View Full Version : VA Home Loan Question & Help
So...good news, I finally recovered my credit from the damage my ex-wife did. I now qualify for a VA home loan. Here's the caveat, I co-signed for an auto loan a few years ago for a close family friend. She has made the payments and no serious issues. However; my lender stated they needed to see 12 months of consecutive on-time payments (cancelled checks) from the buyer. After getting that from her, it was discovered that she had June & July 2017 payments "deferred" to the end of the loan. She has made on-time payments aside from the deferments. My lender said that is a problem. He said there can be no deferments, missed payments, etc. He also stated I cannot use a co-signer who is a non-veteran for a VA loan. So, I'm trying to do this loan on my own and I am seeking advice if I should wait until I can get 12 months of consecutive payments from the buyer of the auto or if I should seek out a different lender. I am going into this with $0 down.
Another thing, I am going to have a close friend (co-worker, fellow veteran & forum member) move in and rent from me who will be paying $600/month. The lender stated on a VA loan, that has no bearing whatsoever on the approval.
I know there are some real estate guru's who will hopefully chime in here. I appreciate any & all constructive input.
CoGirl303
02-14-2018, 18:47
As a vet (yet to use my VA loan to buy a house), I'd work both angles. See if you can get the proof of consecutive payments, but at the same time, be seeking a new lender that doesn't have this requirement that way you have some leverage and you can say, hey I have someone else willing to give me the loan.
See if your cosign friend can get a loan with no cosign. She has a history of good payments and maybe some equity now.
BushMasterBoy
02-14-2018, 19:11
Find another lender. The federal government is guaranteeing the lender will be repaid if a default occurs. Might be good if you can find a loan officer who is a veteran also.
Make sure you get a national bank lender and not a "mortgage broker".
Find another lender. The federal government is guaranteeing the lender will be repaid if a default occurs. Might be good if you can find a loan officer who is a veteran also.
Make sure you get a national bank lender and not a "mortgage broker".
Thank you very much! I was suspecting this would be the path to go. Any suggestions for a lender?
Honey Badger282.8
02-14-2018, 20:55
You’re talking about a mixed loan. Some lenders will allow you to do this but the VA will only guarantee your portion of the loan, not your co-signers. Generally, that means their half of the loan will be subject to standard fees, down payments, and closing costs. It was pretty frequent with folks trying to buy a house with a non-vet fiancé, they usually got the marriage certificate earlier to save themselves the hassle.
Yeah, that is why I want to get the loan on my own. I qualify for enough on my own to afford the house. The thing that's pissing me off is my current lender not budging on the co-signed loan. This isn't my damn debt and it shouldn't count against me.
Bailey Guns
02-14-2018, 21:54
Find a new lender.
fairrpe86
02-14-2018, 22:18
Call JP at American Dream Mortgage, awesome guy and knows his stuff. USAFA grad, still active in the Air National Guard. Tell him Brandon sent you.
http://www.loansclose.com/StaffProfiles?ID=923669
Call JP at American Dream Mortgage, awesome guy and knows his stuff. USAFA grad, still active in the Air National Guard. Tell him Brandon sent you.
http://www.loansclose.com/StaffProfiles?ID=923669
Thank you so much. I will call him tomorrow first thing. I really am thankful for everyone's help/input. I've been practically down to tears all afternoon because all I want is to get my son into a house that he deserves.
CoGirl303
02-14-2018, 22:26
if you're a vet, I suggest you go over to Navy Federal Reserve Credit Union over in Aurora and open up a bank account.
They have a mortgage dept and they will get you great rates and they work with realtors in the area to find you the right house if you havent found one.
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I will certainly look into that option as well. Thank you CoGirl!
BushMasterBoy
02-15-2018, 00:21
CO303 is correct. Credit union is a great way to finance. That way you can go face to face when there is a problem. The big banks sometimes don't have a local office. The rate maybe slightly higher than a large national bank. With a credit union, you can always go and make a partial payment in person with cash.
