VA - Posted by BEG

Posted by Rob in Hawaii on July 29, 2002 at 01:32:26:

My first home was purchased with my VA entitlement and at the time, worked well for me, HOWEVER:
I have since realized that I paid 2% points for the VA to to back a loan that I had perfectly good credit to purchase without them. So my 168,000 home cost me $171,000. Since the VA will “roll” this fee into your loan it “looks” transparent but it still may have been a cost you didn’t need to pay. Take the time to talk to a good mortgage broker (i.e. one recommended by several of their clients) and see ALL of your options.

VA - Posted by BEG

Posted by BEG on July 28, 2002 at 17:54:03:

I am thinking of buying my first property using a VA loan and I have a couple of questions!
1 Will VA finance multi family housing as long as I live in one of the units?

2 If they do how long am i required to live in the property?

3 Is it true that closing costs on a VA loan are in the 3% range of purchase price and is there anyway around this?

4 Can the rental income from the other units be used to help me qualify for the loan?