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Anyone else getting cold called on refi's?
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Refinance options
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Does USAA offer no-down-payment mortgage options for professionals?
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Anyone else getting cold called on refi's?
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Does USAA offer no-down-payment mortgage options for professionals?
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Does USAA loan on land only (no house)?
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Does time spent in ROTC during college count towards the 6 years required to qualify for a VA home loan?
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brand_bank_loan_new_mortgage Buying a Home: Home Loans and Mortgages

Customer Questions & Answers:
72 Questions
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39 Answers
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Questions & Answers for brand_bank_loan_new_mortgage Buying a Home: Home Loans and Mortgages

Question

Does USAA offer FHA loans?

I'm a recent college grad looking to buy my first home, as I am less than a year out of school I don't have much saved up for a downpayment but I do have good income and very little debt. It seems as though the only way I will be able to secure a loan without a 10% downpayment is through an FHA loan. I already use USAA for almost everything else and it has been a great experience so I would like to handle my mortgage with them as well.
Asked 4 years, 2 months ago
by johncurw
Tulsa, OK
0points
0out of 0found this question helpful.
6 answers
Answers
answer 1
USAA does not offer FHA loans. We too were going to use an FHA loan for our first home, but when we compared the FHA rates, fees, and PMI (Private Mortgage Insurance) quote we received elsewhere with USAA's quote for a conventional loan, we realized that we would be better off with USAA's loan after all. (Though we do have to come up with slightly more cash for closing). We are in an area of the country that only requires a 5% down payment, so our situation might be a bit different than yours, but I would definitely recommend looking into USAA anyway! *Do you qualify for a VA loan? *Make sure you look into the MoversAdvantage program too. We really regret that we didn't! Good luck!
answered 4 years, 1 month ago
by AP925
+1point
1out of 1found this answer helpful.
answer 2
Nope; contact LendingTree.com. I, too, am a recent college grad, and just got engaged. My fiance is still in school, and she doesn't generate a reportable income, so we had to rely on my income for application purposes. Go for an FHA with them and you should be good to go!
answered 4 years, 1 month ago
by N Bossi
Charlotte, NC
0points
0out of 0found this answer helpful.
answer 3
They're great when getting a mortgage, but you won't know if they'll give you a loan unless you do the preapproval on line and/or ask them on the phone. Just make sure you have all your assets available because they're pretty thorough in checking your background
answered 4 years, 2 months ago
by H Murray
Etown KY
0points
0out of 0found this answer helpful.
answer 4
Personally, I would encourage you to shop around. I too have been a long time USAA customer, but the service I received from their mortgage branch was not on par with other USAA products. Additionally, your loan will also be sold to US Bank, GMAC or some other affiliate -which is a normal practice- and there has been mixed reviews regarding the level of customer service received once sold. I did have a few friends who purchased homes around the same time I did and their experience with USAA was more positive. End-state: continue your research and seek referrals from trusted sources.
Top Contributor
Top Contributor
answered 4 years, 2 months ago
by CAS024
Savannah, GA
+3points
4out of 5found this answer helpful.
answer 5
I already wrote a positive review about my USAA experience. USAA should be a good choice. Why not try, right? Rates are great, prices are great. It's a buyers market right now! I suggest putting as much down as you can and paying extra each month to build equity quickly. If you can get a 15 year loan on a less expensive home that is a great idea. This will get you the most bang for your buck. You pay so much less in interest. Trying searching for the web for a amortized mortgage calculator to see what I mean.
HTH, Heather
answered 4 years, 2 months ago
by Heather W
WA state
0points
0out of 0found this answer helpful.
answer 6
They do not offer FHA loans, but did approve me with only 5% down. I would not recommend them based solely on my experience however, as they seem to be having an incredibly difficult time keeping up with current mortgage regulations and have repeatedly given me incorrect or misleading information and then making me find ways to correct the problems or risk losing the house we have already made an offer on.
answered 4 years, 2 months ago
by DanOK
OKC, OK
+8points
8out of 8found this answer helpful.
Question

Does USAA participate in the 1st Homebuyer Program that's set up by Obama?

Asked 4 years ago
by AHAYS
Bennettsville SC
0points
0out of 0found this question helpful.
4 answers
Answers
answer 1
It doesn't matter where you get the loan, as long as you are a first time home buyer you will qualify for up to $8,000 back. If you were deployed in 2009, we are given an extension until may of 2011 to buy a home and qualify for the credit.
answered 3 years, 10 months ago
by typfromdaco
Waco, Tx
+2points
2out of 2found this answer helpful.
answer 2
Yes, I was a first time buyer and took advantage of the program offerred by President Obama. IT WORKED!!
answered 3 years, 11 months ago
by Othello
Columbia, SC
+1point
1out of 1found this answer helpful.
answer 3
The answer is that it doesn't matter. The program is a tax credit and the institution managing the mortgage loan has no control over the credit.

