Dave, Why Do You Hate VA Home Loans?

Dave, Why Do You Hate VA Home Loans?

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[ExMorteEx]

My VA loan closing costs was a bank-breaking $80.

If you’re service connected, the VA loan is a no brainer.

[furiouswalton]

Dave's show has been a blessing to my finances, but finally heard a point I disagree with. I bought my home via VA loan, paid off 30 year loan in 10 years. Use your benefits

[jerichotombstone]

bought my first home at 21 with a VA loan and it was the best decision i’ve ever made

[maxpayne]

Rent an apartment for $1500 or buy a house with $0 money down for $1500 a month. I can see why people don’t take Dave’s advice on this matter.

[allroads]

Dave is off base on this one. Buying my third home with a VA loan. 401k and equities are working for me as a result. leveraging an appreciating asset that has the utility of living in it that is worth hundreds of thousands so long as the payments are within your budget is a no brainer.

[GohomeLess]

Contrary to some misconceptions, the VA loan isn't just a freebie handed out to veterans. It's a mortgage loan option that offers numerous advantages, including no down payment requirement, competitive interest rates, and no private mortgage insurance requirement. These benefits make homeownership more accessible to veterans, enabling them to establish stability for themselves and their families after their service.

It's important to recognize that veterans have earned these benefits through their service to our country. They've put their lives on the line, endured grueling training, and made personal sacrifices that most civilians will never fully comprehend. The VA loan is a tangible expression of gratitude from a grateful nation.

Moreover, when comparing the benefits provided to veterans with those enjoyed by Wall Street executives and lobbyist politicians, it becomes clear that the VA loan is a modest offering in comparison. Wall Street executives often receive extravagant bonuses, stock options, and other perks, while lobbyist politicians may enjoy lucrative speaking fees, expense accounts, and access to exclusive clubs and events.

Yet, these individuals rarely face the same scrutiny or accusations of receiving handouts as veterans do. The double standard is glaring. Veterans, who have served their country honorably, are sometimes unjustly criticized for availing themselves of benefits they've rightfully earned.

The reality is that the VA loan program is not only a vital lifeline for many veterans but also a smart investment for the nation as a whole. By helping veterans achieve homeownership, it strengthens communities, stabilizes families, and contributes to the overall well-being of society.

In conclusion, rather than viewing the VA loan as a handout, it should be recognized and respected as a valuable benefit that veterans have earned through their hard work, sacrifice, and dedication to our country. It's time to dispel the misconceptions and give our veterans the appreciation and support they truly deserve.

[mambofuego]

I bought my first duplex over 20 years ago using a VA loan…. That start has made me hundreds of thousands. That first VA loan was a blessing. I would rather own that rent, any day.

[charlesf.]

Yeah I’ve always followed Dave’s advice except on this one, VA home loan had a lower interest rate. Since I receive compensation I did not pay the funding fee and I still used the 15 year with 20% down. He just doesn’t like the zero down and the funding fee part

[pHeepodcast]

I think Dave is misinformed I use the VA Loan and had Zero fees…. I was paying 1400 for a 2 bedroom in Tampa FL now I pay 1140 No PMI No Fees all I paid was half closing cost.

DON’T TAKE DAVES ADVICE VETS GO GET YOU A HOUSE!!

[TheMacmann]

I’ve used a VA loan a couple times. Didn’t have 20% to put down but wasn’t broke. The interest rate was not higher than anything else. The only downside is the VA does charge a fee. Renting is a waste of money you will never get back. With buying you are getting part of the payment going towards the principal and also you home increases in value.

[FunandBudget]

I have a VA loan - 2.25 interest rate low closing cost...yes there's a va origination fee of 1.5% but like Dave said, you can play around with those numbers and offset the down deposit since you don't have to put down 20% and you don't have PMI. VA loans have so many protections built in that they are worth a look. Too broke to buy a house is a strong word...I didn't put down 20% but I have paid off over 50% of my home.

[victorsaenz]

Imagine asking sarcastically “Can you not work?” Implying that a veteran is lazy. Also I hope things work out for this guy. When I got out I counted on the GI bill for money and I bounced between a lot of jobs. It was absolutely terrible.

[StevenBrandHomeLoans]

Ugh. The VA loan is the best loan program in the universe. Lower costs, lower rates and easier to underwrite. Dave... I just looked on the NMLS and didn't see that you are listed as a Licensed Loan Originator nor certified with any VA loan program/course like VMA. You have lots of great thoughts to help people get control of their finances... thank you. Your "mortgage advice" can hinder someones' wealth creation though and deep down you know this. Buying with little down the ROI on the funds used for down-payment vs the appreciation (even with costs) are better than anything you can most often find (unless you buy and sell at the absolute worst times of the swings). TYFYS.

[CaseyBurnsInvesting]

I’m renting out my rooms on my VA Loaned home. Costs me less than 10% of my income to live there. Wouldn’t call that a position of weakness.

[ForeverknightGaming]

VA loan offered me 2.25% interest and all other loans offered me 3.25% and up. So idk why Dave says VA loans are more expensive when they saved me alot of money.

[drewdelaney]

Mr. Ramsey seems like a genuinely good wise person. His net worth is 200 million and he telling the service member that VA home loan is positioned in weakness?!?! You are so wrong sir on this one. Well you have that luxury to make a comment like that.

[JustAName-itqp]

I'm using VA loan in Texas, getting a house property tax free, no PMI and no funding fee.

[forallhavesinned]

I currently live in a house that I used a Va loan for while at the same time getting a house built and still using the Va loan for. I’m going to rent out my first home and live in my second. Both Va home loans with $0 down and no fees. It’s a blessing to also have money in the bank for emergencies for both houses.

[lkjg]

If this caller is planning on attending school for the next four years, working part time, and living off the GI stipend, he's probably not ready (financially) to purchase a house, VA loan or no VA loan. The caller said that he could rent for $850 per month, which doesn't sound unreasonable. Sorta surprised when he said his parents were going to charge him $350 / mo to live at home. My child comes out of the military and wants to live at home while going to school, no way I'm charging rent - but that's me.

[literalsarcasm]

I used the VA loan because I don't have to pay PMI, no funding fee, and it gave me the flexibility to pay off my debt while I saved for my house in case I didn't make the full 20%. I'm currently saving what I need to get the mortgage to where I'll be comfortable without the stress of the finality of a conventional.