VA Home Loan Mortgage Rates December 14 – Interest Rates Mixed Subprime Blogger (blog)
14.12.09
If you have been thinking about locking into a low VA home loan mortgage rate now might be one of the best times in history. The conventional 30 year fixed rate mortgage hit an all time low in late November. The all time low of 4.49% was immediately erased as the 10 year treasury rate yield pushed much higher which in turn pushed mortgage interest rates much higher.
Even though the 30 year fixed is now up to 4.7% this is still extremely low when looking at historical mortgage rates. Now is the time to contact your lender and see what mortgage rate you will qualify for. It might be a good idea to go ahead and get started on a mortgage application today so you avoid the crowd that we are likely to see when the new year rolls around.
Make sure to check out Subprime Blogger on a daily basis for your VA home loan rates. We will display the current VA home loan rates as well as a short commentary similar to the above column. Bookmark the following VA Loan category to gain easier access to our daily VA loan rates column.
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Has anyone gotten a VA mortgage loan?
Jan 31, 2009 by Amy | Posted in Renting & Real Estate
Has anybody ever gotten a VA loan for a house? If so what costs did you have to pay up front? Do you recommend a loan like this?
I have not gotten a VA loan but I am a Loan Officer who has done many VA loans. It can be a wonderful loan...one of the few 100% loans left. Another good thing is you don't have mortgage insurance but you do have an VA Funding Fee that is financed into your loan, unless you are exempt...usually because of disability. The only upfront fee I require is for the appraisal. Some lenders have other fees but VA does protect the Vet on what fees you can be charged. If you can get the seller to pay closing costs & Pre-paid items (escrow for taxes & insurance) you can get in for next to nothing. It is well worth looking into if you do not have a down payment.
Lisa L | Jan 31, 2009
The VA does not loan the money. All the VA does is guarantee the loan for eligible members. All fees, including the lending fee, can be incorporated into the mortgage itself. Remember, you find the lender.
It is possible, even preferred, to obtain your Certificate of Eligibility from your lender. Allow the to do the leg work for you if you are ultimately approved for a loan. Most lenders have access to the ACE (Automated Certificate of Eligibility) system. ACE is Internet based and the application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds.
I have used my VA loan many times (having moved so much) - the being able to get the loan with no money down, to me, is the best feature of the process :)
Good luck!
Tom G | Jan 31, 2009
Can someone tell me step by step how to get a VA loan for a mortgage?
Jan 25, 2008 by prettyinpunkk | Posted in Renting & Real Estate
My fiance is in the military and on his second tour of duty in Iraq. We are buying our first home. I'd like to know the steps to getting a VA mortgage for our house.
My other question is, if the VA does not lend the money, they just guarantee it, do we have to find our own mortgage company for them to work with?
Below is the link to the VA Government website, it answers a lot of questions that you may have accurately and you can get it all in one shot. Browse the site it has all the info you would need.
Pre-Loan Frequently Asked Questions
General questions about VA loans that may arise BEFORE you get one
http://www.homeloans.va.gov/faqpreln.htm
Also you do have to select a bank or mortgage broker yourself. Make sure to shop around in your own locale area for the loan. Good Luck!
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE.
Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
saeed q | Jan 25, 2008
it's alot simpler than you think. I agree with the first person answering your question about looking up that web-site and doing a little reading....and also, BUYER BEWARE!!!!! Go to your local banks....if you're buying in a large city with smaller cities nearby, sometimes those smaller city banks work harder and give better deals. Go from bank to bank. Good ones are quite helpful and do almost ALL the work for you. Be sure you feel ABSOLUTELY comfortable and have a good rapport with who you deal with. Good luck!! Be smart and assertive AND in control!!! It's YOUR money and YOUR life!
TrailB | Jan 25, 2008
Does a VA home loan, help people with bad credit? Can you purchase a HUD home with a VA mortgage?
Aug 07, 2008 by photofemale810 | Posted in Renting & Real Estate
There is an HUD home for around $30000, my husband an i are thinking about purchasing, we'd need a mortgage for around $50000. We don't have good credit, can a VA loan help with that? Any other suggestions?
Just to clarify, the house is valued at $78000, but has been on the market for 2 years, which is why the broker has lowered the price to 30000.
It can help, they are less strict, it just depends on how bad is bad.
However, there is no way in hell anyone would lend you 50k to buy a 30k house. Even with bright shiny perfect credit this would not be happening.
The maximum mortgage you could possibly qualify for 30k, purchase amount, but even that much is not likely with bad credit. 24k for the 30k house is more likely.
