VA Loans Insider Page 12

  • How Shopping Around for Homeowners Insurance Saves You Money

    How Shopping Around for Homeowners Insurance Saves You Money

    Homeowners insurance is one of those new expenses that first-time homebuyers have to factor into their monthly mortgage payment calculations. A basic principal and interest payment can get expensive in a hurry when you factor in the homeowners insurance and property taxes that come with it. That's why shopping around for the best insurance policy at the best price is so critical. The key is striking the right bala…

  • New Credit Scoring System May Make it Easier to Qualify for Mortgages

    New Credit Scoring System May Make it Easier to Qualify for Mortgages

    Military homebuyers may soon have an easier time meeting lender credit requirements thanks to a new credit scoring model that incorporates things like rent history, tax lien information and the use of short-term lending products such as payday loans. The new model is a joint effort from FICO, whose credit score dominates the mortgage lending industry, and CoreLogic, a consumer data firm that collects informati…

  • Frustrating at Times, Here's Why VA Appraisals Are Still Your Friend

    Frustrating at Times, Here’s Why VA Appraisals Are Still Your Friend

    Prospective homebuyers rarely think of it this way, but VA appraisals are actually a form of protection for veterans. Instead, many see them at best as a necessity or a hassle and at worst a punitive and arbitrary step that endangers their homebuying or VA refinance plans. Those frustrations are often understandable, given the crucial role VA appraisals play in the process. But it really is important to step b…

  • Veterans Bill Brings Some Big Changes to the VA Home Loan Program

    Veterans Bill Brings Some Big Changes to the VA Home Loan Program

    A veterans omnibus bill now on its way to the president’s desk contains some key changes and updates that will extend housing benefits to more surviving spouses and allow military dependents to fulfill the loan program’s occupancy requirements. The U.S. House passed the “Honoring America’s Veterans and Caring for Camp Lejeune Families Act” on Tuesday, nearly two weeks after a unanimous vote in the Se…

  • Your VA Loan Questions Answered

    Your VA Loan Questions Answered

    With its no-down payment option and flexible-yet-safe standards, the VA loan program is arguably the most powerful on the market. Last year alone, more than 357,000 people utilized this flexible loan and took advantage of the benefits earned by their service. VA loans are more critical than ever. But there's still a lot of confusion, uncertainty and mythology surrounding this nearly 70-year-old program. That's…

  • How to Adjust When Your DTI Ratio is Too High

    How to Adjust When Your DTI Ratio is Too High

    A healthy balance of debt and income represents one of the keys to securing a VA home loan. Debt-to-income ratio, or DTI ratio, is one of those crucial financial metrics for mortgage lenders. This is a ratio of your major monthly debts (student loan payments, car payments, mortgage payment) to your gross monthly income, and it's something that both the VA and lenders take seriously. The VA wants borrowers to h…

  • Shopping For Home Loan Rates and Terms Won't Kill Your Credit

    Shopping For Home Loan Rates and Terms Won’t Kill Your Credit

    Prospective homebuyers often get a crash course in credit scores, which reflect your willingness and ability to repay debt. One of the earliest lessons is that applying for multiple forms of credit can actually harm your score. That's one of the reasons credit experts warn consumers against trying to open five new credit cards to improve their score. Whenever a company -- be it a financial institution, a bank …

  • What to Look For When Buying a Home: The Kitchen Checklist

    What to Look For When Buying a Home: The Kitchen Checklist

    “A great kitchen will sell a home.” Real estate mantra As the emotional center of many homes, the kitchen can either be a deal-maker or deal-breaker. That goes for resale as well, so it’s an extremely important room to carefully evaluate. Whether you’re a novice house hunter or a repeat buyer, it’s essential to know how to assess a home’s kitchen. In our latest Q-and-A post, Veterans United Re…

  • Get Answers to Your Credit Questions in our Live Chat!

    Credit is always an important topic for so many reasons. I've written about it a lot here at VA Loans Insider and within our amazing Facebook community. There's so much that goes into making this a complex topic, from how you get credit scores and what impacts them to the steps you can take to raise your score and get in a great position to prequalify for a VA home loan. Today, without a relatively solid credit sc…

  • Consumer Advocates Warn Veterans of Mortgage Modification Scams

    Consumer Advocates Warn Veterans of Mortgage Modification Scams

    With Memorial Day in the rear view and the July 4 holiday around the corner, consumer advocates recently issued a warning to military homeowners: Watch for mortgage scams. Craven companies that prey on veterans will often target troubled homeowners with offers of mortgage modification, foreclosure prevention and more. Some actually present themselves as part of the Home Affordable Modification Program (HAMP), …