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February 2014
A VA loan is probably the best type of mortgage available for today’s home buyers because it allows eligible borrowers to purchase a home with no money down and no requirement to pay monthly mortgage insurance. Applying for any type of mortgage requires that certain documents also be submitted in order to verify the information […]
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The VA loan appraisal process is in place to protect the Veteran from purchasing a home that will cost more than the fair market value for a particular location. By checking the home’s condition thoroughly and according to the VA’s minimum property requirements, Veterans can be assured that they will not be living in a home that requires major […]
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Similar to other types of mortgages, VA loans require that an appraisal be performed in order to determine the property’s market value. However, a VA appraisal will go a step further to also determine that the property meets the VA’s Minimum Property Requirements (MPR) which places an emphasis on any hazard that will adversely affect […]
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It is important for the VA underwriter to identify and verify a borrower’s income that is available and necessary to meet financial obligations. By doing so, the underwriter is making sure that there are enough funds each month to cover these obligations, including the mortgage payment, shelter expenses, debts and other family living expenses. Part of […]
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