- Joined
- Apr 5, 2005
- Messages
- 932
- Reaction score
- 18
This info isnt easy to find but just for everyones info. The va does do jumbo loans. So make sure you investigate it when purchasing a home
VA jumbo loan
- Thread starter usnavdoc
- Start date
- Joined
- Jul 24, 2000
- Messages
- 3,525
- Reaction score
- 323
they do. and make sure you know the VA maxes where you are looking. when we bought our place in DC, we borrowed the max, then it was a matter of basically financing however much over that we went. for example, if the VA max is 700k, and you want a place that is 800k, the zero down works for the 700 then you just access/finance the remaining 100k by paying 25% of the amount you are over the max. so bottom line is you pay 25k for an 800k loan. not bad.
we attempted to use USAA our first VA go round. we weren't impressed with their customer service, and the DC market you need to act quickly. we used a local bank here and were very satisfied. we are PCSing this summer (but keeping our place and renting it here) and looking to use another VA loan when we move-- and we're giving USAA a second chance.
and before anyone gets freaked out, we're using my spouses VA loan benefit for house #2. though there are ways you can have 2 at once, in general they frown on having a couple of VA's running simultaneously.
other issues with VA loans-- they must use their own VA selected appraiser, which some sellers will balk at. they also require a termite inspection, which some sellers balk at. some other local flavor may be involved in other jurisdictions. it makes using a VA in a seller's market difficult but not impossible.
--your friendly neighborhood mini real estate mogul caveman
we attempted to use USAA our first VA go round. we weren't impressed with their customer service, and the DC market you need to act quickly. we used a local bank here and were very satisfied. we are PCSing this summer (but keeping our place and renting it here) and looking to use another VA loan when we move-- and we're giving USAA a second chance.
and before anyone gets freaked out, we're using my spouses VA loan benefit for house #2. though there are ways you can have 2 at once, in general they frown on having a couple of VA's running simultaneously.
other issues with VA loans-- they must use their own VA selected appraiser, which some sellers will balk at. they also require a termite inspection, which some sellers balk at. some other local flavor may be involved in other jurisdictions. it makes using a VA in a seller's market difficult but not impossible.
--your friendly neighborhood mini real estate mogul caveman
