First off, thank you for your contribution to our freedom. Your sacrafice is not realized by many in society. Long hours, low pay and being away from loved ones for extended periods of time for Country is an amazing thing.
If you have your DD-214 you can obtain your Certificate of Eligibility which will demonstrate how much eligibility you have. Assuming you have your full eiligibility, you need to also determine if you have 10% or more disability. If you do, we can waive the VA Funding fee. Typically 2.15% depending on your unique status. If not, we can finance this fee, which is what 90% of the Veterans do.
VA loans are awesome! You can own a home, rent it out and buy a home in todays market using your VA benefit. Fannie/Freddie and HUD have done away with this due to the "buy and bail" situation that was occuring. Also, depending on how you write up your offer, the seller can pay for all of your closing cost and some of your debts to allow you to qualify. The rates are awesome and the loan amounts are generous.
There are typically two challenges to VA loans,
1. The way they (VA) have their appraisers on a rotation cycle, sucks!!! You never know who you are going to get and values are somewhat subjective. It only takes a small reduction in an appraisal request to mess up the transaction. Most LAPP Underwriters are afraid to override and use thier full authority to increse the appraisal to the amount they are allowed to. In other words, only do business with someone who is well versed in this process and has an experienced team behind them.
2. Most Realtors are extremely under educated when it comes to the VA loan process. Because of this, Veterans often receive counter offers that are counter productive to the deal closing. Or, they believe too many request for repairs will be required, so they steer their sellers away from VA offers. How an offer is presented and with what type of approval letter can make a huge difference in reducing this particular challenge. In this market, you have to deal with assistants who are working for an over loaded REO Agent and they are taking an assembly line approach to the business.
I am responding to this question because of Elizabeth Hardy at Prudential in Corona. She is a pro. Trust me, I do not say this about too many. I am the founder of HELP and I am very disspaointed in most Loan Officers and most Realtors. That is not to say that there are not plenty of great ones. It's just that I love this profession and have for twenty-one years and I am personally offended by all of the illegal kick backs, rents and marketing agreements that dictate who you and others are often referred to. Mrs. Hardy rejects those tactics and seeks only those who can best serve her clients needs, period. I wish there were more like her. You deserve to be rewarded for your dedication and your commitment to your Country. I believe Mrs. Hardy deserves the same as a result of her dedication to her chosen profession.
If I can answer anymore questions now or in the future, you may find me at; http://www.freehomeownershiphelp.org
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