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5 things you might not know about VA home loans

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This video and its contents are not intended for residents or home owners in the states of MA, NY, or WA.
Are you looking for a VA loan? If you’re like other veterans, you probably have a few questions on the details of this type of loan. In this video, VA loan expert Eric Kandell will answer five questions one of our users asked about VA home loans, including the following:
• Do you need good credit for a VA home loan?
• Do you need a down payment for a VA home loan?
• Do VA home loans expire?
• Do VA home loans require an inspection?
• Do VA home loans have PMI?
For further information or to get started today, give us a call at 844-326-3305.
Low VA Rates
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Address: 384 S 400 W, Lindon, UT 84042
Phone:(866) 569-8272
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• 5 things you might not... #VAhomeloan Archived video notice: This video is not current and may contain content that, while accurate when recorded, may not reflect current market conditions. As is customary on the RU-vid platform, older videos remain in our account for transparency and statistical purposes, and we do not necessarily have control over which older archived videos RU-vid’s algorithm may suggest for you. For that reason, please always check the date of a video to ensure that it is dated recently before relying on its contents. The mortgage market is very dynamic and laws, regulations, rates, and programs are always changing. If we have a more up-to-date video on the same subject, you should be able to sort our videos by date uploaded on our main channel landing page: / lowvarates .

Опубликовано:

27 авг 2024

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Комментарии : 99

@lilyrosedaisy2003 6 лет назад

Two questions: 1) How are student loans calculated/figured into the debt ratio for VA loans? 2) What is the general timeline from start to finish for a VA loan?

@lowvarates 6 лет назад

Student loans just like any other loan are counted in your DTI ratio, however, if you have your student loans deferred, the lender will most likely not count them in if you can prove they will be for at least 12 months after your closing date. Most VA loans close in about 40-50 days, which is pretty standard regardless of the type of financing. If you are ready to get started, give us a call!

@lamontmitchell5649 6 лет назад

How long do you have to live in a home with a VA loan. Meaning if I wanted to buy a duplex, live in one side, rent the other. How long do I have to live there

@lowvarates 6 лет назад

You have to have the intention to occupy the home for at least 12 months. There is a loophole to this though. If you decide to do an IRRRL, you only have to certify that you previously occupied the home. There are many things to go over when it comes to deciding what home is right for you. Give us a call at 844-326-3305 and let one of our licenced loan officers assist you!

@wraith8698 5 лет назад

Quick reminder that a larger down payment will save you tens of thousands of dollars over the life of your mortgage. Be absolutely sure you understand compound interest BEFORE you buy a house.

@lowvarates 5 лет назад

Mike Dickinson great point if you have the money to put down. Thanks.

@asdfjkl2600 5 лет назад

If I wanted to get a duplex or 4 plex, would I have to put a down payment down or have a lot of money saved up. Even though I plan to live there. Also I am a disabled veteran.

@lowvarates 5 лет назад

KoR3299 no money down. It’s awesome

@asdfjkl2600 5 лет назад

@@lowvarates So, my wife called and the person on the phone gave us completely different info. The guy on the phone tried to talk me out of a multi-family home and that I had to buy a single family home. Also that we would have to down a down payment or money saved up. He said "Nobody has that much money to start off". Hopefully you can clear the air on this issue.

@lowvarates 5 лет назад

@@asdfjkl2600 This is concerning to hear to say the least. Would you be so kind to email the president of the company at eric at low va rates dot com (but type it like a normal email address) so we can have a fun learning experience with this loan agent. In your email make sure to indicate the caller ID number you would have called from and the estimated time and date. Mr. Kandell will get back to you personally. You have been given incorrect info.

@asdfjkl2600 5 лет назад

@@lowvarates sorry for this delayed response. I am not on RU-vid often and I don't receive notifications for comments. That being said I have emailed Eric with the info you have requested. The subject line is Call.

@lowvarates 5 лет назад

@@asdfjkl2600 I just replied to your email this morning. Sincerely, Eric Kandell

@ORGANICsoulJAZZ 5 лет назад

This guy is a great sales man. 👍🏾 I'll be calling him soon

@lowvarates 5 лет назад

Well, that is kind of you, but Eric is no longer salesman though he started in the industry over 15 years ago as a VA loan officer. As you can tell from this video and many others, he's just very passionate about helping veterans better understand their VA home on benefits.

@karma0582 6 лет назад

What closing cost/fees can not be rolled in the loan when using the VA loan?

@lowvarates 6 лет назад

Hey karma0582, and thanks for watching. We have a great article on our site that explains closing costs. Check it out here: www.lowvarates.com/va-loan-blog/va-loan-closing-costs-how-much-to-expect/

@Ms.T2U 5 лет назад

My hubby is a veteran and I am civilian: I was told that with the VA loan we will have to put down 12.5 percent. Right now my income is more than his. Is this information true? what should/can we do? thanks in advance!

