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VA Certificate of Eligibility - Check

May 16th, 2012 at 12:28 pm

We applied for a VA loan and were approved about two weeks ago. My husband needs a certificate of eligibility to complete the loan. We received a copy of it by email today, so we are good to go.

We may reapply for a conventional loan now that we have sold our home and likely won't close on another home until after we complete our current sale. That would mean we would have a much bigger down payment since we would have the equity out of this house.

Decisions, decisions! I guess I need to run some numbers. Fun!!

Has anyone else used there VA home loan benefits? What did you think about it...good or bad?

Posted in Spending, Debt | 2 Comments »

2 Responses to “VA Certificate of Eligibility - Check”

  1. Beawealthywarrior Says:
    May 16th, 2012 at 12:57 pm 1337173062
    1337173062

    I've used it once to purchases my first home and it wasn't too bad of an experience. Yes you don't have to necessarily pay a down payment but generally the interest rate maybe higher and you have to pay the VA funding fee. I think it's something like 1% but increases the second time you use it but definitely double check.

    Things maybe different now but at least you have options. Good Luck!

  2. PNW Mom Says:
    May 16th, 2012 at 03:04 pm 1337180662
    1337180662

    We purchased our very first house with a VA loan (DH was in the Coast Guard). I don't remember it being a bad experience or anything. It seemed to work ok for us, but it was approx 20 years ago.

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