VA Loans Insider Page 17

  • 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…

  • Bill Would Boost Access to VA Loans for Military Spouses

    Bill Would Boost Access to VA Loans for Military Spouses

    Thousands of surviving spouses currently ineligible for VA home loan benefits would gain access to the program if a U.S. House bill passed Wednesday becomes law. The VA Loan Guaranty program has helped more than 18 million service members become homeowners since 1944. The program provides no-down payment, government-backed mortgages and features less stringent credit and underwriting guidelines than other loan…

  • Still No Free Lunches: Understanding the

    Still No Free Lunches: Understanding the “No-Cost” Loan

    There's no such thing as a free lunch, especially in the mortgage industry. A reader at VA Loans Insider recently asked about so-called no-cost refinance loans. He had received some advertisements touting these painless mortgages and wanted to know if they're legitimate. The reality is pretty simple: There's always a cost. Always. It's more a matter of how and when you pay it. How 'No-Cost' Really W…

  • VA Loans and Employment

    VA Loans and Employment

    Income and employment are two basic elements in securing a home loan. But don’t let your assumptions about what is required discourage you from pursuing a VA loan, because the agency’s requirements allow for some flexibility in assessing both. When it comes to employment, the VA and VA approved lenders are looking for stability, consistency and a likelihood that those conditions will continue. The gold standar…

  • Patience at a Premium: Purchasing Foreclosures with a VA Loan

    Patience at a Premium: Purchasing Foreclosures with a VA Loan

    With the large number of foreclosed homes on the market these days, more prospective homeowners are looking in that direction to get the greatest bang for their mortgage buck. Purchasing a foreclosure can be frustrating and time consuming, and doing it with a VA home loan brings additional challenges. Sadly, some properties have been neglected as they work their way through the foreclosure process.  And to qua…

  • A Look at VA Refinance: Streamline and Cash-Out Programs

    A Look at VA Refinance: Streamline and Cash-Out Programs

    Home refinance is an attractive option for many military homeowners. Just as there are benefits to veterans borrowing through the VA home loan program, there are special refinancing options for qualifying veterans. Many veterans want to tap into the equity in their homes while others have sought to simply lower their monthly payments. The VA has refinance programs designed to help borrowers do both. Overall, th…

  • A Primer on VA Loans and Income

    A Primer on VA Loans and Income

    Service members don’t have to hit any kind of income threshold to capitalize on the home lending benefits earned by their service. There’s also no type of cap. Whether the salary is $25,000 per year or $2.5 million, qualified borrowers have equal access to the VA Loan Guaranty program. But that doesn’t mean that everyone who meets the eligibility requirements gets a loan. VA-approved lenders have to ma…

  • Fend Off Foreclosure With a VA Compromise Sale

    Fend Off Foreclosure With a VA Compromise Sale

    Even when the value of your home is less than the balance of your mortgage, you have options, especially if you’re the holder of a VA mortgage loan. If you’re planning to stay in your home for a while, waiting out the market is one alternative. But for many members of the military facing new orders, that isn’t always a practical solution.  Being proactive and contacting your VA mortgage lender to find ou…

  • The Power and Potential of VA Loans

    The Power and Potential of VA Loans

    VA loans are hotter than ever. Over the last five years, service members and their families have flocked to the security and unmatched buying power of these government-backed loans. VA loan volume has soared 135 percent since 2006, jumping to 314,011 loans in 2010 from just 133,313 in 2007. A tighter credit market and sagging housing industry have fueled renewed interest in this long-cherished program. VA loans…