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VA loan
While there are multiple mortgage programs available for today’s consumers, not all are suited for homebuyers and existing homeowners. Some programs, such as VA loans, are backed by the U.S. government and are available to a specific group of people. Active military and veterans have the advantage of using a VA loan which offers specific […]
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Many people today are using VA loans for home purchases since there are numerous benefits including 100% financing. A VA joint loan is one for which the veteran and another person own the property and are both liable. This includes: -the veteran and one or more non-veterans (not spouse) -the veteran and one or more […]
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Many military members will decide to use a VA loan for the purchase of a home. With 100% financing (no down payment required) and other specific benefits, this is the best type of mortgage for those who qualify. Obtaining a VA loan is not difficult if you know the 5 key elements for a VA […]
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While other mortgage programs are constantly changing their rules in order to attract more consumers, the VA loan program is able to remain consistent. Why? Because from the start, the program was designed as a military personnel benefit that helps eligible veterans attain the dream of homeownership. With this in mind, it is important that […]
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When you are thinking about obtaining a mortgage, the very first step is finding a lender to work with you. A VA loan is different than any other type of mortgage and requires that specific guidelines be followed for the success of the loan. If you are a VA loan borrower, it would be to […]
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A VA entitlement is a guarantee that the government will repay a portion of the mortgage to the lender in the event of a default. Many homeowners have used their VA entitlement for the purchase of a first home. However, at some point, they may wish to use their entitlement again for another home purchase. […]
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VA loans offer many benefits to eligible borrowers, although the most popular is the opportunity for obtaining a no down payment loan . However, a unique advantage often overlooked is in regard to closing costs. The VA protects the veteran by limiting the types of closing costs that the borrower may pay. In addition, the […]
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Statistics show that most homeowners will not hold their original VA mortgage for the entire term of the loan. Today, refinancing is popular after owning a home for several years because easy online access to competitive mortgages has made this possible. With many questions surrounding this transaction, consider these 4 reasons you should refinance your […]
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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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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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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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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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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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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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