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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 659.00+1.0%Nov 21 4:00 PM EST
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To: James F. Hopkins who wrote (15432)5/31/1999 10:31:00 AM
From: TimbaBear  Read Replies (1) of 99985
 
<OT>
Fortunately, thinking like yours was offset by realtors who really understood how the VA loan process worked....Having originated Government loans for the past 7 years for several different lenders, I consider myself somewhat knowledgeable about what is involved from both sides of the equation....If you were attempting to use VA financing at the time when the VA set the interest rates, then those rates were sometimes way out of touch with market rates on conventional loans and the discount needed to bring them in line was sometimes very high....if you were attempting to use VA since they allowed the lenders to reflect market interest rate conditions, then the points were much lower....Please keep in mind that the VA itself charges between 2-3% "funding fee" to the veteran, to offset the much higher risk inherent in 100% loans....Also, you did not address that the VA loans had no PMI paid monthly and that saved the veteran about 1% of the principal balance each year for the first 10 years....There were compensations the veteran got from engaging in VA loans like this that you failed to mention....No money down, the closing costs could be wrapped into the sale price and be shown as paid by the seller, thereby making the true net out-of-pocket money zero dollars for the veteran, and no PMI....Are there lenders who charge more points than other lenders, absolutely!....it sounds to me as though maybe your experiences were with one of them, but it always pays to shop around.
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