@lowvarates 5 лет назад

That is not true at all. You can be the main wage earner and your husband will still be on the loan. VA loans require NO MONEY Down. Please do not work with whoever told you that as they likely do very little if any VA loans. I would love if you gave Low VA Rates a shot.

@smakinazz2007 6 лет назад

Will you do a video for vets with a 100% please

@lowvarates 6 лет назад

Hey smakinazz2007, 100% what? If you would clarify for us, we would be happy to do a video for it.

@bibbyboi 6 лет назад

I think he means vets with a 100% disability rating. I'm also interested in that.

@pamelafox5882 5 лет назад

I would like to know the same, I'm 100% disabled veteran and I also receive SSDI, how do I find a mortgage broker when I need one? I'm moving to Georgia by the 15th of December 2018 and I want to try to get approved and buy a house asap. Staying with a cousin so the 60 days isn't a issue, can even close sooner if possible. Thanks Pamela Fox

@Benjbugarin 5 лет назад

Want to refi. I almost have all in order. I do need to finish a few home repairs. How would VA appraisals affected my refi cash out..with repairs in progress. 1. Restroom floor. 2. Shower plumbing gets clogged 3. Washer plumbing gets clogged. Current loan is. VA

@lowvarates 5 лет назад

Great questions! So if your home in the current state meets VA minimum property requirements then you will be fine. None of what you list above seems like it would have any real impact on the marketability and thus would not affect the value, but if the appraiser indicates the items need repaired, you will have to repair them prior to funding the loan. I do not think the plumbing would ever come up, but if the restroom floor is totally torn up/out that could be a hold up. We would love to do the cash out loan for you and we will offer our low rate apr and fees guarantee.

@irvinsplace502 6 лет назад

What if you qualify and want a home priced higher than the county limits?

@lowvarates 6 лет назад

There is always a misconception regarding loan limits for a VA loan. In counties where the loan limit is lower than your purchase price or refinance loan amount, you may have to have equity (refinance) or put a down payment (purchase).

@Izzysmama 3 года назад

I'm a veteran and I'm currently in school full time using the GI bill. My fiance and I are thinking about purchasing a home. Based on my status, I know I won't be pre-approved because I do not have income coming in since I'm still in school. My question is, once we're married (in a month), could I apply for a VA loan and add him as a co-borrower and fully rely on his income? I do receive disability compensation, but it's not much. Thanks! :)

@lowvarates 3 года назад

Yes you could do this once married for sure. Great plan.

@aaronwatts12 5 лет назад

I have a question: are there companies that can do manual underwriting? My wife and i plan on not have a credit score of 0. (Debt free)

@lowvarates 5 лет назад

yes we are one of the best at manual UW.

@aaronwatts12 5 лет назад

May I ask what are some of the requirements to eligible?

@lowvarates 5 лет назад

@@aaronwatts12 income, a reasonable credit history and a clean history the past 12 months, honorable service

@kareemmance5845 4 года назад

@@lowvarates I don't think honorable is a condition, I know of veterans with a general and oth, that have VA home loan eligibility. It could be a case by case basis. However, a Bad Conduct or Dis honorable is a definite No.

@lowvarates 4 года назад

@@kareemmance5845 yes that is correct

@teddybear8571 3 года назад

I live in Maryland. Do you guys finance VA Home loans in the Maryland area?

@lowvarates 3 года назад

you bet we do. We are in all states but NY and MA, we are also able to do loans in DC

@jodywooten5511 6 лет назад

What fees could I (VET), be possibly put on the seller

@lowvarates 6 лет назад

What a wonderful question, we love your thought process. Keep in mind today, that it is more of a seller's market since there are more buyers than homes for sale, so sellers may not be willing to cover your costs. However, you can basically have the seller cover any fee you want, there really is NO LIMITATION other than you cannot have the seller cover more than 4% of the closing costs, HOWEVER not all fees involved in the loan are classified as closing costs so we have seen situations where seller concessions are as much as 6%! Did you also know the seller can pay off your credit card debts or collections etc if that will help you get approved for the loan? We are here to help!

@tatejr21 6 лет назад

Does Low VA Rates offer construction home loans?

@lowvarates 6 лет назад

Hey Felton, good talking with you again! We have done a video on VA Construction loans. Check it out here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-iF7rAmErIDg.html

@ethansowards2323 3 года назад

I have a question, say I come and we set up a 30 year mortgage plan at a 2.5% interest rate for a 300,000$ house. After two years I’ve some how saved up 300,000$ and can completely pay off my house. Is that an option? Will I be penalized? Will I still have to pay off the interest for the full 30 year mortgage or just the actual cost of the house? (I think that’s called principle).

