VA Loans and Mortgages Future Military Homeowners

  • 5 Common Reasons Homes Fail The VA Loan Appraisal

    5 Common Reasons Homes Fail The VA Loan Appraisal

    While the VA loan process consists of multiple steps, the appraisal process can prove the most frustrating for some service members. The VA utilizes a set of Minimum Property Requirements that must be addressed before a loan can receive the agency’s guarantee. Those MPRs cover a range of important things and are in place to ensure the safety and health of military home buyers. The VA wants homes to be “move…

  • Should You Save Your VA Eligibility and Go FHA?

    Should You Save Your VA Eligibility and Go FHA?

    The past few years FHA loans have been enormously popular. This is largely a byproduct of the fact that FHA financing is a known quantity; these loans have been used by more than 41 million borrowers since the 1930s compared to 22 million borrowers with VA loans since the 1940s. No less important, FHA is especially geared toward first-time and low- to middle- income borrowers. Like VA loans, an FHA mortgage allows…

  • 6 Things You Need To Know About VA Streamline Refinancing

    6 Things You Need To Know About VA Streamline Refinancing

    Qualified VA homeowners have access to one of the simplest yet most powerful refinance options around the VA Interest Rate Reduction Refinance Loan (IRRRL). This refinance option offers homeowners some significant benefits, often with minimal paperwork and costs you can finance into the new loan. To be sure, every refinance situation is different. Talk through your specific situation with a loan officer yo…

  • Save Money By Knowing the Difference Between APR and Interest Rate

    Save Money By Knowing the Difference Between APR and Interest Rate

    Understandably, many first-time homebuyers are confused when it comes to interest rates. Complicating the issue further, potential borrowers are bombarded with a lot of information, and it can become difficult for them to know when they are getting the best deal. You want to make sure you're getting all of the correct information when making one of the biggest purchases of your life. By doing so, you ensure you're…

  • Using Your VA Loan Benefit To Buy a Condo

    Using Your VA Loan Benefit To Buy a Condo

    Many service members and veterans are looking to take advantage of their VA loan benefit but aren’t quite ready to take the leap into homeownership. A condo may have amenities and benefits that better fit your lifestyle. The VA offers the same guaranty on condominium purchases as they do for traditional home loans. Veterans are offered a less vigorous application process and lenient credit requirements helping …

  • My Bank Statement Can Kill My VA Loan?

    My Bank Statement Can Kill My VA Loan?

    When you apply for a mortgage, you'll be asked for a significant amount of documentation. Lenders need to verify your employment, income and assets before determining VA loan preapproval. One document you'll provide is a full bank statement for each of your accounts. Bank statements are a window into your spending habits and ability to make sound financial choices. Your bank statement is sent to an underwriter to…

  • Full List of Property Tax Exemptions By State

    Full List of Property Tax Exemptions By State

    Michigan Sen. Glenn Anderson didn't draft Senate Bill 104 overnight, just as Virginia State Senate Bill 540 wasn't passed in a day. Nationwide, legislation to lessen the financial strain on qualified disabled veterans stems from a six-year effort to reduce or fully eliminate property tax liability and now, more than half of the states in the U.S. offer some sort of exemption. "If you're a disabled veteran, in a…

  • PCSing Military Homeowners Get New Short Sale Protections

    PCSing Military Homeowners Get New Short Sale Protections

      Prior to the Federal House Finance Agency's (FHFA) announcement of Short Sale Assistance in June 2012, borrowers forced to move as a result of military order had to be delinquent to qualify for a short sale. With a "short sale" a borrower wants to sell a home but the value of the property is less than the remaining mortgage balance. In theory the borrower could sell the home and bring the unpaid mort…

  • Using a VA Loan to Buy a Newly-Built Home

    With the housing market still in the throes of its dramatic slump, this year could be a great opportunity to snatch up a newly-built home with a VA loan. Buying new construction carries its risks, however. Knowing  how VA loans work is the first step toward getting the home of your dreams, and if you’re worried about your credit, Veterans United’s Lighthouse program can help you get on the right track. Her…

  • Is Purchasing a Foreclosed Home with a VA Loan Worth the Hassle?

    The VA loan, intended to help military members secure a home, may inadvertently become a hindrance. The loan’s strict requirements, which are meant to protect the buyer, could make it difficult for service members to purchase a foreclosure. Since the collapse of the housing market, foreclosed homes have become abundant. In many areas, they represent the best deal for future homeowners. Yet, for active and retire…