Home Buying in Chicago>Question Details

cpd.caps, Home Buyer in Chicago, IL

My husband and i would like to purchase our 1st home. He can obtain a VA loan or I can obtain FHA loan what would u recommended>

Asked by cpd.caps, Chicago, IL Mon Feb 24, 2014

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28
The VA loan is one of the best loan products out there and you should find a trusted lender who knows VA well and can assist. I know several and would be happy to recommend them. After you're approved we can get you set up with a search and begin the process of looking.
1 vote Thank Flag Link Wed Feb 26, 2014
Hello, the VA Loan program is the best route to go and both of you can be on the loan since you are married.

I would be happy to review the terms with you, You can go to my secured website 24/7 and apply for a mortgage and get a pre-approval (for qualifying borrowers) in 10 minutes, plus you will get $150 off your closing costs and free credit report for you to keep.

http://www.guaranteedrate.com/MaryKayLaurent

With warm regards,
Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com

http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
1 vote Thank Flag Link Wed Feb 26, 2014
Please give me a call and we can discuss in detail which loan might be the better one to use.

Regards,
Gregory Shephard
Broker
Real People Realty, Inc
708-955-6172
0 votes Thank Flag Link Wed Feb 26, 2014
Hello,
Often the VA loan is the best option. However, it really depends on your specific financial and personal situation. You need an experienced lender to lay out various options and be willing to go over the pros and cons of each with you and your husband. That way you can make an educated decision on the financing and approach a realtor with the information they need to be able to work effectively for you.

I am available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”

Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:

http://www.loansfromrob.com/quote/
0 votes Thank Flag Link Wed Feb 26, 2014
Depends on what you are looking to buy. Condos that are VA approved are harder to come by in Chicago. For a house either is fine just reach out to your mortgage lender and see which one works best for you.
0 votes Thank Flag Link Tue Feb 25, 2014
Hello:

I would be happy to help you in obtaining a VA (or FHA) loan. I am a certified military housing specialist and can help navigate you through the home buying process. Please email or call me to discuss your loan in more detail.

I look forward to helping you!

Best regards,

Patty Harrison
630-478-2684 or 630-854-3459
0 votes Thank Flag Link Tue Feb 25, 2014
The VA Loan has no down payment, no mortgage insurance whereas FHA requires 3-5% down and mortgage insurance.
0 votes Thank Flag Link Tue Feb 25, 2014
Sounds like you have a couple of options. My advice is to find out your best option. Speak with an experienced mortgage lender to find out you options and how much purchase power you have available. I can recommend a friendly and knowledgeable lender who can qualify you in as little as 2 days. Contact me for more info and I will be happy to help.
0 votes Thank Flag Link Tue Feb 25, 2014
Hi,

This is a great question for loan officers! Shop around with mortgage companies, decide which product is best for you, and once you have a pre-approval letter in hand you're ready to start home shopping. I love working with first-time homebuyers. Their energy and excitement makes my job that much more fun. This is likely the biggest investment you'll ever make so be very picky about mortgage providers, properties, and real estate agents. My office is based out of Evanston but I mostly work in the city. Just this morning I had an inspection for a property I'm helping another set of first-time homebuyers purchase in Lincoln Square. If I can help answer any questions for you please do not hesitate to ask.

Best of luck!

- Stephanie Scott
Agent at Coldwell Banker
stephanie.scott@cbexchange.com
0 votes Thank Flag Link Tue Feb 25, 2014
Hi Home Buyer,

Sam Sharp and Guaranteed Rate is my go to people for lender advice. Sam is absolutely correct going to VA route will save you a lot of money over the life of the loan.
0 votes Thank Flag Link Tue Feb 25, 2014
VA - no mortgage insurance and sometimes no down.
0 votes Thank Flag Link Tue Feb 25, 2014
Good morning , you need to talk with an expericne lender , keep in mind that must be full time and expert with FHA
0 votes Thank Flag Link Tue Feb 25, 2014
Blueleaf Lending participates in a special program for Veterans where you can get the VA loan AND $10,000 n down payment assistance, in the form of a two-year forgiveable note.

Please contact me at your earliest convenience for more information.

