Any tips for VA loan? Anyone gotten one recently?

[MizMojoLaveau]

We have been preapproved from USAA for a no money down VA mortgage loan. Just wondering who else's rates I should check and if anyone has any tip for me. Time is of the essence as we can sign a contract this afternoon on our current home that is for sale, but the (supposed qualified) buyers want a quick close.

[AnnieW625]

Check and see if your state has their own veterans home loan program, if they do they will use a VA gaurantee. If you live in California, Oregon, Texas, and Mississippi then I know they have programs, but I think I am forgetting one. When I worked for the California program in 2003 there were only 5 or 6 states with programs, there might be more now)

Here is a link from military.com (http://www.military.com/benefits/content/veteran-state-benefits/state-veterans-benefits-directory.html), which has all 50 states, plus Puerto Rico's veterans benefits listed.

If you are in California please send me a PM.

If your state doesn't have a home loan program I would also check out Navy Federal Credit Union. I used to belong to a credit union in my home town, but the nearest credit union near me in college was Navy Federal and they were super helpful anytime I had to go into a branch. That was in the late 1990s, but the great customer service always stuck with me and if I was ever somewhere and needed an ATM I would go to Navy Federal, which were surcharge free then.

[MizMojoLaveau]

Thanks AnnieW625! That link is a great reference. Unfortunately my state does not have added home loan benefits. I will call Navy Fed--we have had at least one auto loan with them in the past, so I'm surprised I didn't think of them.

[AnnieW625]

No problem. Not sure how long it is taking to process VA loans these days, but I remember 45 to 60 days being the standard way back when when I worked in the business.

[cvanbrunt]

We closed last week with a VA. We've never had luck with USAA for mortgage; we could always find a lower rate for all the conventional loans we've had. We have our VA mortgage through Wells-Fargo. It actually closed quickly and smoothly but we house hunted for a long time and had every bit of paperwork done except for the "show us where the money for closing came from" transaction receipts.

[GvilleGirl]

We didn't end up using USAA for our last loan either. We had better rates through a local broker. PenFed usually has good rates if you are eligible.

[Reader]

I also wanted to say USAA did not have the most competitive rates for us. Did you check bankrate.com? I think they & Google have a feature that helps you find the most competitive VA loan.

[MizMojoLaveau]

I did not know about bankrate.com. I will check there now! Thanks!

[MizMojoLaveau]

shoot, I don't think bankrate.com compares VA rates. Anyone know of a similar site that does?

[Reader]

It also looks like Google Advisor doesn't do mortgage rates anymore. I found this:
https://secure.military.com/leads/VALoanNew/Step1.jsp?ESRC=ggl_va_ifree2.kw

but I haven't done it myself. We refinanced through BNC National Bank in Kansas (VA loan) and they had the best rate. Good luck!

[crl]

We may be getting one soon. Yesterday in reference to our circumstances Dh mentioned that at the moment, out of the big banks, Wells Fargo has the best rate for us for a VA loan. Last time we bought we were able to get a slightly better rate through a small mortgage broker. You might ask your realtor if he or she has a mortgage broker to recommend and you can compare rates.

Catherine

[Mermanaid]

Not quite the same, but last fall we did a refi on our VA loan through Wells Fargo and got a pretty competitive rate.

[Puddy73]

Most of the VA loans that I've closed this year have been through Quicken and the rates were pretty good.

[MizMojoLaveau]

Thanks everyone. I have now called and gotten quotes from quite a few places. I'm just having trouble deciphering them and comparing apples to apples as I realize you can't just look at the rate itself since there are so many variable fees associated with loans. UUUggh.

[bekahjean]

Add us to the list that went with Wells Fargo instead of USAA. I hope you are able to get it sorted out in time! It is beyond stressful.

[MizMojoLaveau]

I think it is going to be Wells Fargo. Awaiting one more local lender's call back.