- September 11, 2023
- Posted by: legaleseblogger
- Category: Related News
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Greetings,
Heading: Seeking Advice on Purchasing a Home: Seeking Guidance for My First Home Purchase in 2024
IÔÇÖm very green when it comes to anything purchasing a home. IÔÇÖve been researching as IÔÇÖm set to start looking at purchasing my first home in 2024( I like to start planning early). IÔÇÖm 100% P&T so from my understanding I donÔÇÖt have to worry about the funding fee? CS: 700 Income: 120k. Debt: $1300
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So IÔÇÖm hoping I can get approved 300k – 400k
AI Legalese Decoder’s Role: The AI Legalese Decoder can help you comprehend the terms and conditions of your loan approval process, ensuring you fully understand the range within which you can be approved, in this case, between $300k to $400k. It will analyze and simplify the legal documents to provide you with clear and concise information.
I was always thinking about putting something down but have been reading itÔÇÖs not a good idea?
AI Legalese Decoder’s Role: The AI Legalese Decoder can assist you in understanding the advantages and disadvantages of making a down payment and provide legal insight on whether it is beneficial in your specific situation. By using the AI tool, you can make an informed decision based on analyzed and simplified legal information.
Is it true sellers really donÔÇÖt like VA loan offers?
AI Legalese Decoder’s Role: The AI Legalese Decoder can help you decode any legal clauses or terms in the VA loan offers that sellers may find unfavorable. It can provide explanations and simplify the legal language, allowing you to understand the negotiations and make informed decisions during the home-buying process.
Really any tips and guidance will be greatly appreciated as I want to make sure IÔÇÖm researching the right information. Thank you for any help in advance.
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****** just grabbed a
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u/loanslinger is a wealth of knowledge. I always learn something from his comments on mortgage related posts.
As for ÔÇ£sellers donÔÇÖt like VAÔÇØ. As a realtor, I believe this is extremely overblown. It may be market dependent, but I wouldnÔÇÖt sweat it. Using a VA Loan is the best option you have, especially with 100%.
Set yourself up for success: If youÔÇÖre going to buy a house that isnÔÇÖt your forever home, buy a 3/2 or another easily rentable & sellable property. Buy a home in an area people want to live, buy a home that appeals to a large audience, and buy something that will set you up to build equity.
Having eligibility for a VA loan is awesome – it’s the best loan program on the market. Especially since you’re exempt from the VAFF, I believe there is minimal value in making a down payment.
It doesn’t help your interest rate to do so; in fact, many lenders have pricing that gets better the more you borrow. So if you start with a lower loan amount, you actually get slightly worse pricing .
As a first time buyer, you’ll want to have a healthy amount of reserves for the “what if” scenarios that sometimes pop up. Once you make a down payment, that money is GONE until you sell or refinance to pull equity out. It’s hard to access when you need it quickly. Sure, your payment would be lower if you start with a lower loan amount, and you’ll pay less interest over the life of the loan, but for one thing, you aren’t going to have this loan for 30 years, and for another, if you were to put $15k in a money market (mine is currently earning 4.9% at Fidelity), you can earn interest on that cash while also having an emergency fund, and take a little bit of it each month to add to your mortgage payments, thereby mitigating the extra interest that accrues from having the higher loan amount. With a conventional loan, making a down payment makes sense to get a lower rate, or to reduce or get rid of PMI. You don’t have those things to worry about with a VA loan.
Do sellers hate VA loans? No. Some Realtors do, because they are misinformed, and they pass this info on to their clients, and advise them to choose conventional loan offers instead. VA appraisals are not that big of an issue (market dependent, to a degree). If you’re working with a talented and experienced Realtor and lender (more on that in a moment), you’re not going to run into major inspection issues with a VA loan, because they’ll advise you upfront about potential issues, and you can choose not to offer on a property that will have inspection issues. Most properties don’t. There are tons of new Realtors who have very limited experience with VA loans, and they tend to be with online lenders like Navy Federal or USAA or other massive box box lenders, who often don’t perform well. These Realtors think all VA loans go the way they tend to at these lenders, when that is far from the truth. You can overcome this reputation by working with a great lender who calls the seller’s agent when your offer goes in, who can educate that agent and assure them that you are in good hands and there’s nothing to be worried about.
