Sure can, but speaking to keeping the most money in your pockets upfront. That 1% takes up a lot of closing cost when factoring the cost of homes. Adding down payment with this scenario really doesn't make much sense, better off just buying down the rate.
Definitely do not recommend using the VLB. They are extremely inefficient, have extremely poor communication and their requirements for the land itself can be quite difficult to meet. We had been under contract to purchase land in south Texas for three months, and they couldn’t give us a closing date. We backed out. Was a blessing in disguise since Texas has gone to 💩
@@aishal.594 Yes, the VLB is just a program the lender participates in to get you in a home. After that, you are free to go to any lender that is familiar with the VA IRRRL
@@RaoulRowe Thank you so much! I greatly appreciate you and wish you so much continued success in every area of your life. You have inspired me to definitely pursue my real estate license and give back. I've learned so much as a first time VA buyer and believe that I can help similar families who find themselves being turned down multiple times due to out bidding and refusing to wave appraisals and inspections. We went with a new construction and it was the best decision we ever made. We bought the home we wanted not the one we had to settle for and we are so grateful.
I’ve already used my VA entitlement. Is this loan a separate program from the VA loan? In other words is this a conventional loan offered by the VLB?
It can be VA, Conventional or FHA
Sure can, but speaking to keeping the most money in your pockets upfront. That 1% takes up a lot of closing cost when factoring the cost of homes. Adding down payment with this scenario really doesn't make much sense, better off just buying down the rate.
It’s at 4.8 right now with a discount for disability
Yep, I expect it to drop a bit more here soon before leveling out.
Definitely do not recommend using the VLB. They are extremely inefficient, have extremely poor communication and their requirements for the land itself can be quite difficult to meet. We had been under contract to purchase land in south Texas for three months, and they couldn’t give us a closing date. We backed out. Was a blessing in disguise since Texas has gone to 💩
The next topic will be focusing on their home buying "benefit." It's not one at all to the veteran.
Hello good morning, I already purchased a home using the va loan I knew nothing of the vlb. Is it too late to reach out and see about re financing?
The VLB doesn't offer refinancing but you can look in to a VA IRRRL.
@@RaoulRowe If I use the program can I go to another lender and apply for VA IRRRL?
@@aishal.594 Yes, the VLB is just a program the lender participates in to get you in a home. After that, you are free to go to any lender that is familiar with the VA IRRRL
@@RaoulRowe Thank you so much! I greatly appreciate you and wish you so much continued success in every area of your life. You have inspired me to definitely pursue my real estate license and give back. I've learned so much as a first time VA buyer and believe that I can help similar families who find themselves being turned down multiple times due to out bidding and refusing to wave appraisals and inspections. We went with a new construction and it was the best decision we ever made. We bought the home we wanted not the one we had to settle for and we are so grateful.
I plan to move to TX next year and have a home in CO I will sell prior to moving, do I qualify for a VLB?
Yes, you only need to live in Texas for one day to qualify.