Future Homeowners Page 2

  • 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…

  • 7 Tips for Crafting a Captivating Home Buyer’s Letter

    7 Tips for Crafting a Captivating Home Buyer’s Letter

    In a competitive buying market like we’re currently experiencing, making your offer stand out could make the difference between being a happy new homeowner and a buyer still in the market for a home. Unfortunately, sellers aren’t just going to hand over the keys to their home. So how can you set yourself apart from the competition? One answer: A letter. More and more homebuyers are writing personal letters to sellers to make their offer stand out. This letter is a chance for you to shine …

  • 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…

  • How Does Your DD 214 Help You to Get a VA Home Loan?

    How Does Your DD 214 Help You to Get a VA Home Loan?

    So you're ready to buy a home, and using your VA loan sounds like a smart idea. Even if you don't have a home picked out, or even know how much home you can afford, one of the first steps to using your VA benefits is determining whether you're eligible for the program. For many veterans, your DD 214 can help you get the ball rolling on the VA home loan process. Who is issued a DD 214? Only veterans of the r…

  • Best Cities for Veteran Homebuyers to Live in 2017

    Best Cities for Veteran Homebuyers to Live in 2017

      Every day, U.S. military members around the world defend freedoms we often take for granted. But when their time serving our country comes to an end, these freedoms can become their greatest challenge. Finding employment and a place to call home is no easy task for the thousands of veterans who transition back into civilian life each year. That’s why Veterans United Home Loans, the nation’s leadi…

  • 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…