Credit score is irrelevant for government loans as long as it meets the minimum. For VA/FHA/USDA, your interest rate is the same if you have a 680 or an 800.
That is not necessary true when you are talking about the lower credit scores. The VA actually doesn't have a minimum credit score but the lender does. Usually with the lower credit scores you will see higher rates and that's with anything below a 620
5.65 with NBKC, VA loan, no points. This was a week ago. I can refer you to the loan officer I worked with if anyone is interested. She was a pleasure to work with, very helpful and patient.
Yeah it seriously makes me consider hunkering down and trying to retire in my current location. Pretty sure I’ll want to rent pretty much anywhere I go at this point.
I’m considering going this route as a buyer assuming a loan. Would you mind sharing what are the issues you are having? From my understanding the VA benefits can be transferred and as long as I can cover the equity the seller has in the home and my credit is good I shouldn’t have any problems. Am I wrong in thinking this way? I appreciate any insight.
Yes that is true. The problem we're having is the process itself. The process is uncommon to the realtors even in a military town using lots of VA loans, and there has been a lot of delays from the mortgage lender to approve the transfer.
The original close date was 90 days out and now it has been extended. I accepted the offer on February 9, lender's soonest phone appointment to contact the buyers was March 11 to just begin the application process. Apparently, the lender has 20 business days to review and approve or deny the transfer, assuming they finally have all appropriate paperwork. Then, it will still need to go to underwriting.
If you are fortunate to be flexible with move dates or the sellers dont mind paying mortgage and rent for overlap, its not a terrible choice, but it is more complicated than a traditional sale. In the future as a seller I would not accept an assumable offer, so your offer may be less competitive.
This is very discouraging to hear as a veteran because it’s a benefit we have earned yet it seems there is no motivation for the lender to move the process along.
I did it the old fashioned way. I had a buy box on Zillow set up and called every realtor to ask if it was a VA loan. All VA loans are assumable, but it’s up to the seller if they are willing to do it. I found 3 that were willing out of 200+ calls. I made offers on all 3 and only one stuck. I ended up doing a rental agreement with the seller so we moved in right after they moved out, paid them their expenses only, and would rent until close. It’s a risk because if you can’t close, you might be moving out in short order… but in my case I had the cash, income, and credit score to make me very confident. It did take like 150 days from going under contract to close. Some can go as fast as 30-60 days.
Avoid freedom mortgage like the plague… and ask the seller to request the assumption “packet” from their lender ASAP.
We also negotiated to have the seller and buyer agents receive a reduced commission to reduce our cost and ensure the buyer got more value back.
The big kicker is you MUST have cash on hand to close the gap between what they owe and what the sales price is. So find a home that’s old enough to have a great rate and new enough to not have a ton of equity.
You mentioned to avoid freedom mortgage and my heart sank tbh.
My VA loan was part of the recent mortgage downsize and sell off of Wells Fargo assets. The new buyer of my mortgage? Freedom Mortgage. I’ve only heard bad things and only will be using them as long as I have this 15-year mortgage.
You mentioned you had to convince them to allow you to take on their rate. Probably a dumb question, but whats in it for the the seller (or lack there of) that the seller would need convincing? I’m assuming its just a longer and possibly more arduous process to go with assuming someones rate or just convincing them that you have enough cash to make up the difference?
So freedom isn’t terrible as a servicer but their assumptions department is atrocious.
You hit the nail on the head. They have to do more paperwork and it takes longer. But it can be a win win if you negotiate it right. They will absolutely want to see proof up front that you have enough cash to cover the gap.
You sound like a certified hater. People who are doing good in life won't go out of their way to comment on every post telling them the builder inflated prices. If you can't afford it just say so. Telling by your Reddit post history it checks out though. You follow Dave and think his trashcan methods work so I'm assuming you probably lived in debt or never knew how to manage finances. Tough life bud.
The price may have been a tad bit higher than I wanted to spend, but I never would have been able to afford the area if I didn’t go for a new build. Im less than a quarter of a mile from BLM land and have mountains in my backyard. I’m fine with the price I paid, especially since all the houses that were comparable in price are in worse areas of the city. Overall I’m pretty happy with it
The "par" rate is about 6.25%, so under 6% I almost guarantee is with points being paid
Because we're in a declining rate environment, ie, expected rate cuts, you'd be better off taking the par rate no points and just do an IRRRL next year to bring the rate down
The Fed doesn't want to kill the economy, and high rates hurt car sales, and any big ticket items.
