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Thread: 1st time home buyer - help!

  1. #11
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    Congratulation on the start to becoming a homeowner... I have worked in the mortgage industry for several years.

    Home Inspections are very important to have with a Texas licensed home inspector. They work for the home only.

    VA doesn't inspect the home. VA loan like all home loans requires an appraisal. The lenders orders the appraisal through the VA portal, which the VA appraiser do look at things like roof, foundation, and etc. The home inspector goes more in depth than the appraiser does.

    I would guess that you have been pre-qualified with a lender. On the interest rate, you should talk to your lender or message me, and I can talk you through this.

    TX Vet VA loan are a good program that can give you a lower interest rate, but they do charge a origination fee at closing.

    VA loan can be closed in 30 days. Most lender will tell you that it will take 45 day, but I have closed them in 30 days with no problems.

    I hope this helps.
    Last edited by Alageo; November 1st, 2017 at 1:49 PM.

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  3. #12
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    Quote Originally Posted by Alageo View Post
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    I have worked in the mortgage industry for several years.


    VA loan can be closed in 30 days.
    there's no such thing as a VA loan. The VA does not loan nor lend money.....mac
    Live as if you were living a second time, and as though you had acted wrongly the first time.

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  5. #13
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    Mac, It is a VA mortgage program. VA only guarantee the loan.

  6. #14
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    Mac, this is a standard on Texas sales contracts and not prohibited by VA.

  7. #15
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    Quote Originally Posted by Alageo View Post
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    Mac, It is a VA mortgage program. VA only guarantee the loan.
    To be more specific: VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available.
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  8. #16
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    Quote Originally Posted by Alageo View Post
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    Mac, this is a standard on Texas sales contracts and not prohibited by VA.
    How does a Veteran who has used his VA loan and paid it in full get his eligibility back to purchase another home?




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  10. #17
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    Quote Originally Posted by Night Owl View Post
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    How does a Veteran who has used his VA loan and paid it in full get his eligibility back to purchase another home?
    Read this, it might help.... I didn't feel like doing it, so we bought our current house with her VA benefit.....

    https://www.veteransunited.com/valoa...nefit-in-full/
    Last edited by fchafey; November 1st, 2017 at 2:21 PM.
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  11. #18
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    Quote Originally Posted by fchafey View Post
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    To be more specific: VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available.
    Saves you the cost of mortgage insurance which can be sizable.
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  12. #19
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    Quote Originally Posted by Alageo View Post
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    Congratulation on the start to becoming a homeowner... I have worked in the mortgage industry for several years.

    Home Inspections are very important to have with a Texas licensed home inspector. They work for the home only.

    VA doesn't inspect the home. VA loan like all home loans requires an appraisal. The lenders orders the appraisal through the VA portal, which the VA appraiser do look at things like roof, foundation, and etc. The home inspector goes more in depth than the appraiser does.

    I would guess that you have been pre-qualified with a lender. On the interest rate, you should talk to your lender or message me, and I can talk you through this.

    TX Vet VA loan are a good program that can give you a lower interest rate, but they do charge a origination fee at closing.

    VA loan can be closed in 30 days. Most lender will tell you that it will take 45 day, but I have closed them in 30 days with no problems.

    I hope this helps.
    You are right VA doesn't inspect the home. BUT the VA will not guarantee the loan until all the things the appraiser has found gets fixed. The most common things found when one thinks they are ready is soffit painting and outside trim, that is a fun one. I am not saying the VA is pain, but I believe the VA appraisal is one of the biggest reasons people are steered towards a new house, especially when one is up against a quick closing. I am willing to bet a cold soda or cup of coffee that the majority of 30 day closings are new homes. I am not too familiar with the FHA process.
    "The difference between golf and government is that in golf you cant improve your lie"
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  13. #20
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    Quote Originally Posted by sojourner truth View Post
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    Check out Tex Vet loan discount... We got that on our current house and shaved half a percentage point off the loan... We paid the house off in 5 years and saved a bunch too... The key to saving after the sale is to put as much towards principal as you can. You wind up saving a ton on interest over time. I would have shot for a 15 year loan, but whatever makes you happy is fine. AND, a fixed rate. None of that adjustable rate BS.

    The other smart thing we did was have Eva Keagle set us up with a tough but fair home inspector... The guy took all day and went over everything from sprinklers to Ac to oven temp settings to make sure we didn't get a lemon. All he found was a minor seal leak on the dishwasher and the fact that the roof needed replacing. All of which the seller did before move in. A good inspector is everything before the sale closes. Especially where things like structure, plumbing (think possible slab leaks) and insulation.
    Thankyou for the tip! I'll go look into Tex Vet later today if I get time. The inspector coming out is one the real estate agent has been using for a few years. She seems pretty picky about how things are done so I'm trusting her on this until I see reason not to. The inspector takes about an average of 4 hours, and has never been taken to court for any of his work. He sounds good so far, so we'll see come inspection day.

