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  (#1)
Licensed Rider
 
KingGix's Avatar
 
Posts: 200
Join Date: May 24, 2005
Location: WALDORF, MD
June 5, 2005, 07:23 PM

I'm looking to buy a house in the Waldorf, MD area. I've been dipping in and out of the process for a few months but it is very frustrating. Can anyone suggest a good place to get a loan from that will work with first time home buyers using a VA Loan? I've been told by some that they can help you and will work for you but if you don't have like $30K in the bank they give you the back seat. My rent is more than most people pay for mortgage.

SOMEBODY PLEASE HELP!!
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  (#2)
BE ENCOURAGED!
 
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Posts: 4,197
Join Date: June 23, 2003
Location: Shenandoah Valley, VA
June 5, 2005, 07:41 PM

Sounds like you have been getting the run around. A VA Loan is just a type of loan available to all honorably discharged veterans. Every lender should have a VA program.

As far as needing lot's of money in the bank, that's crap! I bought my first home on a VA Loan and it was only a $1,500 processing fee. They are more interested in your credit rating than they are money in the bank. At least that is supposed to be how it works anyways.

Here is a link to a page from the American Legion website: http://www.legion.org/?section=veter...t=vt_homeloans

Read it. Hopefully it will answer your questions. If you still have questions or just need help, you should contact the American Legion directly. They were established to help veterans with situations like this.

Good Luck



FOREVER #47 "Walking In The Echo...."
Are you a 'Secret Believer"? Do you Conceal your faith from your family, friends and co-workers? Isn't it about time to step out of hiding and let others know whom you follow?
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  (#3)
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Posts: 6,875
Join Date: September 29, 2002
Location: VA
June 5, 2005, 07:46 PM

I was better off not getting a VA loan. A VA loan isn't always the best way to go. Look into all available options.


'08 MARRC Expert Racer of the Year
2009 #3 Combined Overall Championship

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  (#4)
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Posts: 1,865
Join Date: April 4, 2003
Location: Earth
June 5, 2005, 08:47 PM

actually if you go to fannie mae's website they have some good information for homebuyers:

http://www.fanniemae.com/homebuyers/...FGI?p=Homepath
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  (#5)
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Posts: 100
Join Date: May 11, 2005
Location: CENTRAL?NORTHERN VA
June 6, 2005, 08:06 AM

VA LOAN means automatic run around! Seriously, while it may not always be the best option, when it is and you want to use it you will get the run around for sure. Realtors don't want to see it...of that i am sure.
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  (#6)
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Posts: 1,119
Join Date: April 14, 2005
Location: Ashburn, VA
June 6, 2005, 08:53 AM

I had the same experiance as Guzz. 1K down for good faith (which was used as a processing fee at closing), then got like 600 bucks back at closing. The problem with the VA loan as I hear it these days is the cap 260K or something.
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  (#7)
konichiwa bitches
 
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Join Date: April 14, 2005
Location: Over to the left, up a little more....right there!!....FFX
June 6, 2005, 09:07 AM

You can always check these guys out. They help with first time home buying.

Leslie
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  (#8)
BE ENCOURAGED!
 
GUZZ's Avatar
 
Posts: 4,197
Join Date: June 23, 2003
Location: Shenandoah Valley, VA
June 6, 2005, 09:16 AM

Quote:
Originally Posted by Azraely2k
VA LOAN means automatic run around! Seriously, while it may not always be the best option, when it is and you want to use it you will get the run around for sure. Realtors don't want to see it...of that i am sure.
See. I don't understand that. They get paid a commision to sell or help you buy a house. The loan type has nothing to do with it. The problem may be that a lot of peeps trying to use VA loans have bad credit and the deals fall through. Not sure. I know several really good agents in Virginia and have never seen them act that way towards VA loans.

Also what Travis said is true. I bought my second home on a conventional loan because it worked out better. But I DID have equity in my old home as a down payment and OUTSTANDING credit from 17 years in my first home.

Serioulsy. VA loan for the first time homebuyer is a great deal. FHA is another way to go if you are cash poor and a first time home buyer. You should get your loan pre-approved before working with a Real Estate agent ALWAYS, no matter what kind of loan you get. They take you more seriously, as does the person selling their home in a tight ass market.


FOREVER #47 "Walking In The Echo...."
Are you a 'Secret Believer"? Do you Conceal your faith from your family, friends and co-workers? Isn't it about time to step out of hiding and let others know whom you follow?
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  (#9)
I like gear! Do U?
 
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Posts: 291
Join Date: May 1, 2004
Location: Waldorf
June 6, 2005, 11:50 AM

Hey Man, My mom owns a Mortgage company and she will get U straight... Send me a PM... I'll give U her INFO...
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  (#10)
A girl must have her toys
 
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Posts: 3,004
Join Date: May 3, 2004
Location: HOTlanta
June 6, 2005, 11:56 AM

TELLY... Call this friend of mine...

Felix (Retired Marine)
703-843-6709

Tell him I sent you.


Danette a/k/a "Dee"-"Poyita"-"La Motora"
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  (#11)
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Posts: 1,119
Join Date: April 14, 2005
Location: Ashburn, VA
June 6, 2005, 11:58 AM

It's appropriate to mention here that when my home value in Ashburn hits a million bones I am selling and moving to BFE. I'll miss you fockers, but ....
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  (#12)
Warming up the tires
 
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Posts: 561
Join Date: October 18, 2004
Location: Ashburn, Va
June 6, 2005, 12:08 PM

Gee Busamac, if your live in Cashburn, and your home is not already worth a million, you must be like me and live in the slum area of Cashburn!


naked blue 2003 SV1000
red 2014 Honda Interceptor - VFR 800

Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe. - Albert Einstein
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  (#13)
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Posts: 1,119
Join Date: April 14, 2005
Location: Ashburn, VA
June 6, 2005, 12:09 PM

Not quite a cool mil yet, but getting there.

Yeah I am in slummy Broadlands.
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  (#14)
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Posts: 2,723
Join Date: October 3, 2004
June 6, 2005, 12:17 PM

dude, that is what a realtor agent is for.
they usually have their own deals with loan officers.
they will be able to tell you how much you need to get going, they should get you preapproved so you know what you can afford before you waste time lokig for a place.
if you need help, pm me, i know someone in long& foster, she is licenced in VA but she can recomend you to someone that can help you in MD, that way you get a real state agent that knows that market, not just one that wants your money. you want to stay away from the bad agent.


Buell (American Motorcycles)
"Had enough rice? Try some apple pie."
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  (#15)
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Posts: 7,231
Join Date: August 31, 2003
Location: The LC
June 6, 2005, 01:36 PM

Quote:
Originally Posted by mandymae
actually if you go to fannie mae's website they have some good information for homebuyers:

http://www.fanniemae.com/homebuyers/...FGI?p=Homepath
awwww, all kinds of warm feelings


DBR
#135, #47, Vega
--
"Never contract friendship with a man that is not better than thyself." - Confucius

Will pay to see this
whatever henry's name is these days: jason, seriously, im going to kick your face in when I get back
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