VA loans

[Cheri17]

Hi,
We are looking for a home with land,new or used.Does anyone know anything about using my husbands VA approval.How it works.We are looking to go south as we cant take these winters anymore.
Thanks
Cheri in Massachusetts

[rmurray]

You have a common misunderstanding..What your hubby has in NOT a VA APPROVAL..but is a VA eligibility. The VA certificate only means he served for at least 6 months and 1 day and was honorably discharged...All it means he is eligible for a VA guaranteed mortgage if he meets the qualifications of the program and the lender loaning the money..The VA does NOT directly loan the money, mortgage lenders do..They must make sure the mortgage meets the tough requirements of the VA's program..Then often they might have their own additional requiremments...In reality for all intensive purposes, VA does little or no mortgages in the factory built home business..On paper they say the do...but in real life they nearly do not..

Probably the easiest low priced way for a vet to benefit from the program is to buy a VA foreclosed house and use the eligibility to close a VA mortgage to pay for it..Credit requirements are still quite tough but the required down is 0.

Find a real estate person familiar with the VA in the market you want to move to..Do not waste his/her or your time..Be totally honest about your available cash assets, credit history and verifiable income..An experienced person should then be able to give you an honest assessment of your possible housing alternatives..

Thank your husband for his service from all of us..
Good Luck with your quest..
Winters could be far worse...You could be living in North
Dakota.