Getting a VA Loan VA Loans Insider

  • VA Loan Entitlement Options for Military Couples

    VA Loan Entitlement Options for Military Couples

    Married military couples have some choices when it comes to using their VA home loan benefits. Eligible spouses can decide to use all of one spouse’s entitlement for a VA loan, split their entitlement evenly for a joint VA home loan, or have one spouse use remaining entitlement from a previous VA home loan with the other spouse providing the rest for the new mortgage. Entitlement is basically the dollar amou…

  • Economist Proposes Tax Credit to Help Iraq War Vets Buy Foreclosures

    Economist Proposes Tax Credit to Help Iraq War Vets Buy Foreclosures

    More than 8 million homes are expected to enter foreclosure or a distress sale over the next five years, according to Morgan Stanley. So how do we make a dent in the glut of foreclosures nationwide? One economist came out this week with an intriguing if not incomplete solution: Let's give veterans financial incentives to purchase these wayward properties. Richard Peach, an economist with the Federal Rese…

  • VA Loan Qualifications

    VA Loan Qualifications

    We've had a few questions and opportunities for clarification at the VA Loans Insider page on Facebook recently regarding VA home loan eligibility and the nature of the VA loan guaranty. It's a good idea to step back and offer a snapshot of VA loan qualifications and reiterate a mantra we've stressed several times: Being eligible for a VA loan does not guarantee you will get one. Explaining the Guaranty Fir…

  • The VA Home Loan Process

    The VA Home Loan Process

    The VA home loan process doesn't have to be an overwhelming experience, and now is a great time to get started on your application. Prospective borrowers, especially first-time homebuyers, often start this journey with a laundry list of questions and concerns. But sometimes it's good to step back and take a higher-level view of the steps involved with securing a VA loan. The distance can help ease concerns and…

  • How Compensating Factors Can Boost Your Chances of Securing a VA Home Loan

    How Compensating Factors Can Boost Your Chances of Securing a VA Home Loan

    VA lenders take a long, hard look at a prospective borrower’s credit, debt and income when evaluating a loan application. There isn’t a credit score requirement to participate in the VA loan program. But many lenders want to see a score of at least 620 in the current climate before moving forward. On top of that, prospective borrowers have to meet VA standards regarding their debt-to-income ratio and th…

  • No Down Payment, No Problem: VA Loans Still the Safest on the Market

    No Down Payment, No Problem: VA Loans Still the Safest on the Market

    We've already written about the huge year the VA Loan Guaranty program had in 2011. The VA made it official in a press release this week. But the department also passed along a pretty incredible statistic, courtesy of the Mortgage Bankers Association: For all loan types, VA loans have had the lowest foreclosure rate for the last 14 quarters and the lowest seriously delinquent rate for the last 11 quarters. Ser…

  • Small Business Income and VA Loans

    Small Business Income and VA Loans

    Small businesses are the backbone of the American economy. And studies and surveys have shown consistently that, when given a choice, a vast majority of consumers would rather patronize a veteran-owned business over a civilian-owned one. There are more than 3 million veteran-owned small businesses nationwide. Despite the tough economy and credit crunch, veterans in communities across the country are starting ne…

  • VA Loans a Lifeline for Consumers Hit by Credit Crunch

    VA Loans a Lifeline for Consumers Hit by Credit Crunch

    Consumer credit scores have taken a beating in the last three years. Close to 21 million Americans saw their credit score plummet more than 50 points during the housing market and economic meltdown of 2008-09, according to FICO, which produces a key score for the lending industry. In all, about 50 million consumers lost more than 20 points from their score. Hits to your credit can make it secure a home loa…

  • VA Funding Fee to Stay at Current Level Through September 2016

    There's been a lot of confusion and uncertainty recently regarding the VA Funding Fee, which is a mandatory government fee on every purchase and refinance loan backed by the Department of Veterans Affairs. The bottom line is this: The fee levels will remain the same through September 2016 after President Obama signed legislation this week that included a provision regarding the funding mechanism. Explaining the…

  • How to Have Two VA Loans at the Same Time

    How to Have Two VA Loans at the Same Time

    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 agency pledges to guarantee in the event of borrower default. So let's get this out of the way at the outset: It is possible in some situations to have two VA home loans at the same time. And you can definitely qualify…