Go to http://www.federalhousingtaxcredit.com/faq1.php for more on the program or talk to your tax representative.
answered 3 years, 11 months ago
by Rafael E
Katy, TX
0points
0out of 0found this answer helpful.
answer 4
This program has nothing to do with your lender. It has to do with fileing taxes at the end of the year. USAA has no control over your first home buyers tax credit.
answered 4 years ago
by kurtkab
Ohio
0points
0out of 0found this answer helpful.
Question

Are there programs that are zero down, 100 % financing?

Asked 3 years, 2 months ago
by DaV1d
Redding, CA
0points
0out of 0found this question helpful.
4 answers
Answers
answer 1
There are such programs that cover 100% of the home purchase price -- the VA Home Loan Program. The problem with "Zero Down" is that it applies to the down payment, not the fees and closing costs associated with buying a home that are generally between 6-8% of the cost of the home. You will need funds to cover this, a concession from the seller or a combination of the two to truly be No Money Down.
 | Army
Separated
 | 
Lincoln, CA
answered 3 years, 2 months ago
by N1ghtfox
Lincoln, CA
0points
0out of 0found this answer helpful.
answer 2
If you're elligable for a VA loan, I recommend it.

I had already used my VA loan on my original house but since refianced it and was eligable to use it again. However, I was subject to the 3.3% VA funding fee (read PMI up front). If you are able to put just 5% down on the house, the funding fee drops to 1.5% (I think that's the correct%). If you don't want to put any money out of your pocket however, then you can roll the funding fee into the loan. However, you'd still be liable for closing costs.

What you can do for closing costs though is if the house is $500k, you can make an offer of $510K stating $10k goes back to you, the buyer, for closing costs. 2 catches - 1 - the house has to appraise for that amount ($510k or more) and 2 - if there is any leftover $$ from closing, than that money will go back to the seller (at least in CA) and you're still liable for the $510k.

Good luck.
 | Navy
Active
 | 
Ventura County
answered 3 years, 2 months ago
by BINCS
Ventura County
0points
0out of 0found this answer helpful.
answer 3
With today's economy, it is very difficult to find a loan that does not require a down payment; however, the VA loan is always 100% and if you are a first time home buyer, you can also find "special" loan programs.
 | Army
 | 
VA
answered 3 years, 2 months ago
by Bogans
VA
0points
0out of 0found this answer helpful.
answer 4
VA Loan
 | Army
answered 3 years, 2 months ago
by Scott121212121212121
-1point
0out of 1found this answer helpful.
Question

Does time spent in ROTC during college count towards the 6 years required to qualify for a VA home loan?

 | Navy
Reserves
 | 
Bay area
Asked 1 year, 2 months ago
by Demetreos
Bay area
0points
0out of 0found this question helpful.
3 answers
Answers
answer 1
Short answer is no. Time served requirement begins the first day you begin your initial training to enter the service. Which for ROTC that translates to the day you begin OCS or Basic Training.
 | Coast Guard
Active
answered 1 year, 1 month ago
by Mike1965
0points
0out of 0found this answer helpful.
answer 2
No, your time in ROTC does not count unless you are a Green to Gold Active Duty Option cadet.
answered 1 year, 1 month ago
by Salena
Virginia
0points
0out of 0found this answer helpful.
answer 3
I am almost 100% positive that it does not. Just as it does not qualify toward your retirement, it does nothing in terms of your service time. The only situation I have seen it count toward anything is toward years for pay, but this is only for those service members with prior service before their contract into an ROTC program. As I am not an employee for the VA or aptly versed in the regulations surrounding VA Loans I can't give you a definite answer.
answered 1 year, 2 months ago
by DonatelloSep
0points
0out of 0found this answer helpful.
Question

Has anyone else had problems with the VA appraisal process? Its been 10 days and we still have not heard from the appraiser. How long does it take?

