Go Back   Winnipesaukee Forum > Winnipesaukee Forums > General Discussion
Home Forums Gallery Webcams Blogs YouTube Channel Classifieds Calendar Register FAQDonate Members List Search Today's Posts Mark Forums Read

Reply
 
Thread Tools Display Modes
Old 05-03-2023, 09:08 AM   #1
bigdog
Senior Member
 
bigdog's Avatar
 
Join Date: Apr 2006
Location: Central MA-Gilford
Posts: 1,409
Thanks: 304
Thanked 117 Times in 94 Posts
Default 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 !!!!
bigdog is offline   Reply With Quote
Old 05-03-2023, 11:37 AM   #2
Descant
Senior Member
 
Join Date: Mar 2006
Location: Merrimack and Welch Island
Posts: 4,003
Thanks: 1,203
Thanked 1,498 Times in 975 Posts
Default

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.
Descant is offline   Reply With Quote
Old 05-03-2023, 02:22 PM   #3
mcdude
Senior Member
 
mcdude's Avatar
 
Join Date: Jul 2002
Location: Rock Haven Lake - West Newfield, ME
Posts: 5,359
Thanks: 374
Thanked 1,041 Times in 489 Posts
Default

Quote:
Originally Posted by Descant View Post
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.
__________________

mcdude is offline   Reply With Quote
Old 05-07-2023, 06:11 AM   #4
dpg
Senior Member
 
dpg's Avatar
 
Join Date: Apr 2004
Posts: 2,559
Thanks: 149
Thanked 229 Times in 166 Posts
Default

$600 fee just to pay a loan early???
dpg is offline   Reply With Quote
Old 05-07-2023, 06:49 AM   #5
TiltonBB
Senior Member
 
Join Date: Feb 2005
Location: Gilford, NH and Florida
Posts: 2,880
Thanks: 637
Thanked 2,146 Times in 893 Posts
Default

Quote:
Originally Posted by dpg View Post
$600 fee just to pay a loan early???
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.
TiltonBB is offline   Reply With Quote
Sponsored Links
Old 05-09-2023, 10:15 AM   #6
songkrai
Senior Member
 
Join Date: Dec 2009
Posts: 723
Thanks: 35
Thanked 145 Times in 98 Posts
Default

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.
songkrai is offline   Reply With Quote
Old 05-09-2023, 03:05 PM   #7
ITD
Senior Member
 
ITD's Avatar
 
Join Date: Apr 2004
Location: Moultonboro, NH
Posts: 2,855
Thanks: 459
Thanked 659 Times in 365 Posts
Default

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.
ITD is offline   Reply With Quote
Old 05-12-2023, 08:22 PM   #8
Old Sarge
Senior Member
 
Old Sarge's Avatar
 
Join Date: Mar 2015
Location: Rochester, NH
Posts: 150
Thanks: 106
Thanked 63 Times in 29 Posts
Default 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.
Old Sarge is offline   Reply With Quote
Old 05-17-2023, 06:57 AM   #9
brk-lnt
Senior Member
 
brk-lnt's Avatar
 
Join Date: Aug 2007
Location: South Down Shores
Posts: 1,937
Thanks: 532
Thanked 568 Times in 334 Posts
Default

Quote:
Originally Posted by dpg View Post
$600 fee just to pay a loan early???
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.
__________________
[insert witty phrase here]
brk-lnt is offline   Reply With Quote
Old 09-10-2023, 09:50 AM   #10
shifthappens
Senior Member
 
shifthappens's Avatar
 
Join Date: May 2016
Location: Usa
Posts: 98
Thanks: 16
Thanked 8 Times in 5 Posts
Default

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.
shifthappens is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump


All times are GMT -5. The time now is 05:01 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.

This page was generated in 0.29977 seconds