Starting out with research early is a fantastic move. This is going to help you weed out the bad lenders, because most loan officers are going to want you to get pre-approved right out of the gate before they will spend much time with you. Pre-approvals are good for 120 days – don’t complete an app yet. You want to work with an LO who will spend time with you and run estimates and get you all the info you need and all your questions answered without pressuring you to complete an application. This is harder to achieve at lenders like Navy Federal, USAA, Veterans United, etc., because they are paid low and work on volume. They need to close more loans per month than your typical “street” LO, and they don’t have time to spend on that they probably consider “window shoppers” who aren’t buying for another year. Rather, they want to move on to the next company-provided lead who is ready to buy now, or that next phone call to come in through the call center.
You’ll also want to keep in mind that there’s more than interest rate to consider. Because of the reputation some lenders have among Realtors, it is harder to stand out when there are other offers on the table. If I was selling my home and the buyer had a VA loan and was working with a local, high quality LO, I’d be fine with that. If they were using one of those online call centers? Nope. I’d either reject it or I’d counter and ask them to get a pre-approval with a better lender before accepting. The strength of the pre-approval depends on the strength of the LO, and that matters. The availability of the LO matters (you don’t want an 8-5 LO, or one who golfs every weekend and passes you off to underlings). Speed and efficiency matters. All these things matter and often (and should) come with a price tag. How much they are worth is up to you, but I suggest you are kneecapping yourself by going with a call center as a first time buyer in a competitive market, when so many better options are out there.
Also, look into programs like Homes for Heroes or Front Range Heroes, so you can get help with the closing costs. You might not need the help, but why not take it? It’s like using your military discount at Home Depot, but on steroids. Those programs aren’t available in all areas, but they are legit and worth at least a first look.
**Suggested timeline:**
* Engage now with a quality LO – get estimates, learn about the process, do a preliminary pre-qual (no app, no credit pull), discover any gremlins that need to be taken care of over the next year before you apply, etc. Feel free to interview a few loan officers/brokers and take note of their general vibe, responsiveness, customer service, etc.
* Connect with a Realtor who isn’t pushy and has time to answer all your real estate questions, get you on an MLS search, etc.
* When you’re 90 days out from wanting to close on a new home, get pre-approved
**TLDR:**
You’re eligible for a VA loan and you’re wanting to get started early – AWESOME! Don’t listen to the negative people about VA loans, or most of the redditors who shit on VA loans (be careful who you take advice from on here). Take yuour time and do your research and find quality representation and you’ll be good to go.
IÔÇÖve used the VA loan once so take my experience with a grain of salt.
It seems like a lot of what youÔÇÖre reading is from the COVID era. VA loans donÔÇÖt let you skip home inspection, which is one reason people didnÔÇÖt like them. A lot of people during that time weÔÇÖre paying with cash and skipping inspections, so VA loans kind of went to the bottom of the list
As far as putting some of a down payment, it also didnÔÇÖt make sense back then to put thousands down to get the rate to go from 2.75% to 2.5% since the rates were dirt cheap anyways. With rates being 6-7% now, I think it makes a lot more sense to put money down, since itÔÇÖs essentially a high interest loan
DonÔÇÖt worry about the credit hit, I shopped around for my mortgage and had like 5 hard credit pulls. My score only took a hit for one of them it seemed like. I think if you do a bunch all at once, they assume youÔÇÖre shopping around. IÔÇÖm not 100% why, but I can tell you that it didnÔÇÖt affect the rates I was getting and my credit was still in a great spot after shopping around
How do you have $1300 debt while making $100K+? Pay that shit off.
VA loans can be done by almost any mortgage lender. I went to a mortgage broker, who can get the best rate.
The rules are pretty tight around VA lending, so not a lot of room for shenanigans but itÔÇÖs smart to pay attention to all the fees and costs – they have to provide a detailed estimate.
I’m working on purchasing a home from a friend of mine using the VA loan. First time using the loan, I’m going through Penfed and since he’s selling it to me, there is no realtor involved. I’m 70% disabled with TDIU, so my current state forgives the first 50k for property taxes.