Have you ever used the VA Home Loan Guarantee Program? If not, why?

2016-03-27T18:40:37-04:00

Response by Sgt Aaron Kennedy, MS made Mar 27 at 2016 7:03 PM

2016-03-27T19:03:52-04:00

I have.

However, I would like to point out there are reasons NOT to use. The "Loan Funding Fee" (2% on first use, and 3% on second use if I remember correctly) as well as the maximum loan amount can come into play.

If you are buying your first home, you may want to hold the "guaranteed loan" in reserve due to a variety of issues (like you may not be retiring at that location).

Response by MAJ Jim Steven made Mar 27 at 2016 7:23 PM

2016-03-27T19:23:26-04:00

I did. I also did a VA IRRL on the house, as well.
There is no required downpayment, but there is some type of funding fee - if you get 30%+ disability, I have been told, take that to the bank and they will refund the fee.
I will use it again, when I get around to it...

Response by PVT Robert Gresham made Mar 27 at 2016 7:45 PM

2016-03-27T19:45:22-04:00

I absolutely have CH (MAJ) Luke Phillips. Many years after leaving the Military I used my VA benefits to buy a home in beautiful Alaska. The program is easy to apply for, and a godsend for those who may not have enough money put to the side for a full downpayment on their dream home.

Response by SCPO Private RallyPoint Member made Mar 27 at 2016 8:18 PM

2016-03-27T20:18:35-04:00

Four very beneficial and successful times.

Response by MAJ Ken Landgren made Mar 27 at 2016 9:39 PM

2016-03-27T21:39:00-04:00

My ex ruined my credit.

Response by LTC John Mohor made Mar 27 at 2016 9:49 PM

2016-03-27T21:49:20-04:00

I sure did! We bought our first home with no money down. It was one of the best Veteran Benefits I've used so far. Just remember when one property is backed by a VA Loan you can't but the next one with a VA Loan. Once you've closed out the loan though you can use it at a later time. It sure helped out when I had no extra cash to put the 20% down.

Response by CAPT Kevin B. made Mar 28 at 2016 12:22 AM

2016-03-28T00:22:03-04:00

Recently finished getting my third VA loan for my retirement home. You can use it as many times as you want so long as you only have one loan at a time and the home is your residence. Funny thing, with lower rate refi's the gap between the loans this time was about 20 years.

Response by SGT Jerrold Pesz made Mar 28 at 2016 1:30 AM

2016-03-28T01:30:31-04:00

I used it to buy my first home after I got out because it kept me from having to come up with a down payment.

Response by LCDR Private RallyPoint Member made Mar 28 at 2016 9:33 AM

2016-03-28T09:33:42-04:00

I have-In my case, it was a very providential means of obtaining a very low interest mortgage loan with no down-payment. However, I would caution veterans to consider strongly their financial circumstances, and ask if the privilege of avoiding a DP equates to the ability to carry the principle. Again, in my case, it came down a solution which was less expensive than rent by the month, and more sound in terms of equity over time.

Response by MAJ Private RallyPoint Member made Mar 28 at 2016 11:11 AM

2016-03-28T11:11:14-04:00

I used it for the first house I bought, but not the current. The building I bought in has never been certified by FHA and the process takes a long time.

Response by SFC William Adamek made Mar 28 at 2016 11:20 AM

2016-03-28T11:20:52-04:00

I have used mine multiple times to include while I was on active duty at different duty stations. As long as the home is sold and the loan is paid off you receive your benefit back. But I do recommend shopping around still. the VA loan is no longer always the best rate or deal.

Response by SGT Patrick Reno made Mar 28 at 2016 5:18 PM

2016-03-28T17:18:07-04:00

I used the VA home loan. Would not have been able to get our first home with out it. It is one of our best bennifits.

Response by MAJ Private RallyPoint Member made Mar 30 at 2016 6:39 PM

2016-03-30T18:39:11-04:00

Yes. I would do it again if I were allowed.