Home Buying in Tampa>Question Details

P.h., Home Buyer in New Germany, MN

I am active duty military looking to buy in Tampa and am wondering whether I would be better off using a VA,

Asked by P.h., New Germany, MN Sat Jan 31, 2009

FHA, or conventional mortgage. I have enough cash for a 20% down payment, but don't know if I should use it. I can't find VA mortgage rates online. Also, the home I am looking at costs $450k. Is there a way to still use the VA option? Thank you.

Help the community by answering this question:


VA can do a loan up to $417k which will give you a great rate when combined with your down payment.

$450 will allow you to buy over 85% of the homes that are selling in our market.
0 votes Thank Flag Link Sat Jan 31, 2009
I agree with a previous answer. This question is definitely one to be addressed to a lender with knowledge and experience with today’s market. I can confidentially recommend John Pettit, Home Loan Manager, Countrywide Bank (Cell: 813.294.9848). He is the manager of the local operation for Countrywide and can answer all your questions regarding your options and what would work best for you in your situation.

If I can be of any assistance to you in any way, please do not hesitate to contact me. There are some awesome opportunities in the Tampa Bay area right now. Good luck to you.
Web Reference: http://www.RealtorLinda.com
0 votes Thank Flag Link Sat Jan 31, 2009
Based upon the house that you are looking at an the allowable amounts for loans I would suggest the following:
1. Consider using your VA loan the limits are at an all time high of $417,000 guaranteed if you qualify with 0% down. You would have a funding fee of 2.15% for first time funding fee and 3.3% after. If you put 10% down it reduces to 1.75%. The rates are comparable to conventional and to FHA so averaging 5.1% this past week.
2. Your loan limit does not qualify for FHA since our ceiling is $292,000 so you would have to put 35% to qualify.
3. To stay below jumbo loan level you need to put only 10% down. Jumbo loans are currently running in the mid to high 6% with 1.5 points at the table for declining market.

Of course depending on how long you will be stationed in the Tampa area - which I have been told by many of my clients have been much longer than the 3 years we use to have when my dad was in the Army. You may still be able to use your VA and be fine. If you need any further information about Tampa or surrounding areas - please contact me.
0 votes Thank Flag Link Sat Jan 31, 2009
I would talk to a mortgage broker, but in my opinion, save your VA COE. You can get good deals on homes in Tampa right now and with the money you have I wouldnt use your COE yet. Its hard to sell in Tampa, and with the military running you guys around everywhere you dont want it stuck with the house if it cant sell quick enough when you get PCS'd again. You are looking at higher interest rates anyways since you are going over jumbo loan amounts. If you want a lower rate, stay under $417k.
0 votes Thank Flag Link Sat Jan 31, 2009
I think this is a question best asked directly to a mortgage consultant. There are so many variables between the different programs that I think it would be impossible to give a sufficient answer here. I can recommend Melissa Rickey with Capstone Mortgage, an affiliate of Wells Fargo. Her cell number is 813.967.5042. She was a great help to my buyers that used a VA loan to purchase their home.

Best of luck!

Trey Miller
Prudential Tropical Realty
Web Reference: http://www.TampaTrey.com
0 votes Thank Flag Link Sat Jan 31, 2009
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