Landlord | Aug 07, 2008
A VA loan will let you buy a house with no money down, but I think there are still credit requirements. My husband is eligible but still had something bad on his credit - a collection or something- and we were told we had to wait til it was taken care of. If you have a mortgage broker nearby, one that works with several differerent lenders, they will meet with you, often for free, take a look at your credit and tell you what they can do, or what needs to be done before you will be eligible for a loan.
xstitchmama | Aug 07, 2008
VA home loans are not credit score driven, but banks that fund these loans do have minimum credit guidelines for people with BAD credit (which is very different from no credit).
Most banks have a 585 minimum mid-score guideline, if you can't meet that, they won't underwrite the loan, period.
A VA loan is simply a loan that is insured. It not a free-for-all subprime alternative.
PS: No bank, no loan program, allows you to borrow more than the house is worth.
Expert Realtor | Aug 07, 2008
Which is better for VA loan, a mortgage broker or a mortgage lender?
Jun 05, 2008 by Le C | Posted in Renting & Real Estate
As you can tell, I am a novice on this. After searching for answers on the differences between a broker and lender, I just gotten more confused. Please help me if you can clarify them, especially, for a VA loan.
thanks for your answers from the pro.
You will hear many different opinions on this. Here's what I do know. Most of your larger lending institutions, Bank of America, Wells Fargo, HSBC, etc all have VA programs. Now you could try a smaller regional bank, I assume that they would have a VA program, but I'm not absolutely positive about that. You should be able to walk into any of the larger lenders and discuss their va programs. The typical turn time can be between 30 and 60 days. The problem here is if you go to large bank a, and they upset you, you don't click with them, whatever and you go to bank b, you start all over with the lending process and you'll get your credit pulled again. If you go to a broker (depending on the state, I might now an ethical broker or you may know some through your networks) the broker does the shopping for you, you supply them with all the information, w-2's, ss number, paystubs, etc and they go to work. Now, broker's claim that your credit only gets pulled once, this is not necessairly true, some lenders will pull credit again for their protection (meaning the broker didnt fudge the credit report) so there may not be an advantage there, it depends on the lender they use. The processing time for broker's can be less, I've seen files close in 2 weeks, and broker's can get better pricing through the wholesale channels, but some sometimes won't as they may not get paid as much. Whatever you do, get a good faith estimate and shop around, some lenders and brokers will do what they can to be another's offer. Good Luck
Big daddy | Jun 05, 2008
I would go with a lender. A broker is a middle man and will charge you broker fees which you don't pay a lender. Also a broker is sending out your loan docs to several different lenders. Why not just go direct & save on the costs- another benefit is you will be dealing direct with the lender who can give you better/quicker info than the broker. Good luck!
Beverly S | Jun 05, 2008
VA loans for Veterans offer special incentives to buyers, but either of them do virtually the same thing. Mortgage Broker is just that, they broker their loans to someone else, a Mortgage lender can hold loans in house, but not many do today.
But don't use a lender that advertising on this venue because it is against the guidelines and if they will break these guidelines, what other rules and guidelines on your loan will they break?
alterfemego | Jun 05, 2008
Mortgage Brokers and Mortgage Lender can be one and the same. You will want to always speak with a mortgage professional who understands VA Loans. These loans are not trivial and require extra paperwork and a VA approved appraisal.
nationw1de | Jun 05, 2008
Is there anyone out who knows anything about VA mortgage loans?
Sep 16, 2006 by brownsugar1961 | Posted in Renting & Real Estate
I have called the Va mortgage center for days and no one has called me back yet. My husband is a veteran and he had a va mortgage with his first wife and she kept the house after they seperated and couldn't make the payments. We don't know if they foreclosed or sold it or what ever. She didn't tell him anything. How will he know if he qualifies for another va loan with me (his new wife). Can anyone give me some kind of answers? What is the worst case senerio?
Good question and I know you are not the only on in that boat. The VA loan guarantee is an VET entitlement through a certificate of eligibility issued from the VA when you apply. Once used, the house will have to be either paid off, sold or refinanced (not use VA eligibility on new loan) for you to get your entitlement back. So, worst case is a loan still exists on the home and you can not use your VA certificate until it is removed. Best case, house sold and you have your eligibility back.
Finding out about whether ex still has house, sold, foreclosed, etc. is easy. Public records. In my state, I can type in last name or address and get property deed which has current owners, value, etc. Call a local real estate person to look it up for you if need be. If house foreclosed, you may have problems if sold for less that what was owed. This would be my first step. If ex still has house, only option is to get her to sell/refinance to remove VA cetificate so you can get it back.
I also am vet, have used VA loan a few times. But lately, other loans are just as competitive and even better than VA. I bought my current house without VA because it was a better finance deal. First use of VA is good deal, multilpe use of VA requires higher origination fee 3 percent (last I heard)- so it becomes costly if used more than once.The only thing VA helps with is down payment so if that's your problem - than that may be the right choice. Mortgage brokers can give you all kinds of different options. VA is just one option among many. Truthfully, the VA guarantees a portion of your loan to the bank so there is less risk for the bank making down payment less. That's all it is - the VA does not loan the $$.
