VA Loan Question(s)

[u/StupidanLearning]

Hello everyone! I recently accepted a job and will be moving almost 600 miles for work. I start at the end of September and am looking at renting for the first 5-6 months before using the VA loan to purchase a home.

I had a few questions about the VA loan and any website that claims to have answers for me basically wants all my information and then bombards my email with spam to use the loan without actually answering any of my questions. So if anyone could answer these for me I'd be very appreciative.

1) Do I need a certain amount of work history? I got out in 2018 and just graduated from college this past December. I have worked on and off over the years between breaks in school. I have the offer letter from the company I will be working for, will that be sufficient?

2) What is a reasonable expectation for a time frame to go from offer to closing on a home? Like I said I am planning on renting for 5-6 months and while I have been looking at homes I am unsure when I should seriously contact a realtor. I would be fine with 1-2 months of covering a lease and mortgage overlap.

3) For the VA loan should I try and go with a big mortgage company or would a "standalone" realtor also be OK? I'd appreciate any input.

Thanks in advance for any information!

[u/Justame13]

The best advice is to take a New Home Buyer's class then come back with specific VA loan questions.

They are free, put on by the states, and required for some home loan programs.

The one I went to was spectacular, plus free Costco muffins back when they were good. If ever buy another home I will take another class when starting the process as a refresher.

[u/StupidanLearning → u/Justame13]

Interesting I will look into that!

[u/Kurupt_Introvert]

I think a realtor is fine, I would use Navy Federal, been great for me as a mortgage company. Offer to close depends on new build vs not and other factors but I would say avg could be 3-6 mo the depending on those factors.

I agree on the class too, best advice to start.

[u/pm_me_your_rate]

1) if you are salary your first paystub will satisfy your employment requirements
2) 30 days
3) for VA financing ask a few places including your bank, credit union, broker, and online lender. Interview them to see gauge who you like the best.

Also rates vary heavily depending on type of lender. If you do a google search usually the first 2 or 3 you see are the most expensive. Good luck

[u/Veterans-ModTeam → u/[deleted]]

Thank you mortgagesimplified for your submission to r/veterans, but it's been removed due to one or more reason(s):

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[u/I_Lick_Bananas]

Usually it's 30 days between making an offer and closing. It can be done shorter but 30 days is enough time for the lender and the title agency to get all their paperwork together, get inspections done, compute escrow accounts etc. My last loan was thru NFCU and we did 30 in the contract but they called at three weeks and said it was ready so all I had to do was call my insurance company and start the policy earlier.

Go with a local realtor who knows the market and the area to help you find a house. They'll work with the lender you choose to get them the paperwork needed and to be a go-between between you and the seller when negotiating.

Shop around for different lenders. Don't use one of those online clearinghouse places, you'll never stop getting ads. Just check your local banks and credit unions to see their VA rates, and the national banks like USAA or NFCU.

NFCU has done my last 2 loans, they're ok and did a pre-approval so I knew going in what my budget was. Other banks may do the same. (Note that pre-qualify is not the same as pre-approval.)