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Want to know more about the VA funding fee? Here is an easy to follow presentation that will answer the many questions surrounding this fee.
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Choosing a VA lender for a home purchase or refinance can be a tedious task for most borrowers. In fact, most people don’t know where to start when it comes to finding a lender to consult with about borrowing and will settle for the first person they speak with. However, it is certainly possible to find the […]
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VA loans are backed by the federal government, although the VA does not offer or set mortgage rates. This gives lenders the option to charge low mortgage rates that are very competitive. Due to this, eligible VA borrowers find that VA mortgage rates are usually lower than those offered through conventional mortgages. Here are 5 […]
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VA loans are popular with eligible veterans because they do not require a down payment which is otherwise needed for other types of loans. Even with 100% financing, a VA loan also does not require a monthly mortgage insurance payment. However, there are many questions surrounding the VA funding fee. Here is an explanation of […]
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One of the quickest, yet rewarding, type of refinance for veterans who already have a VA loan is the VA streamline refinance, also known as the Interest Rate Reduction Refinancing Loan (IRRRL). This VA refinance is a great way to save money when mortgage rates are low. Below are the important facts to know about […]
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The VA home loan program is one of the benefits offered by the Veteran’s Administration to eligible servicemembers and veterans. The VA does not lend money, however, it will reimburse VA lenders in the event of a default. This VA guaranty reduces the lender’s risk which makes them desirable by lenders and, at the same […]
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It is not unusual for a military home buyer to be deployed before the entire VA home purchase process has been completed. However, this does not have to mean the end of the purchase and homeownership. For some, using a power of attorney to make a VA home purchase is possible as long as […]
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Assets are an important part of every mortgage, including a military home loan, also known as a VA loan. Cash assets may be needed for the down payment or closing costs. Some are necessary to fulfill any reserve requirement that may be mandated by the loan. Whatever the reason, seasoning assets for a military home […]
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If done the right way, the mortgage process can be easy for everyone involved. However, very often this is not the case since many borrowers are not aware of the strict regulations regarding this industry which have been put into place in recent years.. Since a mortgage involves lending someone a large amount of money, […]
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The home buying period is a critical time for all borrowers, even those who have received a VA loan pre-approval. Once a purchase contract has been signed and the mortgage application has been submitted, it is not unusual for borrowers to start shopping for items they will need for their new home. However, borrowers must […]
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As employment opportunities continue to increase, you may be tempted to look for a new job. However, if you are also looking to purchase a home with a VA loan, you may want to wait to change jobs unless you have no other choice. Since VA loans need certain income and employment information, you should […]
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It’s the home buying season when many people will be out searching for a home to buy, either new or existing. Some have already contacted their VA lender and discussed their options. Others have gone through the procedures of submitting documentation and have received their VA pre-approvals. Although you may be ready to make a […]
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For many consumers, including military homebuyers, purchasing a first home is often a time filled with many questions and doubts. To assist with the decision process, here are 6 tips for military homebuyers that will help make the possibility of homeownership a reality from the first thought to the closing date. 1. Know your financial […]
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Purchasing a home without the need to use your own cash out of pocket is highly unusual in today’s mortgage industry. In fact, over the past few years, many lenders have required larger down payments from home buyers. A VA loan is different in that it allows eligible borrowers to make a home purchase without the […]
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One of the biggest obstacles that prevents consumers from a home purchase is being able to save for the required down payment. Almost all types of mortgages have down payment requirements that can be as low as 3.5% for an FHA loan to a minimum of 5% for a conventional loan. However, for those who […]
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While a home purchase can be done at any time of year, there are certain periods that are considered the home buying season. Usually starting in spring, this is when many people will begin to look for the home of their dreams. However, it is never too early to plan for a home purchase and […]
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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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Even though a VA loan does not have a down payment requirement (100% financing), the borrower may be required to have sufficient cash to cover certain expenses (if not paid by the lender or seller). The VA loan underwriter will examine the borrower’s assets when making this determination. Assets may be necessary to pay items such as closing […]
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The VA loan underwriting process goes beyond just examining the credit report which was explained in Part 1 How VA Underwriters Examine a Borrower’s Credit Report and History. Underwriting other debts and obligations is necessary because some may or may not be included on the credit report. Very often, debts are reported by the applicant, […]
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Part of the process of obtaining a VA loan is the examination of the contents of the entire loan file which must include specific documentation. The file creates a story of the borrower’s borrowing habits, working background and savings history. Examining a borrower’s credit report and history is one of the first items that will […]
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There are multiple credit scoring methods that companies use to give a consumer a “score”. These scores can have different scales, use slightly different data to calculate this score, and often can be misleading. Most lenders use one of the FICO variations to determine a credit score for a customer who is looking for credit. […]
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The Department of Veteran Affairs reached a record number of loans guaranteed for 2013 of nearly 630,000 in its 70th year which is fantastic. See article here “The number of loans guaranteed by the Department of Veterans Affairs reached a record high in 2013, perhaps marking the peak of an upward trajectory that began after […]
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