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We're in the middle of refinancing our mortgage down to a shorter term, and lower interest rate so I can get our home paid off near retirement age. The numbers work, we are very happy with the payment, and the low interest rate of 3.75%. The reason why we need to go through the VA, is our home is barely above water in loan to value, a conventional loan won't touch us still unless we are 95% LTV. Our area is still reeling from the housing disaster of 08'. Our 365,000 dollar home in 08' slid down to a value of 98,000 dollars, and we owed 245,000 on it at that time almost 10 years ago. And we are still a tad under water, so the flexibility of the VA loan will help us out. But, it comes with a price. The VA is charging us $8250.00 to fund the loan, OUCH! And they are charging us a 600.00 appraisal. I told our lender I was going to go out and get our own appraisal done for around 250 to 300 bucks, but they told us the VA requires their own appraiser to visit our home, and their appraiser costs 600 bucks. We checked, and the lender aint lying to us. I am aching over the fact that we have to add another 9 grand in VA fees to our principal, but like I said, the loan is very favorable compared to what we have now, and our home will be paid off 10 years early, just 5 years after I retire at the age of 60. But man, those fees!!!! Do me another favor VA! Thank you sir may I have another!
I do believe I would qualify for a VA Loan......not sure IF I want to buy a house. However, does the VA Loans also cove a vehicle buy? Just wondering... Too many medical bills on the credit reports......can't get a vehicle without putting ALL of what I'd get a month as a down payment. Yet,,,I was able to swing a car loan 2+yrs ago for what I drive now, even have it fully paid off. Not in a real need..yet, just finding options BEFORE i do need another Van. Not sure where to ask.
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