Anyone military veterans here who bought a house with a VA Loan?

Topic by E2Moto

E2Moto

Home Forums MGTOW Central Anyone military veterans here who bought a house with a VA Loan?

This topic contains 7 replies, has 6 voices, and was last updated by E2Moto  E2Moto 4 days, 4 hours ago.

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  • #931781
    +4
    E2Moto
    E2Moto
    Participant
    22

    Hello brothers,
    I would like to apologize in advance if this was in the wrong board. I’m a US Navy veteran who was prior active duty for 5 years, and currently reservist for 4 years now. I would like to ask some things about the buying a house using the VA Housing Loan benefit. I’m looking to buy a house right now, but I have many things that worry me that kind of holds me back from acting now, and one of them was this COVID-19 lockdown. My main income is being a construction worker, and though, I’m currently employed now, I was out of work for 5 months after my last deployment before I finally had a job. During those unemployment months, I already had two people laugh at me for worrying about being unemployed to buy a house using the VA loan. One of them had a friend who was a military veteran, and told me that his buddy bought a house with it, no problems. And then months later, I had a guy from the VA itself ask me if I’m looking to buy a house right now, and I told him that I’m I recently got employed, and with this COVID-19 thing going on, it’s probably a bad idea for me to buy a house, not to mention that being a sub-contractor that I go in and out of work, and jobs might slow down for me to get steady income. I listened to him laugh at me in my phone before he implicitly told me(never was direct about it) not to worry about it, and just go ahead and start searching and buying one. He also noted that this COVID-19 lockdown is the great time to buy a house since interest rates are very low. In both cases, they implicitly told me that my worries might have been misplaced. In case if I’m not making sense, I’ll go ahead and sum it up in bullet points.

    -Being too worried about COVID-19 lockdown that will prevent me from getting steady income. Though, I also saved a lot of money after deployment from a tax free zone.
    -Being a subcontractor(also going through apprenticeship) in my civilian job, plus with COVID-19 possibly slowing jobs down, I may not get as much income as I normally do to keep paying for mortgage.

    So, am I worrying too much about these factors? I do have a tendency to want a big financial safety net so I rarely buy things. Mostly just necessities. I just save my earnings most of the time. Thanks in advance for those who are willing to help.

    A proud MGTOW rider.

    #931782
    +3
    NerdTunneler
    NerdTunneler
    Participant

    Not a veteran nor in a part of your country so I cant be specific much. Just my 2 cents being in business.

    If you need a house then buy. Check how much total monthly expense you have and see if you can cover it with what you are doing with extra.

    Not every opportunity is a good opportunity. It depends on the individuals current financial well being if an opportunity is good. Some opportunityy may not be good now, but may become good in a year or 2 when your finances are better. If you are living paycheck to paycheck then definitely no. Set a good sum nest egg so that in case you dont have work or opportunity in 4 or 6 months you are still good with the payments and living expenses.

    Just dont rely on other people to make the decision for your life which you will be paying later on. Do research, its a game of basic math and thinking.

    Just my 2 cents. Good luck…

    I stand with feet apart and let my balls hang free...Manginas dont have balls...See how they stand and sit at the whim of their masters...

    #931783
    +2
    Gravel Pit
    Gravel Pit
    Participant
    16199

    Im a Vet but have never used VA benefit (got out with an OTH) but my friend, also a Veteran recently bought a townhome. I think he got a kickass interest rate. The ANSWER IS YES!!! you get like a 2.5% interest rate!

    IMHO, I think houses will dip in price. I would not buy a house until next year. DO WHAT YOU WANT THOUGH! My other buddy said fvck it all and bought a house with his girlfriend (her money but he cosigned, shes rich and put him through nursing school).

    Buy one using the VA for sure bro

    #931787
    +1
    E2Moto
    E2Moto
    Participant
    22

    Thanks a lot, guys. Working in my trade as a Glazier Apprentice, I earn $22-35 an hour(Journeymen earn $40/hr), 40 hours a week depending on whether my employer is Union or non-Union, and non-Unions generally pay me about $10 more than Unions, but I’m not picky. I go with whoever hires me to work for them, and even living with my parents right now, I earn good money and my savings accumulate quick. I’m a minimalist spender who only owns a car, and two motorcycles, and all of them have been paid. I’m also debt free.

    Furthermore on the situation, my brother and I originally planned to buy a house together at early 2021, and being in California where housing is expensive, we’re looking for something around $300,000 to $450,000 max. We originally planned to buy one at late 2020 before this COVID-19 BS happened, but some drama happened between us and our parents that we decided that we’ve had enough, and had to push ourselves to move out earlier. My brother works around 10 hours a day as a Field Tech, and then me having to wake up, and leave early for a jobsite that is 1 hour away, we can’t afford to put up with their taskings and their petty toxicities anymore, and we both need our times to decompress.

