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Thread: 1st time home buyer - help!

  1. #21
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    When we bought the house we're in now, the VA sent a separate inspector out. He required a railing on the front porch steps. If the seller didn't put that in, they would not have issued the guarantee for the loan.

    The VA guarantee isn't what you can get for the loan, it's just how much of the loan the VA guarantees to the lender. I know people who used their VA guarantee to get a quarter million dollar loan.

    With an older house, the thing I told my wife was, "how's the roof, and how well established are the termites?"

    Servicing an AC unit can actually cause it to show any faults. I've seen that happen, for a unit that hasn't been serviced in a while, adding the extra refrigerant can actually produce minor leaks in the coil.

    Congrats on becoming a homeowner.

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  3. #22
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    Quote Originally Posted by fchafey View Post
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    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.
    Not a new homes. This is the reason for the home inspector. If the home inspector find that repairs are needed, the said repairs are usually done before the appraisal has been ordered.

  4. #23
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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?
    Well, you can go on the VA website and pull your COE (Certificate of Eligibility) or go to a lender for help. COE should show that the property has been paid in full and restored. Sometimes, it show paid in full, but not restored. You will need to provide VA with documentation showing that it was paid in full, and VA will restore your COE. VA does allow you to use your VA eligibility on two property at the same time. Example: Veteran purchase a home in Ft Rucker, AL after 5 years is PCS to Ft Hood, TX. Unable to sell home in Ft Rucker, Veteran rents his/her home out. Veteran would like to purchase instead of renting in Ft. Hood. Veteran can use his/her VA eligibility as long as the sales price is at least $144,000, and VA guarantee is at least 25%.

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  6. #24
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    A good home inspector is not cheap, but well worth it in the end... When our guy finished our current home he asked me where we had moved from and when we told him the neighborhood he just laughed and said he bet we had slab leaks out the gazoo... That was one of the reasons we moved and made sure we did not get another home built by the same guy.

    We had to redo all of the pipes in our former home and replace them with some new PVC type stuff that went into the attic That was a 6 grand upgrade but it solved the problem... And we were not the only ones who had the problem on our old street. Just about everyone had at least one or 2 slab leaks.

    My wife and I used both our tex vet loan discounts as well. One for me being a VN vet, and hers was actually for her being a teacher... which I guess gets the same benefit. Even though she was a Desert Storm vet and could have gotten it for that. That shaved us an entire percentage point. This was in 2003, and our final rate was 3.95%... Unheard of at that time. The lady that did the paperwork thought there must have been some mistake until our realtor told her otherwise... She was shocked never having seen a rate quite that low at that time.
    If you do not read the news you are uninformed. If you do you are misinformed. Mark Twain


  7. #25
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    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.[/QUOTE]

    If you have full entitlement you can borrower up to the limit post by VA in your area. Max in this area is $424,100. Please understand that you still have to qualify for that amount with your lender. Your Loan Officer will be able to go over this with you.

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  9. #26
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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?
    how close are you, or how often do you go to waco. it'll take you less than 20 minutes at the Waco VARO in the late afternoon.....mac
    Live as if you were living a second time, and as though you had acted wrongly the first time.

  10. #27
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    Quote Originally Posted by sojourner truth View Post
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    A good home inspector is not cheap, but well worth it in the end... When our guy finished our current home he asked me where we had moved from and when we told him the neighborhood he just laughed and said he bet we had slab leaks out the gazoo... That was one of the reasons we moved and made sure we did not get another home built by the same guy.
    I paid an inspector, who did a lot of VA inspections and who was recommended to me by a realtor that I trusted, a hefty sum to check out a really nice home I was going to buy from the nicest couple. The place was immaculate, and the landscaping top notch. Well, it needed about $15,000.00 worth of work. I passed. I gave the inspection to that nice couple who did most, but not all of the repairs, and six months later they sold it to a couple who ran it into the ditch - house is shabby and the lawn is eaten up and infested with rot and insects. . Good for me, sad for everyone else.

  11. #28
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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.
    correct!......well, a part of the loan.....mac
    Live as if you were living a second time, and as though you had acted wrongly the first time.

  12. #29
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    May 2013
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    I called the finance lady and asked some questions.

    - the no less than 30 year loan means they won't try to put me in a shorter loan with higher payments, but I still have the option to refinance down the road. It is a locked in interest rate.

    -the no more than 4% interest is on the low side of average right now. That fluctuates daily depending on the economy, and right now the average is 3.75%-4.75%

    -I COULD go for the Ted Vet but it would be $3,000 upfront and save me $30-$40 per month. I just don't think that's worth it.

    Keep the help coming! I'm taking notes.

    Sent from my VS987 using Tapatalk


  13. #30
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    Aug 2014
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    Just do NOT accept an Adjustable Rate Mortgage! They are very alluring, but oh, so dangerous. I had a nephew buy a house he couldn't afford with an ARM. He was bankrupt 3 years after buying it. Payments doubled!

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