Getting a VA Loan VA Loans Insider

  • How to Rent Your Old House and Use the Income for a New VA Loan

    How to Rent Your Old House and Use the Income for a New VA Loan

    Military life is so often spent on the move. That can make homeownership tricky for some military buyers, if not downright treacherous. Having to PCS to Fort Riley three or four years after buying a home near Fort Campbell can put military families in a financial bind. Home values have plummeted in dozens of markets across the country. Military homeowners faced with relocation may owe far more on their house t…

  • Can You Get a VA Loan With Less Than Two Years of Steady Employment?

    Can You Get a VA Loan With Less Than Two Years of Steady Employment?

    Credit will continue to play a crucial role in your ability to secure a VA home loan. In the current lending environment, VA lenders are generally looking for a score of at least 620 in order to prequalify you for a mortgage. But there's another incredibly critical factor that both confuses and confounds many borrowers: stable, reliable income. You certainly don't need to have a job in order to obtain a VA-backed …

  • Explaining VA Entitlement: What You've Earned and Why It's Important

    Explaining VA Entitlement: What You’ve Earned and Why It’s Important

    The concept of VA entitlement is often a confusing one. You can think of it as something you're entitled to given your service to our nation. This is certainly a hard-earned and well-deserved benefit. But that's not what it really means, at least in practical terms. Veterans who are eligible for a VA loan have an entitlement, which is basically a dollar amount the VA promises to repay back to a lender in the ev…

  • Restoration of Entitlement: How to Reuse Your VA Loan Benefit in Full

    Restoration of Entitlement: How to Reuse Your VA Loan Benefit in Full

    VA entitlement is a financial guaranty from the government, which pledges to repay a portion of your home mortgage in the event of default. Your VA entitlement is a specific dollar amount. Veterans and service members using the VA loan benefit for the first time have their full VA loan entitlement available, which allows qualified buyers in most of the country to borrow up to $424,100 before having to make a d…

  • A Closer Look at VA Jumbo Loans

    A Closer Look at VA Jumbo Loans

    VA jumbo loans offer veterans and military buyers significant benefits, especially compared to the conventional jumbo landscape. First, let’s define “jumbo.” Regardless of the VA’s county limit, anytime a veteran wants a loan greater than $424,100, they’re likely looking at a jumbo mortgage loan. That figure represents the “conforming” loan limit for conventional loans, and it’s also the current VA…

  • Using a VA Loan for Manufactured or Modular Housing

    Using a VA Loan for Manufactured or Modular Housing

    Out of the gate, it's incredibly important to make this distinction: Modular homes and manufactured homes are not the same thing, at least as far as the VA home loan program is concerned. The VA loan offers many advantages that make homebuying easier and less expensive for veterans. Regardless of the home you choose, now is the time to get started on your VA home loan application. Manufactured homes are mobile …

  • VA Termite Inspections By State

    VA Termite Inspections By State

    The VA home loan program is focused on getting service members, veterans and military families into "move-in ready" homes that are safe, sound and sanitary. It's not as flashy, but we could also add "termite-free" to that list. VA  loan rules state that a wood-destroying pest inspection is required in certain parts of the country or in low-rise and high-rise condo units when the VA appraiser observes a poten…

  • Short Sales and Seasoning Periods for VA Home Loans

    Short Sales and Seasoning Periods for VA Home Loans

    When is a foreclosure not a foreclosure? Short sales often get lumped together with foreclosure and its offshoot, the deed-in-lieu of foreclosure. But these aren't the same thing, and that can make a huge difference for homebuyers. Borrowers will almost always need to wait two years after a foreclosure before applying for a VA home loan, but VA guidelines do not set a required wait, or seasoning period, after…

  • A Simple Explanation of Second-Tier Entitlement on VA Mortgages

    A Simple Explanation of Second-Tier Entitlement on VA Mortgages

    There are a lot of myths and misconceptions out there about the VA loan program. Two of the most common are rooted in the concept of VA entitlement, which is basically the amount of money the VA pledges to guarantee in the event of borrower default. So let's get this out of the way at the outset: The VA allows veterans to have two VA loans at the same time in some situations. It's actually possible to have more t…

  • Comparing VA Loans to Conventional, FHA and USDA Finance Options

    Comparing VA Loans to Conventional, FHA and USDA Finance Options

    For the vast majority of military borrowers, VA loans are the most powerful and cost-effective mortgage program on the market. These government-backed loans come with significant financial benefits that help veterans purchase with no money down and no out-of-pocket spending up front — and plenty more benefits for America's heroes. But there are certainly times when a VA loan isn't the best answer. For example…