VA loan? For those who have used it?
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My husband and i are thinking about buying a house and using the VA loan, he is an E-5 and a flying crew chief, i do administrative work for an office, what was your rank when you got it if you don't mind me asking? how much did you get approved for? we are hoping to be able to qualify for at least 200,000, any advice would be very helpful
VA loan? For those who have used it?Va doesn't provide your loan, they simply guarantee it. We were guaranteed the full amount (which I believe was $230,000 at the time, although I'm not sure what it is now). But just because VA guarantees a certain amount doesn't mean a bank will finance you for that amount. The amount you qualify for will depend on your income, debt to income ratio and other factors. However, with VA guaranteeing your loan, you are of no risk to the bank, so often you get a low interest rate.
At the time we bought our house, my husband was an E-6 and I wasn't working. We were approved for $160,000 by the bank (although we bought a house for less). Our interest rate is 5.4% as compared to the 6% we were offered on a conventional loan. Research all of your options. VA was the way to go for us, but for some of our friends, they got a better deal elsewhere.
Keep in mind with the price too that you have to add taxes and insurance to your payments. Ours adds about $250/mo to our mortgage payment, so you don't want to overextend yourself.
Find a mortgage lender and go from there. Good luck!
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