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…

  • 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 …

  • 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…

  • 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…

  • 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…