VA Loans and Mortgages Future Military Homeowners

  • Full List of Property Tax Exemptions By State

    Full List of Property Tax Exemptions By State

    After a seven-year, nationwide effort to lessen the financial strain on qualified disabled veterans, now almost every state in the U.S. offers some sort of property tax exemption. "If you're a disabled veteran, in almost every single jurisdiction, you can petition your local taxing authority and you can have all of your local real estate taxes waived. Some cases, they require it's a one-time waiver; some cases, it…

  • Saddled With Student Loan Debt? There’s Still Hope For Homebuying

    Saddled With Student Loan Debt? There’s Still Hope For Homebuying

    Have you graduated from college and started your first "real" job? Have you been in the workforce for some time? Whether you're fresh out of school or have been out for a while, there is an important question you need to address when applying for a home loan: How much student loan debt do you have? If you have some, you're not alone. Americans owe nearly $1.4 trillion in student loans, eclipsing the national c…

  • 3 Ways Your Child Could Directly Impact Your VA Loan

    3 Ways Your Child Could Directly Impact Your VA Loan

    For many people having children is one of the most rewarding experiences of their lives. But with great reward comes great responsibility. Did you know that your child could have a direct impact on your VA home loan? There are three major areas where your kids can play a role in whether you're approved for or denied a VA loan. Daycare Expenses Daycare expenses can be financially crippling for some families. For many, their monthly daycare expenses are higher than their housing costs. Mo…

  • 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 …

  • What You Need to Know About VA Loan Assumptions

    What You Need to Know About VA Loan Assumptions

    A mortgage assumption – what's that, you ask? You may have heard of a VA mortgage assumption but my guess is this is an unfamiliar term for most readers. An assumption is generally defined as a purchase transaction where the purchaser takes over the liability of an existing mortgage from the seller. It can be a tool used to get you out of a difficult position and moving on with your life somewhere new. Or, it …

  • What You Need to Know About Your Statement of Service

    What You Need to Know About Your Statement of Service

    You've provided your Leave and Earnings Statement to get your VA loan, and isn't that proof enough that you're currently serving? The short answer: no. You also have to provide a statement of service whether you're on active duty or in the reserves. A statement of service provides several pieces of information that aren't found on your LES. When an underwriter looks at your mortgage application she will need both …

  • VA Loans and Investment Property

    VA Loans and Investment Property

    Generally, you cannot use a VA home loan to purchase investment property, such as a rental home. However, the VA does allow homebuyers to use a VA loan to purchase a multi-unit property as long as the homebuyer certifies that they will occupy one of the units. According to the VA, investment real estate is "property that the borrower does not occupy as a primary residence or second home, regardless of whether the …

  • 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…