VA Loan ?
 

Anyone have a VA loan mortgage ?
How long does this process usually take ?
Costs involved ?

I'm purchasing a new home, before I sell my current home, so cash poor, house rich ! I need to float a VA loan short-term to purchase new home, then pay-off that loan when I sell current home.

Any info. greatly appreciated ! Including companies you have used for VA loan.

Thanks in advance !!!!

This isn't recent experience, but my understanding is that a HELOC on the existing house is a lot quicker than almost anything else. Often cheapest at your credit union.

That's how I did it one year ago at my credit union. There was a $600 (approx) fee to pay off the HELOC early which was at closing when the house was sold.

$600 fee just to pay a loan early??? :confused:

The bank does a substantial amount of paperwork to qualify you for a HELOC, including an appraisal, which is sometimes only a drive-by to confirm the property is there. Often, they will pay local realtors to do the rough exterior appraisal. They also have the expense of the closing and placing a lien on your deed.

The early closing fee assures the bank that they will, at a minimum, recoup their investment in your loan. If you keep the loan long enough the interest you pay takes care of that.

From my veteran neighbor.

You do need to obtain some sort of form or certificate ahead of time.

Best to call the Department of Veterans Affairs in Manchester.


Norris Cotton Federal Building, 275 Chestnut St Bldg, Manchester, NH 03101

Then one has to find a bank that will actually provide a VA loan.

Hmmm, usually you figure this stuff out before you buy. I'd get on it quickly, sounds like you are already behind. I hope you can figure something out.

VA Loans
 

You will need to get a Certificate of Eligibility from the VA. Don't forget that there is a funding fee of between 0.5% to 3.6% of your total loan amount you will have to pay unless you are a disabled vet. For your purposes a HELOC may be the better way to go.

It's not a sure thing, but when you get the HELOC, tell them you're planning to use the funds primarily for "home upgrades". Don't tell them it's going to be a short-term bridge loan for buying another property.

Once you have the HELOC you can use it for whatever you want, regardless of what you put on any forms.

We did this when buying our FL home as well, and made sure there would be no early payoff penalties.

I've used a VA loan for a mortgage in the past. Typically, the process can take anywhere from 30 to 45 days, though it might vary based on specific circumstances and the lender you go with.

As for costs, you're looking at the VA funding fee, which can be rolled into the loan, and then the usual closing costs – appraisal, inspection, etc. You might want to shop around for the best rates and reviews.

When I was transitioning between properties, I worked with the bankruptcy law center in San Diego. They helped me navigate through the situation. They might have a solution for you also.