LATB to the white courtesy phone.

[DJ_Critterus]

I'm looking at buying a house and want to get a pre-approved VA loan. Do you know where I can go or who I can talk to about that and get a straight answer.

The reason I ask is because Navy Federal and USAA are telling me one thing and two separate loan officers fighting for my business are giving me two separate stories.

For instance, when I bought my house in TX, I split the closing costs with the seller but put nothing down as the costs were rolled into the loan. The two loan officers are telling me that's not possible, but my brother just did it 6 weeks ago with his house in Panama City. Am I correct to think these two are yanking my crank and trying to get more money out of me than I actually would need to spend?

[LATB]

Most mortgage brokers can write VA. Many don't want to, like many sellers don't want to accept a VA deal, because it is a little more work/cost.

A VA loan is the only mortgage (afaik) that you can get 100% financing without mortgage insurance.

The problem with seller/buyer "splitting the closing costs" in a VA loan is, VA lending has special seller only requirements that can not be paid by the buyer.

Typically in FL, the seller pays doc stamps on the sale (transfer tax) and the buyer pays for title and any lending costs.

Straight up "let's split the closing costs" only works well with a clean cash deal. Even there it is not very common. Matter of fact, I always advise my clients to avoid that language in an offer. It shows weakness (or inexperience) in the your position.

[Steve_R]

What Lars said. We've financed one house using a VA loan. All others have been conventional, which is easier. I do think you might be able to get a 100% loan with some FHA loans, but I've never done that so not sure. Be aware that a future buyer can assume your VA loan, which makes it easier to sell to a non-veteran, but if you allow that you can't finance a replacement with a VA loan until the first one is paid in full.

[DJ_Critterus]

Thanks all. Just got off the phone with Onebadcad and he explained everything clearly enough that I could understand the process and how this works along with other tips and tricks I need to know when putting in an offer. He's going to put together some documents for me like the old version of a good faith estimate and we are going from there.

[LATB]

Originally Posted by Steve_R

What Lars said. We've financed one house using a VA loan. All others have been conventional, which is easier. I do think you might be able to get a 100% loan with some FHA loans, but I've never done that so not sure. Be aware that a future buyer can assume your VA loan, which makes it easier to sell to a non-veteran, but if you allow that you can't finance a replacement with a VA loan until the first one is paid in full.

There are some lenders who will write 100% conventional or FHA. But there will be mortgage insurance.

[Mike Mercury]

white courtesy phone.

That's racist. Where's my $5mill ?

[LATB]

Originally Posted by Mike Mercury

That's racist. Where's my $5mill ?

Considering my neck, and personality… Red would be appropriate.

[DJ_Critterus]

Originally Posted by Mike Mercury

That's racist. Where's my $5mill ?

It's in the bag....with the dicks you can eat