Bailey Guns
02-15-2018, 07:44
Good luck...I'm anxious to hear some good news for you.
Find another lender. The federal government is guaranteeing the lender will be repaid if a default occurs. Might be good if you can find a loan officer who is a veteran also.
Make sure you get a national bank lender and not a "mortgage broker".
Find a new lender.
CO303 is correct. Credit union is a great way to finance. That way you can go face to face when there is a problem. The big banks sometimes don't have a local office. The rate maybe slightly higher than a large national bank. With a credit union, you can always go and make a partial payment in person with cash.
+1 on find a new lender. And possible a good credit union.....
When I left active duty in 2015, we moved back to Cheyenne. We didn't have 6 months of LES, I worked for magpul through a temp agency, and we didn't have $$$ for a down payment. Our lender talked to the VA underwriter, as well as her manager. We ended up getting a letter from my Temp agency that it was an open ended contract (it wasn't just a temp job for 90 days), and our Lender 100% vouched for us and said we'd be good for the money. They allowed it even though we didn't have the 6 months of LES, and just moved back to cheyenne.
Good luck! Banks will usually work with Vets that are having troubles.
CoGirl303
02-16-2018, 09:58
I will certainly look into that option as well. Thank you CoGirl!
[emoji2] glad to help!
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***UPDATE***
One of our forum members here got me in touch with a lender who is on her "A" game. She looked at all the paperwork and determined my previous lender was "less than truthful" with me. So, as I suspected, the loan I co-signed for is not the problem. However; turns out I have an old judgement on my credit report for an old (2003) medical bill I acquired while on active duty orders for the Army. Apparently TriCare didn't pay the bill and now it has been sitting in collections for a good while. Total amount of the bill is in the range of $6,400. I was never served paperwork regarding this "judgement", so I'm headed down to the courthouse on Tuesday morning with case number in hand so I can request a hearing on this and get it behind me. Hopefully this goes in my favor and I can get this settled. I'll let you know how it goes.
CoGirl303
02-18-2018, 03:10
***UPDATE***
One of our forum members here got me in touch with a lender who is on her "A" game. She looked at all the paperwork and determined my previous lender was "less than truthful" with me. So, as I suspected, the loan I co-signed for is not the problem. However; turns out I have an old judgement on my credit report for an old (2003) medical bill I acquired while on active duty orders for the Army. Apparently TriCare didn't pay the bill and now it has been sitting in collections for a good while. Total amount of the bill is in the range of $6,400. I was never served paperwork regarding this "judgement", so I'm headed down to the courthouse on Tuesday morning with case number in hand so I can request a hearing on this and get it behind me. Hopefully this goes in my favor and I can get this settled. I'll let you know how it goes.
I believe if the debt is older than 6 years old, and you were never served or anything, the debt is now invalid.
Also, if it doesnt go in your favor, you can write all three credit reporting agencies and dispute it by saying "No Contract" with the debt collection agency that was attemtping to collect, because you never had any contract with them.
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So, how did the mortgage lending / house hunting go? Any updates?
***UPDATE***
So, the court hearing went extremely well. I have determined, BC Services is where old, burned-out attorneys go to die. This guy looked like he slept in his suit and in his car. Regardless, I got the judgement released, out of $5,471, I only ended up owing $1,025, which I paid in full and am now free & clear of that debt. Of course, my ex got hit with the rest (wish I could be there to see her face when she opens the letter), but I digress. Now, I am officially approved and out looking at houses! My realtor & lender are absolutely amazing. I am very lucky to have them in my corner. I owe Dave a special shout-out for helping make that happen. [Beer]
Well...as luck would have it and a HUGE special thanks to Davsel for setting me up with an amazing lender, I am officially under contract for a house. It's in Aurora, not my first choice, but it's a good sized house and will accommodate our family rather well. I'll post another update when the move is finished.
