VA loans - XDTalk Forums

cwsims84 · 10-22-2009, 10:22 PM

So I just submitted for my certificate of eligibility for a VA loan today. Has anybody used a VA loan before? if so, how long did it take to get your certificate of eligibility? I finally found a house and want to get this done in a hurry.

rsallen13 · 10-23-2009, 09:20 AM

30 to 60 days on average and add another 60 days to process all of the paperwork to be able to close. VA's loans are running on average 90 days applications to close if you lender pulls the certificate. Some less some more.

If you have 3% to put down an FHA is cheaper. 1st time VA loans have a 1.5% funding fee plus $1000 in lender fees and all your closing costs have to be rolled into the cost of the house to that the seller can pay them for you.

florida boy · 10-23-2009, 07:05 PM

took about 10 days toget mine but know your feeling of lets get it done

**psc** · 10-23-2009, 07:18 PM

Weigh your options carefully, VA Loan is a great deal...however, there are other like deals out there with lower interest rates. Be sure you do your homework.

NW-Warlord · 10-23-2009, 07:28 PM

Quote:

Originally Posted by psc

Weigh your options carefully, VA Loan is a great deal...however, there are other like deals out there with lower interest rates. Be sure you do your homework.

+1

It took me a little over 2 weeks to get mine. It all depends on when you enlisted. They started using some sort of electronic system in 2000-2001. So if you are prior to 2000 it will take longer.

ichy_trigger · 10-23-2009, 07:35 PM

I used mine back in 95' and I don't remember

**Cannibul** · 10-23-2009, 09:38 PM

Quote:

Originally Posted by rsallen13

30 to 60 days on average and add another 60 days to process all of the paperwork to be able to close. VA's loans are running on average 90 days applications to close if you lender pulls the certificate. Some less some more.

If you have 3% to put down an FHA is cheaper. 1st time VA loans have a 1.5% funding fee plus $1000 in lender fees and all your closing costs have to be rolled into the cost of the house to that the seller can pay them for you.

If you are a disabled vet the fees are much lower.

In a VA loan the sellers pays more of the closing costs. However those are not normally rolled into the price of the house. That would make it so YOU are paying them. They are deducted from the amount the seller receives.

Dhunter5555 · 10-24-2009, 06:19 AM

VA loan is still a good deal especially if your cash strapped for a down payment and might not qualify otherwise. With purchase prices and interest rates this low the fees don't mean much spread over 30 years. I'd look harder at what you can afford monthly (PITI).

10-22-2009, 10:22 PM	#1
cwsims84 XDTalk Member Join Date: Sep 2009 Location: Brentwood, Ca Posts: 81	VA loans So I just submitted for my certificate of eligibility for a VA loan today. Has anybody used a VA loan before? if so, how long did it take to get your certificate of eligibility? I finally found a house and want to get this done in a hurry. __________________ 'No bastard ever won a war by dying for his country. He won it by making the other poor dumb bastard die for his country.' Patton
	Share

10-23-2009, 09:20 AM	#2
rsallen13 XDTalk 100 Member Join Date: Mar 2008 Location: North East Kansas Posts: 137	30 to 60 days on average and add another 60 days to process all of the paperwork to be able to close. VA's loans are running on average 90 days applications to close if you lender pulls the certificate. Some less some more. If you have 3% to put down an FHA is cheaper. 1st time VA loans have a 1.5% funding fee plus $1000 in lender fees and all your closing costs have to be rolled into the cost of the house to that the seller can pay them for you. __________________ If you can read thank a teacher. If you can read in english thank a Marine! _________________________________________ A walk is a missed opportunity for golf! -Andrew Grieg-
	Share

10-23-2009, 07:05 PM	#3
florida boy XDTalk 100 Member Join Date: Oct 2009 Location: Clarksville, TN Posts: 168	took about 10 days toget mine but know your feeling of lets get it done
	Share

10-23-2009, 07:18 PM	#4
psc XDTalk 5K Member Join Date: Nov 2008 Location: Hood Posts: 6,831	Weigh your options carefully, VA Loan is a great deal...however, there are other like deals out there with lower interest rates. Be sure you do your homework. __________________ I'm pimpin, no perm, just gators...Pimpin, sho ya how to stunt on dem haters...Pimpin, flossin in that new Cadillac Pimpin, chinchil' with da fur hat...Pimpin, I sho ya how to school a hoe...And when you chasin them ***** I'm chasin the dough (YEEEE---AY----AH!)*
	Share

10-23-2009, 07:35 PM	#6
ichy_trigger XDTalk 10K Member Join Date: Jan 2004 Location: Dayton, Ohio Posts: 10,366	I used mine back in 95' and I don't remember __________________ "The person who has nothing for which he is willing to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself." http://militarysignatures.com/signatures/member2645.png
	Share

10-24-2009, 06:19 AM	#8
Dhunter5555 XDTalk 100 Member Join Date: Aug 2009 Location: Bikini Paradise Posts: 173	VA loan is still a good deal especially if your cash strapped for a down payment and might not qualify otherwise. With purchase prices and interest rates this low the fees don't mean much spread over 30 years. I'd look harder at what you can afford monthly (PITI). __________________ "Truth is treason in the empire of lies." Ron Paul GO FINS! Last edited by Dhunter5555; 10-24-2009 at 06:28 AM.
	Share

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

LinkBacks (?) LinkBack to this Thread: http://www.xdtalk.com/forums/u-s-military-services-veterans/133934-va-loans.html
Posted By	For	Type	Date
XDTalk Forums - Your HS2000/SA-XD Information Source!	This thread	Refback	10-23-2009 07:29 PM