VA Loans and Mortgages Future Military Homeowners

  • Will Your Tax Returns Impact Your VA Mortgages?

    Will Your Tax Returns Impact Your VA Mortgages?

    When you apply for a VA home loan, your income is reviewed in more ways than one. Not only does an underwriter review your most recent pay stubs and employment history, they also look at your most recent two years or more of tax returns. That's why it's really important to know how your tax return can affect your home loan approval. For the majority of homebuyers, tax returns won't cause issue, but for those selec…

  • Ditch the Rent for Homeownership. Start Here.

    Ditch the Rent for Homeownership. Start Here.

    Picture this: You've found the home of your dreams, you've made an offer and it's been accepted. You're excited to finally move out of your small apartment and into a nice home with a yard. But that happiness subsides when you realize there's a few thousand dollars of closing costs, inspections and escrows to pay out-of-pocket. You don't have a dime in savings. Not a good place to be, is it? If you want to be p…

  • Fact: Veterans and Service Members Can Avoid Tight Credit Restrictions

    Fact: Veterans and Service Members Can Avoid Tight Credit Restrictions

    One of the reasons for the "credit crunch," or tight credit restrictions, during the past few years has been that the government wants to maintain a mortgage marketplace with as little risk as possible. It turns out that this is an enormously complex matter requiring thousands of pages of new rules and guidelines – so far. "Both market and regulatory uncertainties surrounding the mortgage lending business have k…

  • 5 Ways For VA Homeowners to Find Relief After a Natural Disaster

    5 Ways For VA Homeowners to Find Relief After a Natural Disaster

    In the last several years, the United States has seen natural disasters occurring at an overwhelming rate and intensity. Floods, hurricanes, tornadoes and wildfires have damaged property and claimed lives from coast to coast. Many Americans were caught completely off guard, lacking the types of flood and other insurance that may have helped them recover their losses. For VA homeowners in particular, disasters r…

  • Earnest Money: More Than Just A Show Of Good Faith

    Earnest Money: More Than Just A Show Of Good Faith

    The meaning of earnest money is in the name. It's a deposit of good faith on the pending loan from buyer to seller. This sort of investment sets you apart from other buyers by showing your serious intent to purchase a home. This money doesn't disappear either, and it serves to protect both buyer and seller financially. How much should I put down? Fortunately, earnest money isn't a huge financial burden, but…

  • Bidding Wars: What Escalation Clauses Mean For VA Borrowers

    Bidding Wars: What Escalation Clauses Mean For VA Borrowers

    Across the country, real estate markets are booming. According to the National Association of Realtors existing home prices in April were up 11 percent when compared with a year ago. Rising home prices are good news in most households. Many borrowers who were once underwater now have equity simply because home prices have risen overall. Not only that, in some cases, those who want to sell can now find a welcoming …

  • Why are Fixed Rate Mortgages Beating ARMs?

    Why are Fixed Rate Mortgages Beating ARMs?

    Usually when we think of mortgage rates they have a certain order: the interest level for fixed rate loans is higher than the interest level for adjustable-rate mortgages. While this is a general rule there are exceptions, including the rates seen last week. According to Freddie Mac, home loan rates looked like this: 30-year fixed-rate mortgage (FRM) averaged 3.40 percent with an average 0.8 points. …

  • New VA Mortgage Settlement Raises Big Foreclosure Questions

    New VA Mortgage Settlement Raises Big Foreclosure Questions

    The Justice Department has just announced a $39 million settlement to resolve allegations of wrongful foreclosures against vets and military families. The government says that "under its 2011 settlements with BAC Home Loans Servicing LP, a subsidiary of Bank of America Corporation, and Saxon Mortgage Servicing Inc., a subsidiary of Morgan Stanley, 316 service members whose homes were unlawfully foreclosed upon bet…

  • What You Need to Know About the Jumpstart GSE Act

    What You Need to Know About the Jumpstart GSE Act

    Not long ago Congress passed the Middle Class Tax Relief and Job Creation Act of 2011. Under this legislation payroll taxes were reduced by 2 percent for a short time but the mortgage guarantee fees (g-fees) charged by Fannie Mae and Freddie Mac to lenders were increased by .1 percent. While the payroll tax provision has ended and paychecks are now smaller, that "little" .1 percent g-fee increase continues and -- …

  • Are VA Benefits Vulnerable In Washington?

    Are VA Benefits Vulnerable In Washington?

    When 2012 ended, everyone celebrated 2013 with some joy because a planned government shutdown on Jan. 2 was averted. Unlike a natural disaster, the looming threat of a sudden decline in government spending was not a surprise. It had actually been worked out by Congress in legislation passed last August to create a process called “sequestration.” Under this plan, there would be huge, automatic and instant spend…