I live in HI and I'm trying to get a VA loan for 360,000$. I'm an E-5 and I'm 22. Any advice? Basically I know what I have to do in order to get a VA loan (I think) I'm just wondering what are some things that I should keep in mind before doing this. I wonder how much EVERYTHING will cost total at the end of closing on a loan for 360,00$...? (closing costs,VA funding fee,downpayment,deposit,etc.)

Check and make sure you don't have any liens,judgements,charge-offs,taxes because unlike some conventional lenders with va you will have to pay those off before they wil lend out.

With VA there are costs that the seller is required to pay. However you need to negotiate that with the seller. You can not just go to closing and expect them to pay. Plus generally the home would have to be in good condition with no safty issues. Sit down with a loan officer and ask about all your options.

you will need
your dd214
your Certificate of Eligibility
payments on 360,000 at current rate of 6% will be app. $2158.58 per month
funding fee is 2.5% of loan amount unless you are a disabled veteran
no downpayment
seller has to pay termite inspection fee
you can ask seller to pay closing costs
If i were you i would contact a VA lender to get more information

wow, that's pretty expensive! I've been living in the condo I'm about to buy already for about 16 months. My monthly rent now is $1400 but a jump to $2200 is very steep. I spoke with a real estate agent today and we will be meeting up tomorrow to discern if I will be approved for that much. She said she can determine how much I'll be approved for in one day. So I look forward to that. Any more comments, ideas, suggestions, etc. ?

The thing is she quoted you the monthly by did not tell you how much the loan would be. Speak to a loan officer there are many options and I am not saying VA is not the way to go. However explore all your options and then determine for yourself if VA is what you want. There really is not that much difference with VA then standard Conventional. All VA is that VA will guaranty the first I forget but it’s about $36,000 of the loan. So there is no need for PMI. In addition with VA will let you do 100% LTV and the seller can pay up to 100% of your costs. But they are required to pay a few of the costs. And they usually always close at the end of the month for VA will not prorate the interest. Speak to a good loan officer about your position and what is your best option.

Ok everyone I'm in a tight situation. Here's the scoop. I spoke with the real estate agent today about the loan and we worked out my finances to see how my financial situation stands in relation to getting approved for this loan.

So right now as I said my monthly rent is $1400. With a loan of $360,000, my monthly payments would be appx. $2300. I also have to add the association fees $500 (which includes everything with that) and property tax which is about $75. Now my total monthly costs comes to $2875. That more than double what I pay now!

Now let's take a look at what my financial situation would look like if I were to get approval for this loan.
Monthly entitlement - $4519
after deductions - $4102
after all my bills - $180

So I'll be left with $180 when all the important stuff is taken care of. I have a couple of significant questions related to all of this.

1. I do realize that my real estate agent will let me know if I qualify for this or not with a VA loan, however do you all think I'll be able to handle this after having a look at my current financial situation?

I know this is going to shock you so bear with me please. In addition to buying the place I'm renting now, I have also been informed of another GREAT real estate opportunity that I can take advantage of if I can only get $41,000. (I have until July 1st to get the $41,000) Now, the only option I see is getting a loan. However I'm already trying to get a loan on the condo I'm renting now. Now, I know what you're thinking, however allow me to explain further why it would behoove me to obtain both properties if possible.

The condo I'm staying at presently is located inside of a prime resort and I'm one of the only people here who actually live here. The rest are almost ALL vacation renters. So, I can rent the place out for $3000 a month/$900 a week (my mortgage - $2800) and still pocket about $170. With that said, question #2 is:

2. How can I muster up the additional $41,000 to obtain the extra real estate property in addition to the $360,000 loan I receive if I'm approved? (i.e. part-time job, loan, 'it can't be done', etc.)

Please any and everyone provide some kind of input/direction/criticism or whatever you like. I really need it. I have to make some really tough decisions and fast. I want to take some big risks since I'm only 22, however at the same time I would like to hear from as many wise, seasoned people with experience as possible.

Tony USN

My best advice to you is to focus on one thing,make a profit and then do it again.(DON'T GET OVER YOUR HEAD!)In your rental theory you forgot to include maintenance,and vacancy rates,and if you don't want to handle the property management having to pay a management company to keep it rented out.

Why don't you try to buy a foreclosure and fix it up,this will cost you less than the 360 and lower your payments.

good luck

VA may not let you go over 40%(i think) of total debt to income ratio. Gross monthly income x 40% would tell you how much you are allowed for total debt (including house payment). Check with an approved VA lender.

Hi
I am working with one of buyer on a VA Loan. He does have disability and its getting really good deal then a convention loan. Market has cool off in Virginia so seller's do offer closing cost to attract contracts. Email me if you want me to pass you teh VA lender contact information.

Good Luck

yeah I don't want to get in over my head but I really would like to get both of these if I can....

yeah that's true I don't want to get in over my head... choices, choices, choices (I really want them though...)

VA will let you go over 40%... but each case is different. With that said... I would strongly caution anyone about going into that much debt.

If you think awesome real estate opportunities are here now... just wait a year... you haven't seen anything yet.

I sure hope so

First of all do you know your entitlement? I made about $60,000 and my entitlement was only $55,000, so times that by 4
and I could only borrow $220,000. I would be amazed if you could borrow that much, but if you can I would go for it. For buddy just sold his condo there for over $400,000 when he only bought it for $210,000 3 years ago. My guess is that you are Air Force and will be there for at least a good 4 years. You will make a killing of profit if the VA will loan you more then 40% of your total monthly income.

Q: How much is my entitlement?

A: Your basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the Freddie Mac conforming loan limit for a single family home may be available. This loan limit changes yearly. This means that qualified veterans could get a no down payment purchase loan of up to $417,000 through December 31, 2006 effective January 1, 2006.