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My First VA Loan
  • As a Veteran, I took advantage to buy a home 21 years ago, due to a job relocation to the Midwest. I had never thought or considered VA financing after leaving the service. I had no knowledge or understanding of the process, but with the help of an excellent Lender I became better informed, and the purchase went through very smoothly.

    As I recall, I did put in a small downpayment, the appraisal came close to purchase price, I covered the closing costs, so no additional funds required. Approvals were very quick. Three years later, I was moved back to Miami, sold the house, and was able to capture a satisfactory amount in net proceeds. These were funds put towards our Miami home which was purchased with a conventional mortgage. I was under the impression that a VA loan was a one time opportunity. BIG mistake.

    As real estate professionals, it becomes our duty to be more aware of the benefits of VA financing. It is a wonderful program, and yes it does have its pros & cons, but I found that it has far more pros to off-set any of the negative points.
  • @henrypaul I agree with you. Many do not understand that the VA loan may be used more than one time. I also found out a couple of years ago that you may have more than on VA loan out at a time due to relocation orders, ie: you buy a home in New Orleans then get orders to Destin Fl, and do not want to sell your home in New Orleans you can still use your VA loan to purchase.