VA Loans and Mortgages Future Military Homeowners

  • 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…

  • 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…

  • Whatever Happened To Interest?

    Whatever Happened To Interest?

    Cash is a wonderful thing. It may be true that it can't buy love or happiness, but it sure is useful when it comes to groceries, gasoline and mortgage payments. Real median household income, says the Census Bureau, reached $51,939 in 2013. That's 8 percent less than households earned in 2007, one year before the recession and housing market crash. Not only has income gone down, but expenses have increased a…

  • How the VA Funding Fee Makes No Money Down Possible

    How the VA Funding Fee Makes No Money Down Possible

    One of the most coveted benefits of the VA home loan program is the ability to purchase with no money down, a guarantee made possible through the VA Funding Fee. The VA Funding Fee is a set fee applied to new purchase loans and refinance loans, paid directly to the Department of Veterans Affairs. The primary purpose of the fee is to compensate for losses on loans that have gone into default, but there's some oth…

  • Should You Buy A Home Warranty?

    Should You Buy A Home Warranty?

    Read the Fine Print Before You Sign Up

    The marketing ploy is tempting to homeowners: buy a home warranty and repair issues like a broken heat pump or garbage disposal won't come out of your wallet. But as consumer experts warn, the reality is rarely that simple. "It's an industry that has seldom lived up to the hype of their marketing materials," said Clark Howard, consumer expert and author of "Clark Howard's Living Large for the Long Haul." "People have a very hard time getting the blanket coverage that's promised by the brochur…

  • What is Title Insurance And Why Am I Buying It?

    What is Title Insurance And Why Am I Buying It?

    Anytime you finance a home purchase — whether through a VA loan or a conventional mortgage lender — you're required to buy lender's title insurance as part of your closing costs. If you refinance, you'll need to buy lender's title insurance but not an owner's policy since the property isn't changing hands. Lender's title insurance protects the lender for the duration of the loan in case there's a titling issue such as a lien on the property or a boundary dispute with a neighbor. But what …

  • 5 Expert Tips For Your VA Purchase

    5 Expert Tips For Your VA Purchase

    You're a veteran or service member, and you want to purchase a home. You've smartly decided to use your hard earned VA mortgage entitlement. But from there, you are less certain of how to ensure you get the best deal. There are numerous tips, tricks and negotiation tactics that can help you obtain a good deal. Here are 5 important tips to make the most of your VA purchase transaction. Ask For Seller-Paid Closing Costs When using your VA benefit, it's important to consider how you'll …