On Wed, 13 Feb 2008 16:15:26 -0500, "Eisboch" wrote:


"Short Wave Sportfishing" wrote in message
.. .
On Wed, 13 Feb 2008 11:38:45 -0500, "Eisboch" wrote:

I don't know how or when the benefit package changed, but I was active
duty
from '68 to '77. Continued school after I got out with full GI benefits
and purchased my first house with a VA backed loan.

Yes you could, but you could get a commercial loan for .25% less than
what the VA authorized and there was considerably less paperwork.

And it wasn't a full "loan" - it was a security backed loan with a
guarenteed down payment - not the full loan like WWII vets got.

It really wasn't a loan at all. The VA simply "co-signed" in a way, my
application for a mortgage.

That's correct - they cosigned to guarantee a certain percentage
(which I believe at the time) was 2% of the total value of the loan.
John had it right as I remember it.

I'm not saying it wasn't a good benefit - it was, but lenders, at
least when I was looking at a home, were reluctant to loan against a
VA guarantee and would actually discount their rate to avoid it.

Then again, that was my experience. I've never used the VA loan
benefit because it was cheaper for us to co-own sans VA guarantee.

By the way, I'm not a huge fan of the VA in general.

I have my reasons -someday when we're just sitting around with nothing
else to do I'll tell you why.