@lowvarates 3 года назад

VA loans do not have prepayment penalties so NO you would not be penalized and you could pay the entire loan off as fast as you want. The sooner you pay off a loan, the less you pay in interest and the better off you are.

@ethansowards2323 3 года назад

@@lowvarates thanks!

@JerZCobrA 5 лет назад

Do I have to be working at the same job for 2 years before being eligible for a VA home loan?

@haykandell 5 лет назад

no you do not. You should have two years in the same line of work, industry or at least be able to show stability but YOU DO NOT NEED 2 YRS at the same job or even employer. We would LOVE to help you get approved for a loan.

@lowvarates 4 года назад

what ERic said

@micahtarantino111 5 лет назад

Can I use the VA loan for property without anything built on it? And are there limitations on certain areas to buying land?

@lowvarates 5 лет назад

no you cannot use the VA loan to buy raw land. You must have a home on it.

@noonieluv3485 5 лет назад

My husband is deployed and I am his power of attorney. He wants me to move forward will securing a home and I’ve received the COE but I don’t know what to do from this point. Our credit is poor. I really am just in need of guidance.

@lowvarates 5 лет назад

Poor credit is something we work with all the time. We would love to have you try us out. Have you contacted us here at Low VA Rates? We can guide you on whether you current POA is sufficient or if it needs to be updated too. The VA has some rules about POA.

@ig2949 4 года назад

Hi...How about Bankruptcy in the last 2 years? Prior to enlisting in 2019. Hoping to buy in 2 years if possible based on VA loan requirements that I researched.

@lowvarates 4 года назад

Should not be an issue. what kind of BK was it? Chapter 13 or 7 and was a home/mortgage involved?

@ileanaAV2008 4 года назад

Why does this advise not apply for the state of MA?

@lowvarates 4 года назад

we are not licensed to do loans in MA, however the content that we share and all you can learn from our channel still applies to Veterans in MA.

@joerodriguez4090 5 лет назад

The lender is requirin me to have bank statement in english, but the one i have are in spanish

@lowvarates 5 лет назад

well that seems to be unfair and likely against fair lending rules. (maybe?). How hard is it to ask your bank for English versions?

@T.d0T. 4 года назад

How much see your services and is it ever a case that the payments are spaced out into something almost like a loan itself that I pay more overall down the road but am able to afford the right now? Going through a rough time of a breakup and got the short end of it all for sure. One minute you're shopping for engagement rings and a home, you happened to literally open the wrong door and... the discovery of your life and all bad...still in the way down but I'll be okay with enough time. For now I'd like to continue with my goals and moving asap. Thanks for your time.

@lowvarates 4 года назад

Hang in there. We can grow and learn more from our hard times than we can from our good/easy times.

@t2sballsackinrockstarsass231 5 лет назад

When you buy a house with the VA loan do you pay them back the exact amount your loan is?

@lowvarates 5 лет назад

Like all mortgages you will pay back the principle and the interest. Anytime you borrow money with interest, you will pay back more than you borrowed. The great thing about VA loans is they generally have lower interest rates and do not require you put any of your own money down.

@t2sballsackinrockstarsass231 5 лет назад

@@lowvarates so I can't just put 20% down and buy a house or morgage without being in debt

@lowvarates 5 лет назад

You can put 20% down but would still be in debt for the other 80%

@t2sballsackinrockstarsass231 5 лет назад

@@lowvarates oh I guess I won't use it thank for the info

@lowvarates 5 лет назад

what would you then use? There are no mortgage programs out there where you do not have to pay back more than you borrow.

@sosaiafaanunu6269 6 лет назад

Can a single active duty person stationed away from home able to get a VA loan?

@lowvarates 6 лет назад

Absolutely. The stipulation is that you have to occupy the residence in a reasonable amount of time. Typically, it is no longer than 60 days, but there are exceptions to this rule. Give us a call at 844-326-3305!

@BadgerCheese94 4 года назад

I am 25 and my fiance is 24. He is in the National Guard and by 2025 he would have served long enough to qualify for a VA loan. We will be in our early 30s by then so still a good age to buy our first house. I am very excited but theres a lot of research and planning we got to do. If we buy a house without a down payment but decide to make a large payment later would that reduce our mortgage rate?

