va loans

[tomplatz]

Does anyone have any experience buying a house using their VA benefit once starting residency? As I understand it, you don't qualify till you're 6 months into residency/active duty (barring prior service). Are the benefits worth moving again 6 months after relocating?

Any preferred lenders to go through for military?

I can't wait to get a house but if there's considerable savings by waiting, then I suppose it's worth it. Thanks guys.

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[OB-GYN-KENOBI]

Once you are a physician there are many better offers than a VA loan. Though there is no down payment and competitive rates, there are percentages points you must pay that get rolled into the principal. Do some research and look through some old posts about the subject under general residency forum.

 

[Spang]

Once you are a physician there are many better offers than a VA loan. Though there is no down payment and competitive rates, there are percentages points you must pay that get rolled into the principal. Do some research and look through some old posts about the subject under general residency forum.

VA loans are great for people who have no other way of buying a house. With the loan programs out there today, it's really not that great of deal and more paperwork than is really needed. I've done it, and wouldn't do it again.

Incidentally, I've also had mortgages from USAA (PHH) and NFCU. I wouldn't borrow from either of them again.

Spang

 

[GMO_52]

VA loans are great for people who have no other way of buying a house. With the loan programs out there today, it's really not that great of deal and more paperwork than is really needed. I've done it, and wouldn't do it again.

Incidentally, I've also had mortgages from USAA (PHH) and NFCU. I wouldn't borrow from either of them again.

Spang

The VA loan is only a viable option in places with relatively low housing costs. Here in the crazy San Diego market, you can't get anything for the max VA amount. Lenders are being much more aggressive and competing now, making the VA loan less attractive than before. Bank of America has a no money down home loan program for physicians that I looked into. In the end, I scraped together a smallish down payment and then refinanced once my house appreciated such that I had 20% down.

One program worth knowing about is the realtor referral program through both USAA and NFCU. I've only used the NFCU one, but they basically kick $1000 of their commission back to you in exchange for letting them refer you to the realtor of their choice. You don't have to go with this, but it gives you a negotiating position when talking to your realtor of choice about commission cost. Everything is negotiable in the process, including the sneaky fees that the title company, etc, try to add to the process. Oh, I got my loan from Coldwell Banker Mortgage in the end. They have a website and 800 number. I'd at least compare their rates. The best thing about them is that they will let you refinance based on appreciation without reappraisal (just based on comps) and they make refinancing super easy. I've been pretty happy with them. Good luck.