VA Home loan advant...
 

VA Home loan advantages  

 

Wedge Antilles
(@wedge-antilles)
Joined: 1 year ago
Posts: 19
30/09/2018 3:03 pm  

If you have a 10% or higher VA disability rating you do not pay the funding fee on your loan. This will save you thousands of dollars on your loan. Combined with the advantage of not having to pay PMI, VA rates are typically lower than conventional/commercial loans, still historically low interest rates, zero $ down, etc. Now is a great time to buy your "not forever" house in domicile and use it as investment property when you move on to your forever job.


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Lindsey
(@lindsey)
Admin
Joined: 1 year ago
Posts: 177
30/09/2018 3:06 pm  

Great tip!


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Wedge Antilles
(@wedge-antilles)
Joined: 1 year ago
Posts: 19
30/09/2018 3:52 pm  

Disclaimer: Not a licensed financial advisor

I recommend buying something you can possibly convert and rent out as a crash pad or in case of a base closure use as a traditional long term rental. One great thing to consider is you just have to establish it as a primary residence to qualify for a VA loan. This means if you buy a building with 4 units and use one it qualifies for a VA loan. The same for a townhouse with 2 units. My advisor and lender has numerous military members do this when they are stationed in Alaska.

This post was modified 1 year ago by Wedge Antilles

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Launchpad
(@launchpad)
Joined: 1 year ago
Posts: 3
07/10/2018 12:02 pm  

I've used this 3 times. It is the greatest thing ever.  No PMI is huge.


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Lindsey
(@lindsey)
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Joined: 1 year ago
Posts: 177
07/10/2018 12:16 pm  

I think I read they are changing the funding fee rules to depend on what your rating is. Let me try and find the article. 


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Lindsey
(@lindsey)
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Wedge Antilles
(@wedge-antilles)
Joined: 1 year ago
Posts: 19
09/10/2018 12:44 pm  

Has not passed the senate. There is a LOT in this bill that is getting both support and nonsupport from Veterans group. Wouldn't be surprised if it goes back into committee


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Chewie
(@chewie)
Moderator
Joined: 1 year ago
Posts: 8
09/10/2018 2:14 pm  

Holy crap! This is a game changer for me!  I'm house shopping right now!


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schoolio
(@schoolio)
Joined: 1 year ago
Posts: 7
09/10/2018 11:39 pm  

Not having to pay the funding fee is a big deal for those of us rated with a disability. Hopefully the VSOs can win this fight.

Terry Schooler
AH-64D/UH-60L/C-12/UC-35
XJT CA ORD (on military leave)


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