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Military.com Forums Hot Topics & Current Events In the News Homeownership Opportunities for Veterans Increase|
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suspended 90 days as of 5/19/09 |
Great idea! Get the military - they're a big source of steady paychecks - to buy those overpriced houses before you have to reduce the price. A win-win situation! Soldiers who might not otherwise be able to afford it, get to be 'homeowners' (with a great big whackin' mortgages) and the banks get to recoup some 'losses' on their defaulted loans.
They're not like the other 'bums' who couldn't afford it either and defaulted on their loans. Our banks (in Canada) used to 'repo' houses from dead soldiers' widows, until they allowed them to hold mortgage insurance. (Actually they did allow them to buy insurance the kind that was null if you got killed in a war.) I assume US banks are more patriotic? |
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Member |
That is the problem. All these homes are way overpriced and after someone buys it they can't afford it nor can they sell it. So they end up walking away from it. |
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New Member |
I'm a retired SFC/E-7 with two teenage children. My wife and I both work and have a combined income of around 95k annually, before taxes. There is NO WAY I'd buy a house priced above 285k. This VA change is STUPID unless you're a retired O-6 or so....
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If a tree falls in a forest and lands on a politician, even if you can't hear the tree or the screams, I'll bet you'd at least hear the applause. Paul Tindale  |
Seems everybody has bought into the "overpriced homes" idea. To be polite, horse puckey!!
The price of a home is in several phases. 1. The list price. This is just a starting point for negotiations. If a buyer thinks it is way to high, just go on to the next one. There are plenty out there. 2. After negotiations, both parties come to a meeting of the minds. In other words, both parties agree on the price. No agreement, no price, no sale. 3. The mortgage lender normally requires (at least in Florida) an independent appraiser verify that the home is worth the purchase price. This is before closing. If the appraiser thinks that it is not worth sale price, no mortgage at that price. The buyer and seller either agree to lower the price to the appraisal amount, or no sale.. Bottom line, a house is only worth what someone will pay for it. In the above process there area several assumptions made. The most basic is that all parties are honest. If not, fraud will happen. But, the buyer (in making the single most important decision and purchase in their life) is assumed to be at least intelligent enough to ask questions. Didn’t ask questions? Shame on them. Yes there are organized fraud teams that prey on people, but again, if the deal sounds too good to be true, it is. They prey on people’s most basic instincts, greed. Ya can’t protect a fool from himself. Mortgages are another matter, but again, people fail to read, ask questions, and be wary of the deal too good to be true. Can’t protect them either. Seems that most young people today want it all, and want it now. Cost? Just charge it. Is it worth it? Who cares? This is the in thing, the status symbol, etc. Well, it will catch up with you, and usually it is the individual’s fault. Overextension of credit does not seem to be in anybody’s sights until it is too late. Again, can’t protect a fool from himself. Hard view? Nope! Just realistic. Peoiple should buy what they can afford, not what they want! Yes, I am in real estate. As I do have scruples and standards, I don’t make much money because I will not deal with fools or crooks. Never had a check bounce either. Have a good night!~!   |
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New Member |
Ok, let me put it "this way"...Witha combined income of 95k, with kids, most people should NOT extend themselves over something like a 285k house nowadays. That takes into normal maintenance, minor upgrades, and a decent car payment since cars don't last 30 years like a mortgage... You're a real estate agent. I'm a house owner. (i'm sure you are too) |
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New Member |
After reading the replys, I think y'all are missing the point. The lenders still have to
approve the individual for the loan amount. Considering what has happened recently in the housing market because of bad loans, I doubt seriously if the lending institutions will continue making such loans. On the other hand, I am sure there are numerous 0-6's and above living in California (the "Golden State") who will be benefited by this (they are veterans also). In addition, this will help a veteran who has previously used the VA to buy a house and then later sold it to someone that was not a veteran hence, ineligible for a new VA loan. With this increase, they may qualify for a new VA loan. That happened for me the last time they raised the limit. It does not mean I could buy a house for that much. It just meant that the difference for what is still owed on the old house is subtracted from the new limit and that is my new entitlement. For all of you doubters, please check with VA before you start criticizing. |
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suspended 90 days as of 5/19/09 |
I'd like to think you're right. But how long have banks been lending mortgages? Just what changed 8-10 years ago to make them think that making 'risky' loans, secured by rapidly rising house prices, was good business? A VA loan, plus a mortgage is just more debt. As another poster indicated house prices are 'relative'. But when the castle 'appreciates' in value because of a 'hot' market, so does the 'starter' down the street. |
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New Member |
What is being said is fine but you are missing the point of why we have VA Loans. No money down. How many veterans here in California have the 25% cash differential from the $417,000? To buy a $600,000 home here in Santa Clara Valley would generally be in a poor neighbohood and would get you 3 bedroom, 1 1/2 bath with 1000 sq ft. And I need cash to buy it? Give me a break. The only veterans who would benefit would be called up vets and then returning home to their old job with wives gainfully employed. This is not helping my wife as a broker sales associate and Mortgage company owner with first time buyers and young families. Where do they get the cash? Their parents? Not all parents have this money readily available either and then it has to be an outright gift.