    Quote Originally Posted by rk103 View Post
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    Pay attention to the foundation inspection. Portions of that development have had settling issues, to include doors, windows, slab etc. Also get ready for the school traffic congestion. They have improved, and are continuing to improve the traffic flow in that area. It will be great to finally be rid of landlords.
    Yea, I was just reading about those settling issues a few hours ago! I even saw my builder as listed as one of the ones who had problems! I guess that's one benefit to buying an older house - with it being an 04, it's had plenty of time for those problems to present themselves, yet the house is still in very nice condition from what I've seen.

    Quote Originally Posted by CenTexDave View Post
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    Sounds like you did your homework Jeremy. One thing on that insulation - blown in. There should be a certificate up there in the attic stating the "R" value. How old is the house? If more than 10 years old that insulation has probably settled so much the R value is half now what it was. Negotiate for a credit to add insulation - easy to add roll out insulation and is not all that expensive
    I did see that certificate when I went up there but didn't pay much attention to it. I'll go back up there today and get a picture so I can do a little research. The house is an 04, so it has had time to settle if that is indeed original insulation.

    Quote Originally Posted by fchafey View Post
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    House Creek North.
    1. what is the traffic like at 0700? 1700? - I'm not going to lie - it's HEAVY. But it moves, so I think I can deal with it for the home and land I'm getting. There's land behind the house that is city property, but it's pretty obvious they will never build on so it's like an extended back yard that someone else mows.
    2. How busy are the streets at 2100? on a Saturday?[I]When I left the other night at about 7, the neighborhood was lively but I kind of like that. There's a Deputy who lives directly across from the house I'm looking at and he told me he's never heard of a single call coming from that street. /I]
    3. Are there a lot of cars parked curbside? There's not A LOT, but there are some. The street has a pretty good width to it though, so it's not as bad as when I was living on one of the older streets in Cove.
    4. What cracked/broke the AC PVC drain pipe? It looks like a combination of someone hitting it while mowing and the 90* elbow wasn't glued on. I can glue on a new elbow with pipe coming off and it will be as good as new.
    5. On a VA guaranteed home loan, the inspection and mortgage credit report (different from a consumer credit report) takes time, good luck with 1 December. It's written in the contract by a woman who's been doing this since 2004, so I HOPE she knows what she's doing. But, if not, I'm on my current lease until Dec 31, so I should be ok.
    6. PM Grumpy and offer to buy him a cup of coffee at Hallmark and he has over 40 years of home inspecting. There is a wealth of knowledge and real good guy to talk to. Hmmmmm.....thanks for the tip
    7. Good luck and congratulations Thankyou!
    Quote Originally Posted by mac View Post
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    you might want to get that clause out of there that says no less than a 30 year loan. sounds to me like that would preclude any re-financing or anything like that....maybe even to sellling......"no more" would be ok (possibly) for some....but I sure wouldn't like it in mine.......but, for sure, that "no less than 30 years has got to go. it's just bound to cause you a ton of grief on down the road...and of course you want to make sure that the lender doesn't slip in an adjustable rate on you.....that's super super important! actually, I think VA may even prohibit it....but just check to make sure......mac
    I did not know that, nor would I have thought to ask. I'm glad you brought that up - I'll ask my realtor and loan officer tonight when we meet.

    Quote Originally Posted by Night Owl View Post
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    Also be sure that the seller provides a home warranty plan that covers appliances, heating and air, etc. it is a standard item but you didn't mention it. Glad to see you didn't go for a new home.
    The realtor already got the seller to agree in contract! Not only that, but she asked for the one with the most coverage that you can get,
    and they agreed to that as well! Honestly, at $500 and some odd dollars, I may just use my tax refund each year and keep it going. It was cheaper than I thought it would be.


    Quote Originally Posted by Alageo View Post
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    Congratulation on the start to becoming a homeowner... I have worked in the mortgage industry for several years.

    Home Inspections are very important to have with a Texas licensed home inspector. They work for the home only.

    VA doesn't inspect the home. VA loan like all home loans requires an appraisal. The lenders orders the appraisal through the VA portal, which the VA appraiser do look at things like roof, foundation, and etc. The home inspector goes more in depth than the appraiser does.

    I would guess that you have been pre-qualified with a lender. On the interest rate, you should talk to your lender or message me, and I can talk you through this.

    TX Vet VA loan are a good program that can give you a lower interest rate, but they do charge a origination fee at closing.

    VA loan can be closed in 30 days. Most lender will tell you that it will take 45 day, but I have closed them in 30 days with no problems.

    I hope this helps.
    It does - thankyou!

    Quote Originally Posted by fchafey View Post
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    To be more specific: VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available.
    I'm pre-guaranteed for $36,000. Is that about average? Honestly, I thought it would be at least double that until I read what you just put out.


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