The VA has your answers as to whether you still have your eligibility so be patient and try to get through. Browse their website - has alot of good valuable information.
If you still do not have your certificate - don't worry. There are many other options, many better too. My concern would be whether husband is still on deed and loan and is still responsible. Late/non-payment by ex will hurt him if still on loan. My ex signed off on the deed and I had to refinace so she no longer owned it or was financially responsible for it . Hopefully you have some kind of the same arrangement.
VA phone # is 1-800-please-hold! But they will answer. To save you time, make sure your husband calls. If they have no record of new marriage, they will not release any info to you. VET calling is the best way and they tend to move faster when we call personally.
finmananalyst | Sep 16, 2006
Your answer is on the front page of this web site: www.valoans.com. Your husband should have required the ex to refi. the house so as to get his name off of it. If the house went into foreclosure, and was sold at public auction not only does he lose his VA entitlement, but the foreclosure shows on his credit report. Pull all 3 reports to check it out. Go to the county register of deeds either in person, or online to see whats going on with the house now. You can also go through the tax assessors office to see who the new owner is, and call them to try to get some info. Your husband may have recourse against his attorney. He may have used the firm "Dewey, Cheatum, and Howe". A lot of unsuspecting people get stuck with them. Now he can file contempt of court charges against her for not making the payments per the divorce order, and allowing a foreclosure to affect his credit. She will go to jail.
Credit Expert | Sep 16, 2006
My mortgage loan (a va loan) has been in underwriting for 11 working days. Is this too long?
May 27, 2008 by Dehler W | Posted in Renting & Real Estate
My wife and I were told our package went to underwriting on May 12. How long should this process take? We have been told over and over it is a "good" file and should close "early". Our original scheduled date was today, 5/27/08. Not only are we not closing early, we still have not got a "clear to close". Getting answers from the company is like pulling teeth!!! Any advice?
Not that long - lenders have cut back their staffs and underwriters are overloaded. Many times there are delays while waiting for one or two documents to arrive.
bud68 | May 27, 2008
Be patient!
VA, FHA and USDA rural housing are THE only way to get to 100% today.
You can imagine that with all the houses available at VERY low prices, that there are a LOT of loans going through right now.
When I submit a loan to an underwriter, I only send it where I KNOW it will be done right... the first time. But, every other mortgage broker is sending that underwriter loans too. They probably have 50+ loans on their desk.
So, be patient. It will be alright.
David B | May 27, 2008
Underwriters are swamped with VA & FHA loans. My company is 3 weeks behind in underwriting- we were 30 days behind in March. So hang in there!
Beverly S | May 27, 2008
Houston, you have a problem. It should not be taking this long. If the file was properly prepared (which is the reason the broker gets paid!), it shouldn't take more than two or three days in underwriting.
Also, the fact that you say that getting information from them is like pulling teeth, tells me that you have the wrong outfit doing your loan.
Do you have a Realtor? If so, they might have some leverage with the mortgage company. If it's an online company, you could be in big trouble.
Call the broker/owner of the company rather than relying upon the individual salesperson that is handling your file. There is absolutely no excuse for them not providing you with prompt, accurate information.
Paul (www.twtrealestate.com) | May 27, 2008
Where to get a VA Home loan mortgage for low income but good credit, cautch 22, MINNESOTA?
Jun 13, 2008 by kajemarine15 | Posted in Renting & Real Estate
I just got out of the military last year and am looking to buy a home w/ a VA home loan. I'm in college full time and working for the federal gov't part time. Because I only work part time my income APPEARS to be very low right now temporarily while I am in college. I have a rather high credit score of 724, but here is the cautch 22. I figure in order to get approved I would have to show a higher income such as adding my wife to the mortgage. But she has very bad credit score. So what do I do? I have the good credit score but temporarily not enough income, she would add to the income but lower the credit score. The funny thing is, the homes we are looking at we could afford easily with our eyes closed no problem. We have been paying nearly $1500 a month rent for the past year on time perfectly and I never miss a payment on anything but do lenders ever look at that kind of thing, perfect rent payment history?
Any advice? Any suggested VA mortgage lenders in MINNESOTA?
It really depends on your wifes credit score. With FHA if she has over a 580, normally that's not an issue. If it's over 560, it is more difficult but can be done especially since your credit score is good. 530-560 we can still do but this is a very difficult loan to get through and we have to have some compensating factors.
We work in Minnesota so if you need additional help, feel free to email me. We are a mortgage banker so our guidelines (or many mortgage bankers guidelines) are more flexible than a regular bank.
markmyword | Jun 13, 2008
talk to whoever you want to get the mortgage through. i am closing on my VA loan end of this month and my lender at Wells Fargo was a HUGE help. Whoever you are using as a realtor should also be able to help set you up with someone in lending that is good with Va loans.