Bailey Guns
04-22-2018, 14:03
That's great news! Let us know when it's officially yours.
CoGirl303
04-22-2018, 18:13
congrats Squeeze!
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That's great news! Let us know when it's officially yours.
Absolutely. The house is going to need some minor fixin' up, but nothing too serious. I may look into someone who can install carpet for a good price in the near future. If there are some members on that side of town who can lend some on-site guidance on how to fix certain things, I may enlist their help as well.
CoGirl303
04-23-2018, 18:40
Thank you Hannah!
welcome!
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Well...here's a not so great update. The damn seller decided she didn't want to fix any of the known issues with the house in order for it to be qualified under VA. Even though she agreed to do so once we went under contract. So the ***** backed out of the sale and I'm out $275 for a home inspection. I did get my earnest money back and am now back on the hunt for another home. If the juice was worth the squeeze, I'd sue her ass. SO if anyone would love to help a guy pay for my next home inspection, I've got some custom kydex holsters for sale.
I sure wish I could get a VA loan for land. We are buying 640 acres right now and its a pain in the ass. 35% or more down, list all assets, cattle etc. I could buy a house that costs the same with zero down through USAA, and it was soooo easy.
I find it fascinating there isn't an agriculture-based loan in the same vein as a VA home loan.
Grant H.
05-03-2018, 18:44
Well...here's a not so great update. The damn seller decided she didn't want to fix any of the known issues with the house in order for it to be qualified under VA. Even though she agreed to do so once we went under contract. So the ***** backed out of the sale and I'm out $275 for a home inspection. I did get my earnest money back and am now back on the hunt for another home. If the juice was worth the squeeze, I'd sue her ass. SO if anyone would love to help a guy pay for my next home inspection, I've got some custom kydex holsters for sale.
I'm not the expert here, but having just sold a house that had a LOT of VA loan sale prospects, I don't think you should have had to pay for the home inspection...
I find it fascinating there isn't an agriculture-based loan in the same vein as a VA home loan.
Bought mine with a USDA loan. I think I paid like $6k at closing on $335k. Has to be ag zone, over like 35 acres.
Bought mine with a USDA loan. I think I paid like $6k at closing on $335k. Has to be ag zone, over like 35 acres.
Right, but didn't the VA loan thing come out of ww2? I'd have thought that encouraging farming/ranching would be a thing, even if a vestige of yesteryear.
I'm not the expert here, but having just sold a house that had a LOT of VA loan sale prospects, I don't think you should have had to pay for the home inspection...
Just an FYI
Home Inspections are never a requirement for a mortgage loan, VA or otherwise.
Having a Home Inspection is a choice that the buyer makes before going into negotiations concerning the state of the home and estimated cost to repair. It is smart to have an inspection on any home that is not a new build - which has just passed County inspection and usually comes with a warranty period from the builder.
The VA will do small acreages. I have done 80 acre land/home parcels on a VA loan, but they dont go as large as we are buying. There is no house on this land, no power, no well, no septic. I will be paying cash for all of that.
Vacant land loans are treated differently in the mortgage business - VA or otherwise - mostly because they are easier to walk away from. The VA program is a "VA Home Loan" program. The VA will back Construction loans on vacant land, but will not get involved with unimproved acreage unless you are building a home on it.
More info here: https://www.valoans.com/articles/va-loan-rules-land-purchases/
CoGirl303
05-04-2018, 17:46
Well...here's a not so great update. The damn seller decided she didn't want to fix any of the known issues with the house in order for it to be qualified under VA. Even though she agreed to do so once we went under contract. So the ***** backed out of the sale and I'm out $275 for a home inspection. I did get my earnest money back and am now back on the hunt for another home. If the juice was worth the squeeze, I'd sue her ass. SO if anyone would love to help a guy pay for my next home inspection, I've got some custom kydex holsters for sale.
