How to get a VA home loan...questions.

[wakal]

It takes a while to process all the extra paperwork..I have bought three houses, ending up with Stately Wakal Manor and Longhorn Spa (which just about maxed the VA limit) and each time (and especially the last time) the realtor thought the sale would NEVER go through, much less as a zero down loan with a decent interest rate.

The loan program is pretty much the only good thing the VA does consistently.

I never bothered to apply for a certificate before I started the process the second and third times...I learned the first time that all it does is prove that you are eligible and doesn't help the paperwork nightmare at all.

 

[ElevenBravo]

I just walked into a mortgage broker's office with my DD-214 and let him do all the paperwork. I had to produce some pay stubs and tax returns, no biggie. He was surprised that he was able to get me a VA backed loan as I had financed my house in Las Vegas through a VA loan and short sold the house. When I moved up here, he thought it might be possible, and it was for some reason. There were some weird constrains on the loan- I had to take a loan out for an amount between two number which seemed completely arbitrary, but the house we wanted was within those parameters. We were actually looking at a different house before this, and the seller wanted less than the absolute minimum we had to borrow. The house was already in escrow, so he was beating his head because he was going to lose out on making another $7k or so.

The only thing we sweated was the home inspection. Building codes in Idaho up until recent were practically nonexistent.

 

[Steve_In_29]

I bought both my house in 29 Palms (1985) as well as our new house in AZ (2017) with VA loans. Neither lender had any problems with that and both were zero down. I have never heard of PMI being charged on a VA Loan. Also if you are a Disabled Vet getting VA compensation there are no loan origination fees.

For the AZ house I had gotten a copy of my eligibility reinstatement ahead of time (needed since I had used a VA loan before) however the loan process required the lender to get one from the VA even though I could have just handed them mine.

Find a Realtor/lender that is used to dealing with VA loans and they will take care of pretty much everything for you.

Another bit of info, as a Disabled Vet in TX you don't pay property taxes. Which compared to other States can be a large chunk of cash every year. Taxes on a house I looked at in TX were $5K while a similar property in MT was $900. In AZ I pay just over $500 for a 1452sqft house on 36 acres.

 

[TexasBrandon]

The disabled vet taxes has been modified for Texas, they only remove so much of the taxable amount now unless you are 100%. I'm not 100% but still get a some taken off which helps quite a bit regardless. The chart outlining this is on their website.

 

[Steve_In_29]

Link to the chart?

 

[TexasBrandon]

Here is the actual tax code covering everything: https://gov.texas.gov/organization/disabilities/property_tax_exemptions

Here is the chart organizing the code for easier reading: https://www.texvet.com/partners/property-tax-exemption-texas-disabled-vets
Just scroll down on the above link, everything is there for those of us in one of those categories.

Finally, here is the comptrollers chart: https://comptroller.texas.gov/taxes/property-tax/exemptions/disabledvet-faq.php
- For the above, use the "What is the amount of the veterans exemption? drop down to see the chart.

It used to be, if you were medically retired, no taxes paid from what I understand. Years ago in 2009, when I bought my first home, not this one, I filed for tax breaks since it was there to be used and got the exemption that I fell under. That still holds true for my current house I've been in since 2014.