This begin happening the same moment that these banks also began telling me and others that they are not giving out SBA loans. Even the two military banks I mentioned began saying that about three weeks.
I wont say never, but again I am interested to speak to anyone who has succesfully found 100% financing in the last week or so for a first time buyer, or a second home especially.
Another point I wanted to get deeper into as well. The fees with the VA loan I found were pretty large, especially on buying a cheaper first time home. I found that whether the home was 100k or 300k the fees were a flat rate, so percentage wise you could be setting yourself up for an negative equity situation depending on how the home is bought.
There is a more than just a credit score that a Lender or VA will look at to qualify a veteran. I have qualified many veterans in the past with low 600 credit scores. It is all case by case, but I would definitely pursue trying to get approved for a VA loan. A VA loan is definitely the best 100% program out there right now, and in alot of cases the only option for most these days.
Raymond....I am very surprised to hear that you were not able to get military buyers with 730 credit scores approved for financing over 95%. When you say military investors, are those buyers buying rental properties, or primary residences? A 730 credit score is a very solid score and they should not have a problem getting approved for a loan at 100% when buying their primary residence. Now Navy Federal Credit Union is a bank or credit union and they will service that loan for the long haul, and if they have chosen as a credit union to not do loans over 95% regardless of the credit score, then that is an internal guideline, but a mortgage bank that sells their loans to other big investors, will do 100% all day for a veteran with a 730 credit score as long as they meet the other standard guidelines of the VA.
I am curious however how today's economic events will play into such things as VA loans. I have several military investors that I represent with credit scores over 730, and I currently cant get them financed above 95%. That is going through USAA and Navy Federal.
my email is firstname.lastname@example.org, I would be interested in both helping you and also knowing the outcome fo you getting a VA loan.
I personally head out in April, when do you get back?
You really need to contact a local trusted lender to have them pull your credit and give you a final answer. They pull a different credit report than we can pull for ourselves. Additionally, their reports merges all three credit bureaus. Your median score will be used to determine your qualifications.
If you do not have or know a trusted lender then please ask your agent for a recommendation. Utilizing the services of an agent is 100% free for buyers and can save you lots of time and money!
Best of Luck!