Future Homeowners Page 2

  • Should ‘For Sale By Owner’ Scare You?

    Should ‘For Sale By Owner’ Scare You?

    You've found your dream home, but there's just one catch – it's for sale by owner (FSBO). You can usually identify these homes by their signs and listings, as they will be noticeably vacant of real estate agent information. Some are even handmade. Many homebuyers shy away from purchasing a home that's a FSBO property for a number of reasons: advice of their real estate agent, advice of a friend or lack of familiarity with the transaction process. FSBO homes may offer a deal you can't res…

  • 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 …

  • You’ve Earned It: These Grants Can Help Disabled Veterans

    You’ve Earned It: These Grants Can Help Disabled Veterans

    When returning from deployment, adjusting to life stateside may be difficult.  For service members returning home with an injury during their service, adapting to a new way of life has its own set of challenges. The VA has two grant programs that allow veterans with certain permanent service-connected disabilities to build or modify housing to meet their needs: Special Housing Adaptation (SAH) and Specially…

  • What Is The VA Seller Concession Rule?

    What Is The VA Seller Concession Rule?

    Seller concessions are when a VA home buyer asks the home seller to pay costs associated with the VA Loan on the home buyer's behalf. The VA permits seller concessions, but requires that seller concessions do not exceed 4% of the loan amount. Types of seller concessions include: Prepaying taxes and insurance on the home, Paying extra points to provide a permanent interest rate buydown, Provisioning escr…

  • 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 …

  • Getting a VA Loan More Than Once

    Getting a VA Loan More Than Once

    Whether it's a need for more bedrooms, storage space or even a backyard for the kids to play in, eventually the house that used to comfortably fit two newlyweds becomes cramped beyond belief, and so begins the search for the new perfect house. This process, often referred to as "moving up," can present obstacles as families try to save up funds for a traditional down payment. Fortunately, a fantastic benefit of…

  • 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…