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Chris Said:

Is it typical for a lender to charge a PMI on a VA loan?

We Answered:

All of these answers are slightly incorrect. VA does have mortgage insurance, but it is financed through the VA funding fee the is collected through the loan, resulting in no monthly payments. Size of fee, depends on if you've used your VA benefits before, or in other words on your entitlement.

Still though, you should not see a MI or PMI payment present on your good faith estimate. It could simply be a mistake, most loan systems are automated now and these things happen. If still in doubt, ask for a copy of a Rate Lock. it will among other things indicate the type and interest rate of the loan that has been secured.

If you are still in doubt, contact the department of Veteran's Affairs. They are very protective of our veterans and will quickly get right to the heart of the matter. If nothing else they can place you with an alternative, local lender that can help you.

Ignore the wolves in sheep's clothing trying to solicit your business. If you can get seller credits to pay your closing costs, VA is the best thing going right now. Ability to do a appraisal-less, 14 day streamline refinance, permission to let another veteran assume your loan, slightly below market interest rates....yes, take it. It beats the snot out of any conventional loan even if you have excellent credit.

Christopher Said:

How much of a down payment would i need to put down on house?

We Answered:

The first step is to contact a lender or mortgage broker (preferable) to get pre-qualified. That will determine how much you can afford to purchase and you can discuss all kinds of options (Putting x-amount down will result in how much of a payment? Can I take out a second mortgage to keep the first under 80% loan-to-value and avoid PMI? Do I want to pay more points up front to buy down my interest rate? etc.).

Armed with that knowledge, you then go find yourself a real estate agent. You can conduct searches for available properties yourself (like on www.realtor.com). But, the agent will have access to the multiple listing system (MLS), which includes supplemental information that is not available to the general public. The agent will also be able to arrange viewings of homes for sale that interest you.

Then, when you find a place you like that you can afford, the agent will prepare the offer documentation and, if it's accepted, the agent handles all of the purchase requirements (preparing documentation, working with the escrow company to meet their requirements, handling issues that might come up, keeping you informed, etc.).

Next thing you know, you're moving into your new house.

Jeff Said:

should i file bankruptcy after i lose house?

We Answered:

diagold...first...they can seek to sue you and get a judgement granted, only, you're judgement proof as you collect disability income. My best advise is to seek the counsel of a good bankruptcy attorney in your area. Most will see you free the first consultation. A bankruptcy filing is on your credit report for 10 year, the debts for 7 years, so...if you file, you would have screwed your credit for 10 years, if you don't file...you have the debt for 7 years, and it'll fall off your credit report then. If the house is the only asset you have....ride it out and leave any bankrutpcy filing for the absolute last resort. If they can't place a lein on your assets, can't garnish you, why pay thousands to file bankruptcy?..........The only reason you could file a chapter 13 bankruptcy would be if you wanted to keep the house and pay into a payment plan to continue to pay the mortgage. We can't tell you what to do, but, these are some options to think about. Good Luck!!

Vera Said:

Looking into a short refinance?

We Answered:

A short refi is a very good option if you can qualify. NV was one of the hardist hit states for property value decline and if you could get a new loan at or below value, it will save you a lot of money. If you are behind in your payments, an attorney cannot help you with getting qualified. It's all up to the new lender. On the other hand, if you can secure a new loan at mimimum 80% of the property's value, you have a shot. You would need to have the new lender send you a pre-qual letter and a preliminary HUD1 statement. You would then contact your lender and mention you have a lender who may be willing to lend you funds and get the process started. I cant speak for all lenders but with mine, we look favorably on short-refi's. If someone can secure a new loan in today's enviorment, it helps them and helps us.

Dont think that all banks are shady and not willing to help. As long as the new loan is near market value, they should be willing to consider your offer.

David Said:

First year paid mortgage?

We Answered:

nidia,
You need to be earning two good livings before you consider buying anything never mind a house.
there are companies out there who would love to loan you money cause they will get the house back. Get 'House buying for dummies' read it. Save your money work hard and smart. visit DaveRamsey.com learn what he banks don't want you to know. You don't go into a house with no money unless you like living in your car. Houses are expensive (principal interest taxes property association dues school taxes utilities electric gas water sewer yard upkeep stuff to fill the windows furniture etc.)You need REAL money .