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VA loans
There are many benefits that come along with a VA loan. Each one is designed to help the borrowing veteran obtain an affordable mortgage. VA loans can be used for the purchase of a home or for refinancing an existing mortgage. Find out here how you can benefit with a VA loan: http://www.slideshare.net/VeteranHomeFinancing1/the-many-ways-a-va-loan-can-help-you
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TRID, mandated as part of Dodd-Frank, went into effect on October 3, 2015. It is meant to be a help to consumers in understanding the costs, risks and key elements of their mortgage. TRID is in effect for all home purchase and home refinance transactions. TRID stands for TILA-RESPA Integrated Disclosure. This rule was implemented […]
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Same sex marriages have been at the forefront in the news recently. While Federal law states that veterans and their spouses are eligible to apply jointly for VA loans, unmarried couples (states where same sex marriages are not recognized) could only get support if all parties were eligible for the benefit on their own. Back […]
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VA loans have grown significantly popular in recent years. As one of the best mortgage programs available in today’s market, VA loans are making it possible for many consumers to become homeowners. Available to veterans, service members and military families for a home purchase or refinance, VA loans offer benefits that do not come with […]
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VA loans are unique and have occupancy requirements when purchasing a home. This is due to the fact that a VA loan is a benefit that is reserved for veterans, active military personnel and other specific groups. However, when it comes to refinancing a VA loan, homeowners will find that these occupancy requirements may be […]
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When deciding on what type of mortgage to obtain, veterans need to consider the benefits of using a VA loan. Here is a presentation that shows the advantages vs. the disadvantages of VA loans. It’s not surprising that disadvantages are few. Va loans advantages vs. disadvantages (1) from VeteranHomeFinancing1
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As mortgage professionals, we can never take for granted that consumers understand everything about mortgages. This becomes especially true with VA loans which are quite different than other mortgage programs. To help with this matter, below is an easy to follow question and answer guide about VA loans. VA Loans – Frequently Asked Questions
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Mortgage rates have once again dropped to a point that homeowners may have an advantage in the market. For those who are eligible for a VA loan, exploring the options that are available to you for a VA refinance might be worth your consideration. Refinancing a VA loan can be a way to save a […]
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After spending years in the background of mortgage programs, VA loans have been getting the well needed attention that they deserve. Overall, 2014 has been a successful year for VA loans as more homebuyers turned to them for financing. Back in June, the VA home loan program celebrated its 70th anniversary. The program started in […]
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Many consumers are eligible to purchase a home with a VA loan which guarantees the lender against a loss in the event of a default. It also provides favorable financing terms to the borrower, such as the purchase of a home with no down payment necessary. However, there are other important facts to know about […]
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Hazard insurance for the home protects a homeowner against loss from a variety of events that may occur, including fire, theft, lightning and certain water damages. On the other hand, flood insurance is separate and protects against flooding. Many home buyers wonder if VA loans require them to obtain hazard and flood insurance. All homes […]
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Although most people have heard about VA loans, there are many who do not understand what it is all about. Here we will address the common questions and answers about VA loans. What is a VA loan and who can obtain it? A VA loan is a special direct home loan program that is issued […]
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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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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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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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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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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 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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In addition to the VA streamline refinance program, also known as IRRRL, the VA offers a VA cash-out refinance for homeowners who want to take home equity out as cash. These funds can be used to pay off debt, make home improvements, pay for school, etc. While the VA IRRRL can be used only for existing VA […]
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The VA loan program offers veterans, active military and other specific groups the opportunity to purchase a home with 100% financing. However, the program does not end there, but continues to provide benefits to homeowners, one of which is the VA Streamline Refinance program or IRRRL. IRRRL stands for the Interest Rate Reduction Refinance Loan […]
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VA loans are different than other types of mortgages, especially when considering the fact that they offer 100% financing. While the VA does not actually make loans, they do guarantee lenders that, in the event of a borrower’s default, the losses will be covered. Keeping this in mind, VA loan underwriting is somewhat different from […]
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