Mortgage loan w/military?

[Jet915]

Hi,
I'm moving to San Diego in June and was wondering if the military offers mortgage loans. I'm thinking about buying a condo and have been getting mortgage loan prospectus' and want to see if the military can give me a better deal. I know the military offers alot of different financial programs, just wondering if they do mortgages. If they do, anyone have contact info? Thanks a bunch...

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[USAF MD '05]

You can do mortgages through USAA, not specifically through the military as far as I know. Are you a doctor. If so, check out the doctor's loans availible through several banks. I used David Benson at Bank of America, and he was awesome. There are a few other banks with similar programs. Steve

 

[MilitaryDO]

I concur with Steve! I am in the process of using BofA David Benson for my "Physician Mortgage" for my new home in San Antonio. PM me for his info if necessary.

~ Matt

 

[megadon]

The military itself doesn't do anything to help you with you mortgage stuff. However, Congress helps you with the VA loan program. You are eligible for a VA loan, which means zero downpayment. I think there is a cap about how large the mortgage can be, but is somewhat flexible. If you are in CA, that's about the most expensive place to buy outside HA. So you may run into that obstacle. The trip ups to VA loan are you can only have one VA loan at a time, so if you have another house under a VA loan that hasn't sold, you can't get another VA loan, unless your spouse is a veteran, like me.

VA has worked out great for us up until the fact our house still hasn't sold. But that isn't because it is a VA loan, that's a factor of the market. If you have money to put down, VA may not be the best deal for you. However, since you are in CA, if you are worried about the bubble bursting, having the minimum invested in the house could pay off. IE, if the bubble bursts and values decline, having 10-20% already sunk in the house is not good, cause its a bigger loss when you go to sell it for less than you bought it. Personally, don't see that really happening, so real estate is pretty safe. Still, with VA, the more profit you get from sale is better, since you have less sunk cost. This has to be weighed against your monthly payment though.

Bottom line, you are eligible for a VA loan, which means no money down. If you have the seed money, putting 10-20% down could be a better deal. I think right now getting fixed rate is the way to go, cause I think we are in an inflationary period, so floating is going to screw you big time.

 

[BigNavyPedsGuy]

Bottom line, you are eligible for a VA loan, which means no money down. If you have the seed money, putting 10-20% down could be a better deal. I think right now getting fixed rate is the way to go, cause I think we are in an inflationary period, so floating is going to screw you big time.

HPSP students just graduating ARE NOT eligible for the VA loan. You have to have served 90 days of consecutive active duty to be eligible. http://www.homeloans.va.gov/elig2.htm

 

[cavaor]

We also used a physician/new resident loan..but with SunTrust.