    I may resort to buying a condo, if my brother decides to go on his own because he’s becoming desperate to leave, and recently complained to me that he wants out before he mentally breaks. I’m gonna have a serious talk with him before I decide which house to buy, and I’ve been in touch with a VA Loan Specialist.

    A proud MGTOW rider.

    #931789
    +4
    Joey Cusack
    Joey Cusack
    Participant
    1309

    I bought my house 30 years ago using the VA loan. Cool thing about the VA loan is that you don’t need a down payment (unless they changed that) so you can keep your savings. Get pre qualified, see what the monthly payment would be for the price range of house you want to buy. You can then get a feel for how long your savings would cover the payments if you went without work. It’s always a bit of a gamble, nobody knows for certain that a paycheck will always be there. Go for it!

    #931791
    +1
    Monk
    Monk
    Participant
    18549

    It’s a business proposition and your question is sensible: If you take the loan, will you be able to cover the repayments, now and in the future?

    The current situation is highly unstable, so you need to be careful. The only advice I can offer is to think small and to borrow only as much as you really need.

    I’ve seen too many people take out big loans. All it takes is one blip and they’re done.

    #931801
    +3
    Bstoff
    bstoff
    Participant

    I’ve used a VA home loan.
    There are good things and bad things about it.

    Go to a broker or loan officer and find out how much you can get pre-qualified for, using all loan options (VA, Conventional, VHA, etc).
    Get the results in writing so you can compare them all.

    VA should get you the same loan amount as the others, and sometimes at a better rate, but compare them all closely regarding terms.

    The real benefit of the VA loan is that you can buy with nothing down, but you will owe for the entire amount instead of having 20% already paid off.

    The biggest drawback with a VA loan is that the process is more complicated and restrictive, regarding inspections which is something that many sellers would rather not deal with.
    If the seller is given a choice between VA, Conventional, cash, etc., they will always take cash offers first, then, conventional, then VA.
    So, you might have some difficulty getting your offers accepted in a busy market.

    Regarding the Covid-19 environment, there is no problem at all.
    Many areas are having an increase in sales during the Covid panic, mostly due to everyone on the coasts and liberal states are fleeing to the Midwest.

    Also, if I may say, it’s best to get a house priced well below what you’re qualified for, so you won’t be in debt up to your eyeb~~~~ for the next three decades.

    #931848
    E2Moto
    E2Moto
    Participant
    22

    It’s a business proposition and your question is sensible: If you take the loan, will you be able to cover the repayments, now and in the future?
    The current situation is highly unstable, so you need to be careful. The only advice I can offer is to think small and to borrow only as much as you really need.
    I’ve seen too many people take out big loans. All it takes is one blip and they’re done.

    A few days ago, my brother and I went over our budgeting, including our combined income, and how much I would get in unemployment compensation each week whenever I’m out of work, and my brother himself found the budget to be laughable and I even found out that even with me alone, I can still survive, though quite barely. Our current situation being unstable is the biggest reason why I’m so cautious about this. I am excited to buy one because this is my real transition to being an adult and to gain more freedom, and I’m nervous because of unknown variables and that feels like walking across a minefield even though I have a mine detector that may not be 100% accurate to keep me alive.

    I really hope I’m just overthinking, because I tend to be, lol.

    I’ve used a VA home loan.There are good things and bad things about it.
    Go to a broker or loan officer and find out how much you can get pre-qualified for, using all loan options (VA, Conventional, VHA, etc).Get the results in writing so you can compare them all.
    VA should get you the same loan amount as the others, and sometimes at a better rate, but compare them all closely regarding terms.
    The real benefit of the VA loan is that you can buy with nothing down, but you will owe for the entire amount instead of having 20% already paid off.
    The biggest drawback with a VA loan is that the process is more complicated and restrictive, regarding inspections which is something that many sellers would rather not deal with.If the seller is given a choice between VA, Conventional, cash, etc., they will always take cash offers first, then, conventional, then VA.So, you might have some difficulty getting your offers accepted in a busy market.
    Regarding the Covid-19 environment, there is no problem at all.Many areas are having an increase in sales during the Covid panic, mostly due to everyone on the coasts and liberal states are fleeing to the Midwest.
    Also, if I may say, it’s best to get a house priced well below what you’re qualified for, so you won’t be in debt up to your eyeb~~~~ for the next three decades.

    I’ve been in touch with a VA Loan Specialist, and he already implicitly told me time and time that he’s got my back regardless of what I’m worried about, lol. I do remember my brother telling me that the no down payment from the VA loan could cost us more in the long run, but I personally believe we’ll be fine as long as we keep our source of income consistent, i.e. little or no career changes, and not overspending.

    I would like to ask, though. The VA Loan often boasted in their website that they always got your back in your future financial troubles while paying for your mortgage, and I’m curious about what these are. Not that I’m going to let myself fall into the pit, anyway. I will avoid any financial troubles no matter what, and I prefer to know these before they come to me so I can prepare.

    A proud MGTOW rider.

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