Is there some magic to using a COE to buy a HOME?? I have never used it but I've had the thing for 40 years! WHAT IS THE SECRET PLEASE??

2016-06-01T13:02:33-04:00

Banks tell me the VA will not help with anything too old, or too expensive or less than $50,000. OR they don't have a program with VA. I AM in a credit union, but not much hope there, either! I swear, why didn't the government just give me a book of S & H Green Stamps? I would have gotten MORE use out of them! Now my COE is in a frame, backwards, because no matter WHAT I do, I cannot make the CUT

Response by Capt Tom Brown made Jun 1 at 2016 1:53 PM

2016-06-01T13:53:22-04:00

Don't know the full story behind yr situation, or how much checking round you have been doing for how long, etc, but have taken the liberty of attaching a link to the VA's home loan info website which appears to have a wealth of good information. Hopefully some of it will be of help to you. There are lists of lenders contained in the link which you could see if you have contacted in yr local area. What state are you in?
http://www.benefits.va.gov/HOMELOANS/lenders.asp

Lenders - Home Loans

Landing page with resources and links to information for VA home loan guaranty lenders

Response by MSgt Private RallyPoint Member made Jun 1 at 2016 1:55 PM

2016-06-01T13:55:26-04:00

Are you going to banks or local mortgage lenders? My wife is in that business and I've had a couple experiences buying a home. DONT GO THROUGH BANKS, credit unions or online services!!! Local mortgage lenders have much better service and specialize in one thing, getting you a home.

Response by CAPT Kevin B. made Jun 1 at 2016 1:55 PM

2016-06-01T13:55:36-04:00

Something else is going on that's likely unrelated to your eligibility. You're either wanting something outside what you qualify for or the property is too much of a lending risk. You may be too much of a credit risk for what you're looking to do. Bottom line, the COE gets you off the downpayment hook but only if you stack up OK on the normal loan parameters, and then some, because of no down. BTW VA doesn't help you get a home. They actually put a lot of hurdles in lending institution's way because the VA wants to avoid getting stuck with problem properties. Common trip flares include community water systems, "manufactured" homes, etc.

Response by MSG Stan Hutchison made Jun 2 at 2016 4:11 PM

2016-06-02T16:11:28-04:00

I have just started looking to purchase a home. I researched VA home loans and find no mention of "age" of the home. It is all about appraisal. However, they do strongly advise a home maintenance inspection.
Good luck.