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What are my options for a VA Home Mortgage Loan?

I recently got back from a tour in Afghanistan and I am interested in a VA Loan. I understand that in some cases no down payment is required for up to $417k. I am looking at some options in the Miami/Dade County area, and some of the properties I have been looking at are below this value (between $250,000 and $295,000). Through my wife and I's rigorous savings with our jobs and awesome management of our credit, (middle credit FICO score of 740), we've been able to save about $30,000 that we'd like to invest in a new home. Now I'm an expert at urban tactics and automatic weapons, but I am at a total loss when it comes to mortgage ideas that could save me money. So I am looking for some good advice and money saving ideas on what the best way to go about getting a VA mortgage for my family. I have secured employment since my return that nets me somewhere around $50,000-60,000 annually and my wife is currently teaching ($35,000ish). I'm just excited about this, and I want to do it right, so if anyone that is an expert with VA Loans, VA Mortgages, VA anything, I would definitely appreciate all the help I can get. Thank you and God bless. by jared._703_422 from Miami, Florida. Oct 6th 2011 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,587 contributions

Hey Jared... thanks for your service to our great country... The best place to start is to contact a local mortgage broker, NOT A BANK... Brokers have a vast number of lenders they deal with and they can shop for the best program for your particular scenario. You should be shopping for a person not a loan. Finding the right loan officer you can trust is the key.. as far as your particular scenario, there might be a problem with your employment, but again, that's where a good qualified mortgage broker comes into play.. he can find the lender that will allow your particular scenario.. Banks in general, have one set of rules, and one set only... so if you don't fit into their small box, your loan wont be approved... WilliamAcres.com

Oct 6th 2011
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Joseph Afonso (jafonso)
#65 ranked lender in Arizona - 196 contributions

We are a local Arizona mortgage banker and we underwrite VA loans in house and understand how to get them closed. There are a few more questions that we would need answered before we would say whether or not we would be able to finance your new home if you would like to discuss the details feel free to contact me at jafonso@azhomerates.com.

Oct 6th 2011
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Jared,Welcome back and thank you for your service overseas.In terms of VA loans, there should be 100% financing available to you. You would just have to come up with the closing costs for the loan which it sounds like you have. In order to see what you qualify for obtain the following.2 Years Tax Returns with W22 Months of Bank Statements All PagesCopy of your Discharge Papers/VA DD214-MEMBER 4 COPYClear Copy of Drivers License and Social Security CardFor your wife's employment, 30 days of pay stubsFor your new employment, if it has started, 30 days of pay stubs or a letter from employer showing start date, salary information if you haven't started.The real estate and mortgage lending is a process. It is best to find a mortgage broker that you feel will work with you, answer all your questions and make sure you are informed during the experience. My suggestion would be to get yourself prequalified first and then start looking. Please let me know if I can be of assistance to you and your wife.Melissa BartonGold Star Financial Mortgage Group954-232-3655mbarton@goldstarfinancial.com

Oct 6th 2011
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David Sheir (DAVIDSHEIR)
#114 ranked lender in Florida - 11 contributions

Hi Jared. A VA loan is the best mortgage program available in our country today. It has a zero down payment. The rates are extremely low on this program right now as well. I originate many VA loans and would be happy to assist. I am based on Fort Lauderdale and will be happy to meet with you in person. Feel free to contact me at david.sheir@guaranteedrate.com with a time that fits your schedule. Thanks for your service to this great country.

Oct 6th 2011
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byron webb (ByronWebb)
#107 ranked lender in Florida - 9 contributions

Hello Jared,I am a millitary certified loan officer here in Florida at Suntrust with 27 years of experience. This is best place to start as you dealing directly with the bank that will fund your loan. Please reach me at 772-234-0909.Byron Webb-VP Suntrust

Oct 7th 2011
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