Hello everyone, My wife and I both have the option to use the VA loan. Would really appreciate it if y’all can give us some pros and cons on using it and what we should be looking out for with real estate agents, down payment, or programs we could possibly take advantage of on top of the va loan. Currently renting and have been for a long time now from apartment to apartment and would love to just ditch that now. We would love to buy some land to build on. I appreciate you all for any info.
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VA funding fee, which is waived if you collect VA disability, is the only con.
Every single mortgage professional I know that's also a veteran either has used, or plans to use, their VA loan benefit. That should be all the pros/cons you need. :)
If you get any negative attitude from a realtor about using your VA loan benefit, just fire them and move on.
Thank you and we’ve already had a few bad experiences.
Agents will discourage you from using VA funding since it makes you less competitive against conventional financing. However, you don't necessarily have to disclose the VA origination with your OTP. You can just show the bank that has pre-approved you and not disclose the terms of your loan.
May not be the case in every state, but I've gotten away with it twice.
Buyers cannot hide the fact that they are getting VA financing. Eventually, the bank will make the seller sign the VA Amendatory clause, which is a dead give away that the potential buyer is financing with a VA loan. If you try to hide that from your seller, they may refuse to sign the amendatory clause and your deal dies.