USAA VA loan

32 Replies

Hey BP! I was wondering if any one out there has used the VA from USAA and if they counted the 75% rental income to couple with their job income? Some lenders don't and I was wondering what side of the fence USAA was on. Thanks in advance for your time :)

It's been awhile since I applied through USAA (and it was regular loan, not VA). But if I remember they do count all of your income....but they didn't count "projected" rental income on the house your buying. So if you made money at a regular 9-5 and had a property that brought in rent (and had alimony, or child support, etc.) they would con't all that in your income. But they wouldn't count the potential income of the home you were buying.

Its been several years though, so I would call them.  They have great customer service reps.  I have never been disappointed with USAA and a lot am willing to pay a bit more because I know they will take care of me (like for home insurance), but their rates are not always the lowest, just so you know.

Don't waste your time with a loan from USAA, there are much more competitive rates out there with much lower fees.  I am a USAA member and have gotten a loan with them in the past, never again.  The online lenders are so much more competitive.

I tried to get a mortgage from usaa once while doing some reserve tours after being a usaa member for ten years.  I explained the situation 14 times and was unable to get the loan.  I explained the situation to a local lender once and got the mortgage.  I could go on and on about the horrible service from usaa, but you get the point- try elsewhere as in anywhere else!

@Amy E.  @Cal C. @William Allen

Thanks guys very much for your time, I guess I'll be going else where. The other lender I'm looking as is a Federal Credit Union and I have had car loans through them. I did like them so I guess that might be the place we end up. Thanks again for your responses, wish you guys the very best.

@Ross Ellington

I am personally done with the brick and mortar banks as long as the online lenders will still loan to me.  Pretty soon I am going to need to find a portfolio lender but if you don't have a bunch of loans they would be my recommendation.  

@Ross Ellington my first VA loan was through USAA who quickly sold us off to US Bank. Second house I started the loan process with them again where we were offered 4.25% so I decided to shop around and checked Navy FCU. Not only did NFCU offer lower (3.75%) right off the bat, they had an incentive where they pay partial closing costs. Since I already negotiated for the seller to cover closing NFCU put their incentive towards points to get me 3.625%. USAA didn't like hearing their rates were beat and tried to demand we give up the name of who offered us such a low rate. We will get insurance through them again but NEVER a loan.

@Ross Ellington

As others have stated, I would not recommend USAA. i was shopping around for loans last year, and USAA's closing cost were around the 5k mark. I went with National Bank of Kansas City, and their fees were much lower. $495 mortgage fee was all from the bank if I remember correctly. 

Also, don't fall for their Movers Advantage Program. They have an affiliation with coldwell, and my experience with them was not the best. Agent was sub par but I wanted the rebate. Other agents will match the MA program if you ask. Hire a realtor that will meet your needs, not one the bank forces on you. 

I am in the process on closing on a 2nd tier VA loan so please let me know if I can be of any assistance.

Hey Blake, how are you doing? Thanks for the response, it seems all of you guys are in the same boat. I think I've heard enough to stay away, thank you. If I come across another question I'll be sure to IM you. Have a wonderful night :)

@Blake Woodham ,

As a veteran, I am familiar with the VA loan process; however, I don't think I know what a

2nd Tier VA loan is. Could you explain? I have never used this type of loan on investments; only my personal residences.

Thanks,

Home loans are not USAA's strong suit. I love them for everything else but not home loans like William Allen said there are more competitive lenders with better service.

@Gerald Thompson

 The 2nd Tier is just a fancy way of saying I'm getting a second home under the same 417K cap. Since I PCS'd they will allow you to buy another 0% down. Typically it has to be over 144K and then under your remaining allotment. I am pretty sure this all depends on what you spent the first time around. 

Please let me know if you have any other questions. 

@John Powell Thanks buddy for the info, I will heed the advice.

@Blake Woodham @Gerald Thompson Hey Blake, hope you're doing well. I could be wrong but I believe the second time around you can go up to 144 and then the down payment for the remainder of the mortgage comes out of your pocket. And I don't believe there's a limit, but could be wrong and feel free to correct me if so.

@Ross Ellington I think you have some numbers mixed up. 

I am in the process of closing my 2nd Tier VA loan and the loan officer told me the min price is 144K. I can go up to 270K with 0% down, and anything over 270K would have a 25% down payment (just for the overage). The max the VA will finance is 417K in my area.

I haven't used USAA but I have had no issues getting my rental income counted by other mortgage brokers. Just ask around. Honestly while I have never tried USAA, I found Navy Federal to be much stricter.

@Ross Ellington ,

I have a mortgage broker whom deals with VA loans. I will give him a call and get the details. This information was never offered to me, so it makes for a good meeting as I am really curious of the ins and outs of this program. Thanks for the great information!

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