@lowvarates 4 года назад

Wow it is so cool to see someone so young with a great understanding of the research needed and how great you are getting your planning down now! The large payment to the balance in the form of a lump sum down the road will not change your rate or payment, it just reduces the debt. So, if you do come into money later and want to apply it to your loan, you will want to see if doing it simultaneously with a refinance is doable as the refi can do two things, it may lower your rate if they are lower at that future date than the date you closed the purchase and you may also be able to reduce the term existing. Say you bought with no money down for 400K and borrowed 400K at say 6%. Now 3 yrs in, you get 25K saved up and want to pay down the home balance. If rates are higher, then do not refi, just make a large payment toward the existing balance. However, if rates are lower, you may want to refi to say 4.5% and apply the 25K and at the same time you will owe 27 yrs, but you may want to change to a 25 yr or 20, or 15. We will be here ready to help when that day comes. In the meantime, spend hours on our channel and let us know what else you want to hear or learn about and we will produce the content. Make sure to subscribe so you know when we have new stuff. Thanks a ton.

@Christopher-zh8vb 4 года назад

I currently have a 90% disability and it might become 100% next month. I currently go to school full time, but I dont have a job. I did some research online and they said that the GI bill doesnt count as income. Could I still qualify for the VA home loan off my disability?

@lowvarates 4 года назад

absolutely. Many disabled vets get approved by their fixed income from disability. We would love to help show you how much you can afford and get approved for.

@stevenlunsford2304 5 лет назад

Can you do a video on collections and charge offs, or judgments? Also,does past due miltary star card debt keep you from getting approved? I.e. does it show up on a cairvs database when yall do that check. At what point in the loan do yall do CAIRVS? I have my coe, 560ish credit score and im on a fixed 617 disability income and trying to do a purchase on a mobile home in georgia. Appraisal value is over 38,000 and payoff would only be 23,000ish. Can you do a loan amount that low? Would my income suffice since i have no only one loan of 89.00?

@lowvarates 5 лет назад

we can work on this video. In the meantime, no your military star credit card will NOT affect caivrs. We pull caivrs in like the first few days of the process so that no one is wasting time. If someone feels they may have a bad caivr, we can pull it early, even before the loan process starts. We do not lend less than 50K so you may want to work with a local bank or credit union.

@stevenlunsford2304 5 лет назад

Thanks a lot for the reply. I like the videos and the dedication yall have for vets. Keep making videos cause this helps a lot of vets who may never go to a bank to deal with a lender.

@shaysilversmith4967 5 лет назад

Is there a class to take to underwear more of all this because I hate going into a place with out being properly prepared

@lowvarates 5 лет назад

I think I know what you are asking. Do you want to know if there are classes to learn more about VA loan so that you are prepared when it is time for you to get a VA loan?

@jayson_inthe_5oh 4 года назад

Do I need to live in that house to use the va loan?

@lowvarates 4 года назад

The VA loan program has an occupancy requirement that says the borrower must be intending to occupy the home as his or her primary residence. However, there is no requirement on how long the borrower must occupy the house.

@jayson_inthe_5oh 4 года назад

Low VA Rates so let’s say that I say that’s my primary residence but I rent it out to like a family member or something can I do that?

@lowvarates 4 года назад

@@jayson_inthe_5oh not if you do not plan on also living there. If you move in for a time and then change your mind and move out and want to rent it out to whomever, again that is fine, but it sounds like you are looking for a way around the VA occupancy rule and we would urge you to use other financing so as to avoid any trouble.

@christiancalderon3821 5 лет назад

Va home loans has pmi? Thanks

@christiancalderon3821 5 лет назад

Ops....nevermind lol

@lowvarates 4 года назад

no they do not and I think you figured that out already.

@carmengamble9142 5 лет назад

if my husbund die first .THE HOUSE IS ALL PAID?

@lowvarates 5 лет назад

Assuming your husband is the veteran, no this is not the case. The debt still needs to be paid even after death. If you are on the loan then you will have a financial obligation to make sure the house is paid timely and/or in full. Normally if that is not possible the house is put up for sale and the bank is made whole that way. There are also insurance policies, which our partner insurance agency Low VA Rates Insurance agency can help put in place so that in the event of your husband's death the house can be paid off in full.

@jmdelira87 5 лет назад

Wouldn’t it be better to find a local loan specialist and deal face to face with someone or is it generally accepted that local loan specialists lack the requisite VA Loan knowledge?

@lowvarates 5 лет назад

Totally a personal choice. For years, many people wanted to work with local loan officers for that familiarity feeling. However, in today's world where we do so much over the phone, over the web, etc, we have seen that your local loan officers may not have the experience needed, or they are generally smaller broker type outfits that cannot make the same underwriting decisions a national lender like Low VA Rates can.

@MsOne2love 5 лет назад

Do i have to be marry to him before he gets a loan.

@lowvarates 5 лет назад

The veteran does not need to be married in order to get a VA loan. However, if you would also like to be on the loan with him because you just want to be or because you have to be in order to qualify then yes you must be married first. Now if you have military service and VA benefits as a veteran yourself you guys could both be on the loan together without getting married.