House Loan

[amblivion]

My husband and I have been thinking about buying a house. Awhile back he signed up for eligiblity to receive a veterans loan since we both have very little credit. We both have never had a credit card in our lives or taken out a loan. Has anyone gone through this process? We are so lost and confused in this world of OBtaining a loan and buying a house.

[chev1958]

The VA does not provide house loans - it guarantees home loans for banks. Therefore, you must qualify through a mortgage lender like everybody else and apply to the VA for guarantee it. The VA will do its own appraisal of the house, and if it agrees with the sale, then it will guarantee the loan to the lender and you won't have to make a down payment. Of course, if you make a down payment, your monthly payments will be less.

[chev1958]

To put you in a better bargaining position, I'd recommend going to a mortgage lender first and see how much of a home loan you would qualify for. That would give you a price range to stay within, and help you look for houses in that price range.