, 2013
Hi Paulatrimble72, you may be able to obtain a VA loan. Consult a mortgage lender. If you need help, I can help you.
0 votes Thank Flag Link Sun Mar 3, 2013
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