Military

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

When I joined the military one of the perks were the home purchase break. Well I got my certificate, but it is a pain in the neck to try to use it. I deal with veterans now who have run into the same issues. I think this is misrepresented, bottom line is if you have credit issues it is not gonna be a break for you at all. Can you talk a bit about the advantages if any?

Guest 0.10 Dollars($)

Hi,

I have not got your situation. Are you saying that you are getting some allowances from home purchase break but that does not help you in getting a loan?

If you can, please explain it a bit.
Thanks.

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

When you join the military and you get an honorable discharge you can qualify for a loan that most lenders wil give you a break in the intrest. You have a housing certicificate that shows you are or were in the military, you can learn more about it at va.gov

Anyway, alot of folks have started to use it and withdrew it because it drags the process out to long and they don't overlook any credit issues you have. So it still comes down to the borrowers credit, no break there.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Jbarto,

As far as I know, VA loans could be helpful in making a purchase. You may not have to make any down payment in certain cases and the interest rates are also lower than the conventional loans.

It stresses more on past 12 months timely payments and the debt-to-income ratio.

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

Thanks jenkins for explaining a little more, I just could not find the wording. I know that not alot of financial institutions around here use them or are not very familiar with them.

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