Future Homeowners Page 7

  • 5 Tips for Buying a Short Sale

    5 Tips for Buying a Short Sale

    Don’t Sell Yourself Short – Get Organized

    At the height of the recession, home-buyers snatched up short sales, properties that sell for less than the previous owner owes the bank. Although the housing market is recovering in many parts of the country and inventory is getting tighter, some short sales are still available. In fact, short sales accounted for an estimated 22 percent of all residential sales in 2012, according to data from RealtyTrac.com. However, while VA and traditional loans can be used to purchase a short sale, the sh…

  • Secure Your Perimeter With these Burglar-Baffling Tips

    Secure Your Perimeter With these Burglar-Baffling Tips

    Take a moment to imagine the typical burglary: It's late at night, and the spouse and kids are deep asleep. There's a gruff-looking thug clad in black clothing and a ski mask outside your window. He's snooping around the outer walls of your home. He arms himself with a brick and smashes a window, reaching through broken glass to jimmy the lock open. The shattering jolts you awake. You rush down the stairs with 4-i…

  • 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…

  • Military Service 101 for Real Estate Agents

    When working with military buyers, you have to understand a few things about their military service. In addition to understanding the basics of the VA loan, you've got to understand how different stages of service can influence their home search and loan qualification. For many service members, military service is their first experience with a "real" job. Some enter straight out of high school, while others attend…

  • 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…