VA Home Loan question?
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I'm am getting ready to come home from Iraq and want to buy a home. I do have some money saved and a credit score of about 690. With the housing market the way it is, VA loan or conventional? I plan on living in the area for 5-8 years. Also if I use the VA loan, is it better to go without the down payment and put the money into the home? If it matters, I'm looking at homes around 125-150k. Thanks!
VA Home Loan question?Way to many variables. Once you get to the area talk to a good agent (get references) and work with them. Generally, if you do not have 20% down, you will do better with a VA loan. You won't find a lower fixed rate mortgage and you won't have to pay mortgage insurance. Putting a down payment on a VA loan will require some juggling. You might be better off doing some upgrades to the house you buy (windows, furnace, carpet, fencing, etc) if they are needed, than putting all your money in a down payment.
Bottom line, VA is probably best but some banks don't like to work with them. Everything else is a judgment call. Find someone knowledgeable and trustworthy that you can work with, this will take some time, and then make the final call.
Of course, the spousal unit, if you've acquired one, has much input.
VA Home Loan question?its actually better just to rent if you only plan on staying in the area for about 5 years.conventional loans are anywhere from 15 to 30 years.VA loans are alot tougher to get,my husband been preapproved for a loan but the house inspections are alot tougherwith VA loans ,they are more picky
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