Veterans read these articles and get excited only to have their balloon busted by reality and ethical agents doing their job properly. |
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New Member |
This is a great idea if you can afford it and if you can more power to you. But I myself am trying to get out of debt and will be THANKS to my WIFE.
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Member |
Awww, come on, now...... Civilian Big Business has been doing the same thing with Gov't: Rich get richer, poor get poorer- make laws and rulings that benefit the top 5% and let everyone else twist. Now it's the Military's turn: Let the double-standard for O's get even more lopsided, and finance their housing, too!! Who really cares IF the junior O's and Enlisted folks can make a decent home???  |
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New Member |
wow how short sighted you really are. I'n California you cant buy a tin shack for 285k, and as far as the 06 comment, I make 95k a year, my wife makes 35k a year, I can afford a 500k house and i'm not a retired 06. E4 FTW! |
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New Member |
I am a recently discharged E-4 that is single with no kids and not married, living in California, and in the area I live in a 1 bedroom 1 bathroom 786 sq. ft. apt. starts no less than $550,000 that is before taxes, and all the other applicable fees. With an annual salary of $75k, it would be difficult to get a loan without a program like this wtihout an enormmous down payment. The VA change is not stupid and anyone who believes that is ignorant. I appreciate this from the VA!!!
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New Member |
Yeah,I used my V.A.loan back in 1986 to buy my family our first home,wow Here I was living the "AMERICAN DREAM";then I started having foundation problem's after less than a year in the home after knocking door's in the neighborhood guess what I wasn't the only one and most of the home owner's were fellow veteran's!!!Long story short after 3 year's in the home it was declared unsafe to live in and we had to vacate it;thank goodness we had knocked on those door's because we started a class action law suit with 22 other home owner's under deceptive trade practice's,which we settled out of court so the builder would not file bankruptcy and leave us all twisting!!! Only problem was the great,stick it to you,wonderful folk's at the V.A. said it was easier to take my 20% disability to repay the V.A.,than it was to go after the shady s.o.b. who screwed us all with the crappy houses!!!So beware of V.A. loan's I'm still paying off a loan from 21 year's ago + the interest because it's easier for the government to stick it to the vet!!!!!!!!!!!!BIG TEX
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Highly Experienced Member |
I am a retired E-8 living in a one bedroom mobile home. Its paid for and I have a water view. I drive a Toyota Tacoma and a dog that loves me. My wife lives in a one bedroom mobile home right next to mine. I sleep with my dog and sometimes will eat over at my wife's home. I could afford a $500,000 home but why should I? I have everything I want now. I get up in the morning, catch a fish, have my wife cook it for me and then I get on line with mil.com. Life is good. Let the VA do what they want. You can't stop them anyway.
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Member |
Anyone who has to pay 500,000 for a one bedroom and one bath house should move out of the state they live in because they're getting screwed with their pants on.
I want to know what the monthly payment would be on a 500,000 house with no money down and the VA guarantee of 25% down. Plus, the home would have to mett rigid inspection by VA home inspectors and many sellers don't want to deal with that. |
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New Member |
Well I think that you should be able to use your va , home loan for that business that you may have or want to get into. like a tractor trailer. if i could use my va home loan to buy a semi, with a condo sleeper, and work everyday to make the payment as a house . I would most of your large trucks ,(semi) you sleep in you eat in , and your making a house payment and most truck cost new are about $90,000 plus unless you want a western star or pete ,kenworth just add another $40,000 to the $90,000 and that just a start they go up in price just like your house, unless the market drops , but JUST REMEMBER EVERYTHING YOU USE IN YOUR LIFE CAME OFF A TRUCK AT ONE TIME OR ANOTHER.RESPECT YOUR TRUCK DRIVER AS WE RESPECT YOU , WE CAN'T STOP ON A DIME AT 55 MILES PER HR IT TAKES 3 FOOT BALL FILEDS TO COME TO A COMPLETE STOP.
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New Member |
uhhh....there was an example of how a house that is outside the current limit can be purchased. It used the example of 25%=$45K....exactly where does anyone think that a vet is going to have $45K just lying around for a down payment?....if you do....God bless ya...
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New Member |
I live in CA and have not used ANY of my VA "benefits" - you know why? Because they suck. GI bill? please, it's a scam. So glad I'm a civilian now and don't need to rely on rock bottom benefits to get by....
$1M home, good job, family...all with no thanks to the USMC |
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New Member |
Now why would you think the USMC has anything to
do with the VA benefits? Sounds like a case of sour grapes. |
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Military.com Forums Hot Topics & Current Events In the News Homeownership Opportunities for Veterans Increase
