I'm a Viet Nam era vet. I used the VA home loan program in 1994 to purchase a home. I sold the home and purchased another with a conventional

Asked by Greg, 98244 Tue Sep 8, 2009

bank loan. Will soon sell. Have good credit and steady income, only debt is current mortgage. Am I eligible to use the VA program to buy next home? If yes, what are advantages of using VA program vs. conventional loan?

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Leslie Woods…, Agent, Ashburn, VA
Wed Sep 9, 2009
That is an excellent question. Yes you can use the VA Program but if you would like to have a good answer our lender whom you will find on our website is the President of Homestead Mortgage and also the Vice-President of the mortgage brokers association of Virginia.
Web Reference:  http://www.nvexit.com
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, ,
Wed Sep 9, 2009
Hi, Greg

Yes you can. So long as your current home is sold, you will get the full use of your 417,000 entitlement. The advantage of going VA ove Conventional is that its 100% financing, does not allow for many of the loan origination and title fees and costs which are associated with Conventional financing, while still giving you a comparable if not lower interest rate. This of course equates to you saving thousands to 10s of thousands when it comes to making a downpayment and paying closing costs. And in this still unpredictable and sinking jobs and housing market, the more money you can keep in your pocket and savings account the better. And when it comes to doing a rate and term refinance later (lowering your interest rate and/or loan term) there is far less cost and paperwork involved in a VA loan. So, for your immediate and long term benefits and savings, VA is the way to go. Hope this helps.
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The Hagley G…, Agent, Pleasanton, CA
Tue Sep 8, 2009
Yes, you should be eligible to purchase again. The main advantage if using the VA loan is no down payment if it is below $417,000...and minimal down payments for loans over than amount,,,including homes over $1 million. (Most folks don't know this last part!)

the link below should provide additional info.
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