Queen B | Jun 13, 2008
The fact is that if you want both incomes considered, any lender will also insist on considering both credit ratings. You can't have one without the other. So it appears that your choices are to apply jointly now or wait until you finish school and are employed full time.
Why don't you approach a lender that offers prequalification and see what they say? VA loans are great for the "low down" feature but you still need to meet the lender's income/credit standards.
bud68 | Jun 13, 2008
To qualify for a VA home loan, you must fall into a certain debt ratio. Your income, credit card debts and the new indebtedness created by the VA mortgage are all tallied up to see where you land in terms of debt. The maximum debt ratio you may have and still qualify for a VA home loan is 41%. This is only one factor used to determine eligibility, the others include your reliable income and credit rating. If you are considering applying for a VA home loan, you may wish to make an appointment with a financial planner and debt counselor to see how you might improve your standing in advance of the application process.
Frederick C | Jun 13, 2008
VA mortgage loan with bad credit (580) or regular mortgage loan with good credit (780)?
Feb 10, 2009 by moonstruckmaiden | Posted in Credit
Which is the better deal?? Why?
Thanks!!
my fiance is a veteran with a low score, i have the good credit score. we both make great money, and we have about $30,000 saved. we would by the home in only one of our names if it would help the interest rates...
The first house I lived in my parents bought with a VA Loan was that mortgage based on socialism?
Jan 29, 2009 by grob | Posted in Politics
It was backed by the government.
No.
The loan is part of the compensation for serving the country in the military.
That is not Socialism.
Mike | Jan 29, 2009
Can you use a second mortgage as a downpayment on a VA loan?
May 05, 2007 by Tanker | Posted in Renting & Real Estate
I am interested in buying a home in Virginia and it is more than the VA ceiling of $417,000. Can I use a second mortgage to make up the difference between the $417,000 and the sale price?
Ask a mortgage loan officer to be sure but I don't think you can. One of the documents you sign at closing states that you haven't borrowed any money for your downpayment or closing costs..
mycornerofbrickheaven | May 06, 2007
Creative Home Financing
Home is one of the basic necessities of life. As it is having your own home, would be of utmost priority for you. Even if you are short of ready cash to buy a home, you need not worry. You can always opt for home financing. As the real estate sector boomed, so did the housing finance sector.
Apart from that, several alternate sources of finance can also be used for financing the purchase of your home. Creative financing is an increasingly popular way of financing the purchase of your home.
The following are some alternate creative methods of financing your home:
You can opt for the government housing programs. Many states offer a wide range of financing options, such as loan-guarantee programs, direct loans etc. Usually they carry the additional advantage of lower rate of interest, which can be extremely helpful for a borrower.
You can also settle for, seller financing, if the option is available to you. Nowadays, many property owners are offering seller finance, in order to attract a large number of buyers. It can also be an effective way of financing your home purchase.
Veteran Affairs or VA mortgage loans can also be an efficient way of financing the purchase of your home. If you specify the requirements for VA loans, then you can be highly benefitted. As it is, VA offers guarantee to the loans, instead of granting loans. The loan can be availed from a long list of VA approved institutions.
You can also opt for FHA mortgage loans. Just like the VA loans, the Farm Home Administration does not actually lend the money, but guarantees the loan. So, you can get a loan sanctioned from a long list of lending institutions, which are approved by the Farm Home Administration.
You can also approach your family and friends. Some people might not agree with it, but this can be an excellent way of financing the purchase of your home.
You can also opt for bank no-doc loans. These are loans, with no or low documentation requirements, are back, and you can...
Want a mortgage or to refinance? Follow the 4 tenets that the VA loans—obviously, for armed-forces veterans—allow qualified borrowers to finance 100 percent of the loan and don't charge for mortgage insurance.
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guardian.co.ukWill Any Other Republicans Support the Stimulus Deal? While I wait for the LLC and live off the SBA loan skiing in Vail, I will be getting my real estate and mortgage broker license. As a mortgage broker I am Video: Raw Video: House Passes Stimulus Bill Obama faces tough week; stimulus, bailout on tap
MCLEAN, Va. (AP) — Government-controlled mortgage finance companies Fannie Mae and Freddie Mac said Friday they have immediately suspended all foreclosure
KARKFannie, Freddie halting foreclosure sales Fannie Mae and Freddie Mac said the temporary suspension should give give loan servicers more time to help troubled borrowers find an alternative to On the House: Is this a final farewell to ARMs? Fannie, Freddie to suspend foreclosure sales
guardian.co.ukWill Any Other Republicans Support the Stimulus Deal? While I wait for the LLC and live off the SBA loan skiing in Vail, I will be getting my real estate and mortgage broker license. As a mortgage broker I am Video: Raw Video: House Passes Stimulus Bill Obama faces tough week; stimulus, bailout on tap