I need some information from someone who has used a VA home loan?
Proud_Military_Wife asked:
Im not sure that i am understanding how it works…. what i am looking at is: I have a mortgage of 62,000 my home is valued at around 110,000 … i would like to refinance 95,000 (figuring 3000.00 in paperwork fees and 30,000 cahs out)……. so how would a va loan work in that instance???? WHat would i be looking at payment wise???
ok that just sounds like a SCAM! I need some real VA home loan advise please!
credit rating of about 735
i agree with the 3rd poster: I think now is the wrong time to borrow more money against our home and I do not think that using the VA loan is what we need to do: my husband feels otherwise….. we need to add on .. we need more room. but we have also lived in the cramped space for more that 10 years and another couple of years wont hurt us from what i can see… I just wanted to get osme more info from someone that has used the VA loan and can tell me how it works….. Someone my husband works with told him that the VA Gratuatity is used the same as a down payment… and i think thats a load of crap… just wanted some input
BRYON
Im not sure that i am understanding how it works…. what i am looking at is: I have a mortgage of 62,000 my home is valued at around 110,000 … i would like to refinance 95,000 (figuring 3000.00 in paperwork fees and 30,000 cahs out)……. so how would a va loan work in that instance???? WHat would i be looking at payment wise???
ok that just sounds like a SCAM! I need some real VA home loan advise please!
credit rating of about 735
i agree with the 3rd poster: I think now is the wrong time to borrow more money against our home and I do not think that using the VA loan is what we need to do: my husband feels otherwise….. we need to add on .. we need more room. but we have also lived in the cramped space for more that 10 years and another couple of years wont hurt us from what i can see… I just wanted to get osme more info from someone that has used the VA loan and can tell me how it works….. Someone my husband works with told him that the VA Gratuatity is used the same as a down payment… and i think thats a load of crap… just wanted some input
BRYON
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4 Responses to “I need some information from someone who has used a VA home loan?”
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THAD
They will only refi to 80%, so if you appraise at 110 the most you can refi to is 88k. Without knowing your credit rating we have no idea what your interest rate would be.
ERROL
The monthly payment for a $95k loan at 6% is about $570 for thirty years.
“Cash out” loans (as you call them) are for suckers… a really really bad idea.
But a far more interesting question is why would you want to bleed off almost all of the equity in your home, especially in this economy??? You’d be alot better off simply selling you home, and then using your VA eligibility to buy a new home when you are able to.
Remember: if you borrow money from the VA and then can’t make the payments and suffer foreclosure, the VA will hound you to your grave for their money (the VA never forgives and forgets)
CHASE
HAHAHAHA ….lmao
“Mr. Brown Wilson” , “my dear do not full prey to those hoodlums”, “they are all scam” WHAT A HOOT!
“….. contact Mr. Brown if you are interested in getting loan …”
That list looks like it was written by somebody who spends alot of time writing Chinese menus.
“Media term loan(10_20)”
“They offer loan like
Home loan!!!!!!!!!!!
Business loan!!!!!!!!
Debt loan!!!!!!!!”
My dear, I sent that shmuck this e-mail
Me need home loan!!! Debt loan too!!!
Thursday, July 16, 2009 11:07 PM
From:
“Dan Lill”
Add sender to Contacts
To:
Me need Media term loan(10_20) and Home loan!!!!!!!!!!! and Business loan!!!!!!!! and Debt loan!!!!!!!!
I pay you back me promise.
Mr. Brown Wilson you send me my money in 74 hours okey dokey??
EMERSON
You cannot do a cash-out refinance on a VA loan.
If you want cash out, you have to go conventional.