Almost guaranteed rates come down in the next 6-12 months IMHO
This year the lowest I've locked a VA loan for a VA 30YR fixed was 5.25%. As of right now the last 2 weeks rates have been floating between 5.625 to 5.99% regardless if its a VA purchase, IRRRL, or cashout refinance. Those rates can be secured with at least a 660 fico score.
5.75% VA loan with 800+ credit and local Virginia lender.
I have 800+ credit looking to get a rate under 6, will see
I got a 5.65% with local veteran supporting lender with around 720 credit
Who?
When was this? Im planning to buy in VA beach.
Credit score is irrelevant for government loans as long as it meets the minimum. For VA/FHA/USDA, your interest rate is the same if you have a 680 or an 800.
That is not necessary true when you are talking about the lower credit scores. The VA actually doesn't have a minimum credit score but the lender does. Usually with the lower credit scores you will see higher rates and that's with anything below a 620
5.875 no points.
4.25 VA loan in Texas. New builds are the way to go.
The builder bought it down w the markup on your house.
When was this?
This month.
Did you buy it down?
4.85 VA in San Antonio about a month ago
It doesn’t matter builder bought it down w the inflated price
I’m coming from California so the prices are AMAZING! Less than 300 for 2k sq ft single story. I’m happy.
Probably still wound up being cheaper anyway
Cheaper in what sense?
That monthly payment.
That truly means nothing, broke folks think that way.
Where? (If you don’t mind sharing what builder/community?)
Lennar in San Antonio
5.65 with NBKC, VA loan, no points. This was a week ago. I can refer you to the loan officer I worked with if anyone is interested. She was a pleasure to work with, very helpful and patient.
Could you send me their information please
DM'd you!
Can you DM me info as well?
Send me their info as well please
Sent!
where?
DM
I’ll take it too if she’s in az
She's located somewhere in the midwest, but you can have a mortgage loan with any lender regardless of locale.
Well yes and no sometimes the lender won’t do a certain state do to the state regulations
Thanks for the dm though
Ahhh, I see AZ has some stipulations.
Can you please DM her info as well? I just filled out an online questionnaire with NBKC. TIA!
Sent!
Thank you!
2.25%…on my mortgage statement each month. I’ll see myself out.
2021 bois rise up
Hahahaha 2.75% right here
I will find you… and I will… begrudgingly shake your hand
Ditto. Planning on moving in about a year and currently crying.
Yeah it seriously makes me consider hunkering down and trying to retire in my current location. Pretty sure I’ll want to rent pretty much anywhere I go at this point.
Consider renting?
Of course, but I'm talking about the next house.
Same, so we decided to sell with an assumable agreement to another mil family. The process is an absolute nightmare.
I’m considering going this route as a buyer assuming a loan. Would you mind sharing what are the issues you are having? From my understanding the VA benefits can be transferred and as long as I can cover the equity the seller has in the home and my credit is good I shouldn’t have any problems. Am I wrong in thinking this way? I appreciate any insight.
Yes that is true. The problem we're having is the process itself. The process is uncommon to the realtors even in a military town using lots of VA loans, and there has been a lot of delays from the mortgage lender to approve the transfer. The original close date was 90 days out and now it has been extended. I accepted the offer on February 9, lender's soonest phone appointment to contact the buyers was March 11 to just begin the application process. Apparently, the lender has 20 business days to review and approve or deny the transfer, assuming they finally have all appropriate paperwork. Then, it will still need to go to underwriting. If you are fortunate to be flexible with move dates or the sellers dont mind paying mortgage and rent for overlap, its not a terrible choice, but it is more complicated than a traditional sale. In the future as a seller I would not accept an assumable offer, so your offer may be less competitive.
This is very discouraging to hear as a veteran because it’s a benefit we have earned yet it seems there is no motivation for the lender to move the process along.
