My husband is in the Navy Reserves so we want to know exactly how a VA loan works?

Asked by Brea, Albuquerque, NM Wed Feb 6, 2013

What are the qualifications or requirements? If our credit score isnt very good should we forget about a VA loan and go with a regular loan? What should we do?

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Matt Peters’ answer
Matt Peters, Agent, Albuquerque, NM
Sun Feb 10, 2013
VA does not issue mortages, they guarantee payment. They also regulate conditions under which a martgage can be issued. Individual mortgage companies may have additional requirements. Some lenders have more favorable VA programs than others, but a mortgage originator is the place to start.
The biggest advantage of the VA mortgage is the 0 down payment. A conventional loan would not generally be easier to qualify for, and would likely have a slightly higher interest rate.
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Leigh-Jo Anz…, Agent, Albuquerque, NM
Thu Feb 7, 2013
Hi Brea,

The best thing to do is to connect with a mortgage lender. If you're unsure about your credit scores, etc., then a local lender can sit down with you and carefully explain all of your options.

You can utilize a VA loan and once you're prequalified, I can assist you in finding the right home :)

Feel free to call, text or email me.

Syan Real Estate
Call/Text: (505) 730-8181
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bigfynwmn, Home Buyer, Albuquerque, NM
Wed Feb 6, 2013
I'm a Navy Veteran and just used mine. You have to apply for your VA loan certificate (or have your mortgage company do it for you). You don't have to have perfect credit. You pay no funding fee, which meant a savings of $800 in closing costs. Typically you have to pay no more than 1% out of pocket with a VA loan to get into your home. I paid nothing. Paid my Ryan Homes builder $3500 and got $3500 back at closing and I paid no closing costs (rolled them into the loan). My credit score was a 645.
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Adam Pehrson, Agent, Albuquerque, NM
Wed Feb 6, 2013
Brea; Talk with a lender to discuss different options and what is available to you. If you need a few recommendations let me nkow and I'd be glad to point you in the right direction to get those questions answered.

Adam Pehrson
Sandia Peak Realty
0 votes
Krishna Jais…, Agent, Albuquerque, NM
Wed Feb 6, 2013
I think, this question can be answered best in person, becasue some questions will arise. So call me 505 980 6649
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James Eichel, Agent, Albuquerque, NM
Wed Feb 6, 2013
Good Morning Brea, My recommendation is that you contact Cheryl Bullard of Legacy Mortgage @ Cheryl will be able to discuss the entire process and help determine what lender program will work best with your particular situation. Thanks. James Eichel, Coldwell Banker Legacy. (505) 363-9687.
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