Matt Bukovy
Senior Mortgage Consultant
Blueleaf Lending LLC
A Division of Midwest Community Bank
773-416-7107
mbukovy@Blueleaflending.com
0 votes Thank Flag Link Tue Feb 25, 2014
You are better off going with a VA loan. The rate is usually better, you do not need a down payment and the biggest benefit is that you avoid the monthly MI with VA. This will result in a big difference in payment.
0 votes Thank Flag Link Tue Feb 25, 2014
Check with your loan officer, VA will be less expensive in the long run but just be certain you are dealing with a lender that is well versed in them
0 votes Thank Flag Link Tue Feb 25, 2014
They both have their advantages - however VA loans will not have mortgage insurance which will save you quite a bit. You should speak with a lender to compare your options and to get pre approved. It's free and there is no obligation.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Tue Feb 25, 2014
When I was originating loans I often laid out both options to our clients. Once my clients did the math they made an informed decision on which was best. Sit with your loan officer and go over all options you qualify for. You will have a clear picture on what route to take. Good luck
0 votes Thank Flag Link Tue Feb 25, 2014
First speak with a few lenders to see what you can afford. My web site has some lender references. Then find an agent who is familiar with the areas you are interested in. You do not say what area you are interested in
0 votes Thank Flag Link Tue Feb 25, 2014
Hi my name is Gerri, I am a real estate broker, if you both are in postion in getting a loan either va or fha, you will go with the program that has the most to offer, you will first need to contact a loan officer who can explain the two programs to you, if you are in need of a real estate agent, please call me at your earliest , i can be reached at 312-217-5490.
thanks
0 votes Thank Flag Link Tue Feb 25, 2014
They both have benefits. I would speak with a mortgage broker experienced with both types of loans and have them explain the details so you can make an educated decision. Please call me at (773) 330-1519 and I will provide you several referrals experienced with both FHA and VA loan instruments.
0 votes Thank Flag Link Tue Feb 25, 2014
You need to speak to a Loan Officer to go over your options. Feel free to contact me and we can discuss.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Tue Feb 25, 2014
With a VA loan you can purchase up to a 4 unit. You might want to investigate into that, also.
0 votes Thank Flag Link Tue Feb 25, 2014
I would speak to a lender. They can go into detail whats best.
0 votes Thank Flag Link Mon Feb 24, 2014
I would absolutely opt for the VA Mortgage Loan. No mortgage Insurance. No down Payment. Feel free to call me if I can be of assistance. You may also go to my website and apply online and receive $150 off your closing costs.


Kelvin Waits
Vice President of Mortgage Lending
Guaranteed Rate
630 925-7854
http://www.guaranteedrate.com/kelvinwaits
0 votes Thank Flag Link Mon Feb 24, 2014
If he qualifies the VA loan most certainly has more benefits. The best thing to do is get in touch with both a local Realtor and a mortgage loan company. They can give you the best suggestions by actualy crunching the numbers based on your exact situation and finances.
0 votes Thank Flag Link Mon Feb 24, 2014
Hi...
I would recommend VA for no down payment and no mortgage insurance as well. But let's connect and I can do a comparison between the two and answer any questions you have. I can be reached at 312-608-1555 at any time. Thanks and have a good evening.
JP

JP Marzano
1st Advantage Mortgage
NMLS # 574681
jp.marzano@1amllc.com
http://www.1amllc.com/marzano
0 votes Thank Flag Link Mon Feb 24, 2014
Definitely VA. No down payment and no mortgage insurance. FHA mortgage insurance can be VERY expensive and you need a down payment. I am very familiar with VA loans. Feel free to contact me if you need a lender.

Matthew Roder
VP of Mortgage Lending
Guaranteed Rate
630-388-9533
matthew.roder@guaranteedrate.com
0 votes Thank Flag Link Mon Feb 24, 2014
Personally, I would go with the VA loan but check with your local Loan Officer before making your final decision.
0 votes Thank Flag Link Mon Feb 24, 2014
Here's a good article on the different types of loans and the benefits of each. It may depend on your credit score, how much money you have to put down, and what you are looking for in a house. As Maria said, it would be best to check with a couple of local loan officers.

http://www.bankrate.com/finance/financial-literacy/conventional-va-fha-mortgage-1.aspx
Flag Mon Feb 24, 2014
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