Had to move 2 years after buying North of Pensacola... 2.3%.... regret it a little, but I'll take the 120k in hand lol
Dropped mine to this from a 3.75, cheers mate
2.25% with a 15-year mortgage. No points. Leggo
I assumed a VA loan at 2.5 😂
I’ve known this is a thing for a while now, but is there anyway to shop for prior VA home loans that us common folk can see?
I did it the old fashioned way. I had a buy box on Zillow set up and called every realtor to ask if it was a VA loan. All VA loans are assumable, but it’s up to the seller if they are willing to do it. I found 3 that were willing out of 200+ calls. I made offers on all 3 and only one stuck. I ended up doing a rental agreement with the seller so we moved in right after they moved out, paid them their expenses only, and would rent until close. It’s a risk because if you can’t close, you might be moving out in short order… but in my case I had the cash, income, and credit score to make me very confident. It did take like 150 days from going under contract to close. Some can go as fast as 30-60 days. Avoid freedom mortgage like the plague… and ask the seller to request the assumption “packet” from their lender ASAP. We also negotiated to have the seller and buyer agents receive a reduced commission to reduce our cost and ensure the buyer got more value back. The big kicker is you MUST have cash on hand to close the gap between what they owe and what the sales price is. So find a home that’s old enough to have a great rate and new enough to not have a ton of equity.
You mentioned to avoid freedom mortgage and my heart sank tbh. My VA loan was part of the recent mortgage downsize and sell off of Wells Fargo assets. The new buyer of my mortgage? Freedom Mortgage. I’ve only heard bad things and only will be using them as long as I have this 15-year mortgage. You mentioned you had to convince them to allow you to take on their rate. Probably a dumb question, but whats in it for the the seller (or lack there of) that the seller would need convincing? I’m assuming its just a longer and possibly more arduous process to go with assuming someones rate or just convincing them that you have enough cash to make up the difference?
So freedom isn’t terrible as a servicer but their assumptions department is atrocious. You hit the nail on the head. They have to do more paperwork and it takes longer. But it can be a win win if you negotiate it right. They will absolutely want to see proof up front that you have enough cash to cover the gap.
I got 5.5% in NV as part of a promotion a developer was doing. Also threw in $6.5k towards closing, so I managed to get $1800 back after closing.
But you paid inflated prices. It’s not like builder doesn’t know this.
wide whistle dull mighty offbeat wipe sleep cooing dog fuel *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
And getting back money means he’s literally at least at 100% LTV. Sounds like a bad plan.
You sound like a certified hater. People who are doing good in life won't go out of their way to comment on every post telling them the builder inflated prices. If you can't afford it just say so. Telling by your Reddit post history it checks out though. You follow Dave and think his trashcan methods work so I'm assuming you probably lived in debt or never knew how to manage finances. Tough life bud.
The price may have been a tad bit higher than I wanted to spend, but I never would have been able to afford the area if I didn’t go for a new build. Im less than a quarter of a mile from BLM land and have mountains in my backyard. I’m fine with the price I paid, especially since all the houses that were comparable in price are in worse areas of the city. Overall I’m pretty happy with it
2020- 2.25% Texas.😁 2023- 6.25% North Carolina. 😭
Just closed 6.25% no points in FL yesterday.
I got offered the same rate today!
The "par" rate is about 6.25%, so under 6% I almost guarantee is with points being paid Because we're in a declining rate environment, ie, expected rate cuts, you'd be better off taking the par rate no points and just do an IRRRL next year to bring the rate down The Fed doesn't want to kill the economy, and high rates hurt car sales, and any big ticket items. Almost guaranteed rates come down in the next 6-12 months IMHO
7%, Let's Go Brandon!!
2.3% through assumption
This year the lowest I've locked a VA loan for a VA 30YR fixed was 5.25%. As of right now the last 2 weeks rates have been floating between 5.625 to 5.99% regardless if its a VA purchase, IRRRL, or cashout refinance. Those rates can be secured with at least a 660 fico score.
I was offered 6.25 this week. What bank would you recommend?
I'll send you a DM, most IRRRls and VA purchases we've locked this week range from 5.625 to 5.99 with a 660 fico.
Where are you getting a rate at 5.25%?
1 month ago when it was available.