VA Loans and Mortgages Future Military Homeowners

  • Should You Consider a 15-Year Mortgage?

    Should You Consider a 15-Year Mortgage?

    As interest rates inch upward, home-buyers looking to save on their loan may be considering 15-year mortgages instead of the traditional 30-year mortgage. Or those refinancing their mortgage may look into shortening the term with a 15-year mortgage. In fact, Freddie Mac data shows that 31 percent of homeowners who refinanced during the second quarter of 2013 shortened their loan term (a three percent increase from the previous quarter). A 15-year mortgage is best suited for those who are fina…

  • FHFA Strives to Protect Veterans From Eminent Domain

    In Richmond, Calif., the local authorities have come up with a new way to fight slow home sales and declining property values: they want to use their power of eminent domain to refinance underwater homeowners. If successful, Richmond's use of eminent domain could limit the use of VA-backed mortgages. We usually associate "eminent domain" with the ability of government to take physical assets. Traditionally, a loca…

  • What Happens to My Mortgage Application When I Take a Leave of Absence?

    What Happens to My Mortgage Application When I Take a Leave of Absence?

    When you have unexpected (or even planned) absences from work, they can be stressful. This stress is multiplied when an absence become extended, and a loss or reduction in pay occurs. Whether your leave is planned, like maternity or paternity leave, or unplanned, like an accident or health condition, employers take different stances on how you'll be compensated. Some are fortunate and receive their full pay and benefits when on extended leave. Others take a reduction or no pay for all or p…

  • 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…

  • Go Green, Save Green: Energy Efficient Mortgages

    Go Green, Save Green: Energy Efficient Mortgages

    If you're concerned about the environment, there's life-changing steps you can take, and there's simple ones. Energy Efficient Mortgages (EEMs) are a cost-effective and relatively easy way to curb your energy consumption. An EEM is a specialized mortgage that allows veterans to make energy-efficient improvements on a new or refinanced home. This mortgage will cut utility bill costs and help buyers qualify for a la…

  • 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…