I'm so sorry to hear this, but sounds like a blessing in disguise as far as that goes. House might have had more issues than worth hassling with.
Good luck in your search.
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Another ***UPDATE***
Just went under contract on a MUCH better home. Still in Aurora, but a bigger house with a lot more room for only 5K more. Looks like closing is on June 1st. As CoGirl put it, it was a blessing in disguise on the previous house.
Another ***UPDATE***
Just went under contract on a MUCH better home. Still in Aurora, but a bigger house with a lot more room for only 5K more. Looks like closing is on June 1st. As CoGirl put it, it was a blessing in disguise on the previous house.
I'm keeping my fingers and toes crossed for you. Did you have this one inspected as well?
Aurora has some nice areas. :)
Yes, because of the debauchery from the previous home we were trying to buy, my realtor is paying for the home inspection on this one. Aurora does have some nice areas. The commute to work will be easy. Also, I have to meet my ex in Limon from time to time to pick up my son so the commute out that way will be quite a bit less as well. The seller of this home is already going under contract on their dream home in CO Springs, so they are motivated to close quick. I am typically not one to be excited about moving, but in this case, yes...I'm stoked to get out of my current shoe box apartment and into a real home.
Great-Kazoo
05-07-2018, 13:07
Yes, because of the debauchery from the previous home we were trying to buy, my realtor is paying for the home inspection on this one. Aurora does have some nice areas. The commute to work will be easy. Also, I have to meet my ex in Limon from time to time to pick up my son so the commute out that way will be quite a bit less as well. The seller of this home is already going under contract on their dream home in CO Springs, so they are motivated to close quick. I am typically not one to be excited about moving, but in this case, yes...I'm stoked to get out of my current shoe box apartment and into a real home.
Good for you.
We have an informal showing this afternoon. Not getting excited as it's a casual walk through.
CoGirl303
05-07-2018, 15:25
outstanding Squeeze!
When's the housewarming party?!?! [emoji3]
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outstanding Squeeze!
When's the housewarming party?!?! [emoji3]
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Well, we will be transitioning from the apartment to the house between June 1st & June 15th. Once we're settled in, we're hoping for some time in the 3rd or 4th week of June. We plan on having a massive Nerf war.
Am I allowed to bring my childhood invention of putting sewing needles through the suction cups since suction cups don't stick to my cousin's clothes/flesh, and he would always say I didn't hit him? Really Kenny, is that why you screamed in pain?
I digress. Congrats!
Am I allowed to bring my childhood invention of putting sewing needles through the suction cups since suction cups don't stick to my cousin's clothes/flesh, and he would always say I didn't hit him? Really Kenny, is that why you screamed in pain?
I digress. Congrats!
As much as I find this hilarious, no...you may not inflict pain upon my house guests (LMAO). Now, I can invite some people I don't particularly care for over for a Nerf war and then it's game on. [Awesom]
Well, figure some good news is in order...
It's official. I've moved into my new home. Special thanks to Davesel here who I credit with finding me an amazing lender who was able to get the job done. Closing was a breeze! Feels good walking through the door of a house and knowing it's mine. No more apartment living for me!
Congrats!
Glad it all worked out for you and yours.
Congrats!
Glad it all worked out for you and yours.
Thank you! I couldn't be happier. I definitely owe you a beer.
Well, figure some good news is in order...
It's official. I've moved into my new home. Special thanks to Davesel here who I credit with finding me an amazing lender who was able to get the job done. Closing was a breeze! Feels good walking through the door of a house and knowing it's mine. No more apartment living for me!
Was it Leanna?
Was it Leanna?
Indeed it was!
Nice. I need to contact her about a refi. Davsel passed along her info a while ago and I never moved on it.
Bailey Guns
06-15-2018, 16:23
I think a picture of the new place is in order! Congrats!
Great-Kazoo
06-15-2018, 19:13
House Party !
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