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-   -   VA loans? (https://www.airlinepilotforums.com/military/24535-va-loans.html)

Longbow64 04-02-2008 05:33 AM

VA loans?
 
I know VA have loans for housing, but what about for personal loans? I tried calling VA, but I can't talk to a human being. The website keep giving me error messages when I try to ask a question. Thanks.

Chris99 04-02-2008 06:06 AM

I'm pretty sure it's only for housing. There are some restrictions too. For instance, you have to live in the house you use the loan for for a certain amount of years. In other words, you can't use it to buy an investment property right off the bat.

beis77 04-02-2008 07:27 AM

And each time you use it, the user "fee" increases; normally rolled into your mortgage though. It's really best used for a single purchase on a house that you plan on living in for the next 30 years.

fdxmd11fo 04-02-2008 08:42 AM

It's not even a VA loan. It is a VA guarantee of the loan. The VA will Pay about $40,000 if you default and your house gets forclosed on, then the govt will collect it from you.

The best part is you don't have to put anything down and you dont need mortgage insurance. That can save you thousands over the life of the loan

alarkyokie 04-03-2008 04:50 AM

Here's info..
http://www.military.com/veterans-rep...-08?ESRC=vr.nl

Philip J Fry 04-16-2008 04:17 PM

FYI...you don't pay a funding fee if you're getting disability compensation from the VA.

beis77 04-16-2008 04:29 PM


Originally Posted by Philip J Fry (Post 366026)
FYI...you don't pay a funding fee if you're getting disability compensation from the VA.

I don't think so. In fact, I think it's the opposite... if you are a certain percentage disabled (I can't remember how much), then you don't have to pay the funding fee. Contact your local VA for details.


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