Asked 4 years, 1 month ago
by EK0020
Ohio
0points
0out of 0found this question helpful.
2 answers
Answers
answer 1
As with virtually every Government Agency, a VA appraisal usually requires a couple of weeks or longer to filter down to the people that need it - the mortgager and mortgagee. The physical appraisal can be a significant delay, depending on how many appraisers are in the local area and how busy they are. However, I would think in this depressed market this would not be an issue. I believe the VA soemtimes requires a review of the documents before the appraisal is released. That review can delay the final appraisal document. At least that has been my experience in the past.
answered 4 years, 1 month ago
by LivinnDesoto
DeSoto TX
+1point
1out of 1found this answer helpful.
answer 2
We didn't have problems with the VA appraisal but it did take 15 plus days before we recieved the appraisal. I located it in our member docs before our loan officer sent it to us. You may want to just keep checking your loan doc site. Best of luck!
answered 4 years, 1 month ago
by anni
Seattle
+1point
1out of 1found this answer helpful.
Question

Are the quoted fees (PMI in particular) from USAA mortgage reliable?

I have been quoted a monthly PMI (private mortgage insurance) rate for a 5% down conventional loan through USAA that another lender I had been working with says is not possible (just way too low). Could the PMI USAA has quoted me be too low? Do their quoted fees change a lot? Or is the other lender just trying to scare me out of using USAA instead of her (higher cost/fee) loan estimate?
Asked 4 years ago
by Tessy
Fort Collins, CO
0points
0out of 0found this question helpful.
2 answers
Answers
answer 1
USAA's quotes for PMI were accurate for me. It was the least expensive loan for me for that reason. The rates that were NOT accurate were everything else (estimate for attorney fees, surveys, etc). Given my overall horrible experience with the mortgage process once I decided to go with USAA, I would NEVER recommend that ANYONE go with USAA for a mortgage, despite it being less expensive.
answered 4 years ago
by USAAMember10Years
+1point
1out of 1found this answer helpful.
answer 2
PMI rates can vary dramatically and are generally based on the type of loan you are considering, your credit status, AND the past performance of loans from that lender. USAA has very good performance in its loan portfolios and that WILL give lower rates on PMI. It is a "cost" in mortgages that is often overlooked when comparing rates and terms.
answered 4 years ago
by BDnSA
SA
+1point
1out of 1found this answer helpful.
Question

why does usaa require spouse on the deed if they are not on the loan?

i am being told its USAA policy that the spouse must be on the title/deed even though they are not on the loan/application. I have not been able to find this in writing and find this a very strange situation. they say even spouses who are separated must be put on the deed because they are not divorced just separated.
Asked 3 years, 10 months ago
by spouses
0points
0out of 0found this question helpful.
2 answers
Answers
answer 1
It is possible the property you are trying to finance is in a spousal right state.
answered 3 years, 10 months ago
by JustMeandTaz
Virginia
0points
0out of 0found this answer helpful.
answer 2
Had the same thing happen to me. Fact is that if you're separated at the time of closing, but not divorced, and you're using money gained during the marriage (i.e., savings/stock/etc., and not some gift from a relative), then in a number of cases the new home could be considered part of the proceeds of the marriage, and thus joint property.

If your divorce is finalized before you close, you'll just need to provide a copy of the divorce decree at closing and all's well. No need for the (now former) spouse to sign anything.

Keep in mind, this isn't just USAA's policy. A number of lenders out there will require the separated spouse's name on the deed, even if that person isn't on the loan application. Has to do as much with corporate policy as it does with your state and local regulations.
answered 3 years, 10 months ago
by spazzyMcSpazzer
Alpharetta, GA
0points
0out of 0found this answer helpful.
Question

Do any of the mortgage lenders (gmac, us bank, etc) allow you to split the payments each month?

Asked 4 years, 1 month ago
by gblaxx42
Philadelphia
0points
0out of 0found this question helpful.
1 answer
Answers
answer 1
GMAC do allow for split payments however, there is a initial account setup fee of $236. I am using split pay With GMAC.
answered 4 years, 1 month ago
by mike 414
South Carolina
+2points
2out of 2found this answer helpful.
Question

Has anyone obtained a HARP refi/USAA for a Freddy Mac loan.

Asked 4 years, 1 month ago
by fish8me
Miami, Fl.
0points
0out of 0found this question helpful.
1 answer
Answers
answer 1
Currently, USAA First Mortgage Services offers refinances under Fannie Mae loan guidelines only. Please contact your servicing agent directly for questions on Freddy Mac refinances.
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Top Contributor
answered 3 years, 10 months ago
by Anonymous
0points
0out of 0found this answer helpful.
Question

Do USAA offer any special credits or grants for first time home buyers?

Asked 4 years ago
by LaShae
0points
0out of 0found this question helpful.
1 answer
Answers
answer 1
No
answered 3 years, 11 months ago
by MAC2
Colorado Springs
+1point
1out of 1found this answer helpful.