VA Loans Insider Page 2

  • Loan Limit Lingo: There's Actually No Maximum Amount on a VA Loan

    Loan Limit Lingo: There’s Actually No Maximum Amount on a VA Loan

    The concept of the VA's loan limits can be confusing not just for military homebuyers but even for people in and around the mortgage industry. You're likely to find a lot of misconceptions and bad information out there online. If you're confused about the VA loan process, Veterans United can help steer you through the process! One of the most common is that the VA loan limits represent the absolute maximum …

  • VA Loan Eligibility for National Guard and Reserve

    VA Loan Eligibility for National Guard and Reserve

    VA loan eligibility for National Guard and Reserve members and veterans received a big boost two and half decades ago. The Veterans Home Loan Program Amendments of 1992 extended VA loan benefits to those who've served at least six years in the National Guard or Reserves. Since then, tens of thousands of active and veteran Guard and Reserve have purchased a home using this historic no-down payment program. Some…

  • VA Loan Pros and Cons

    VA Loan Pros and Cons

    VA loans are becoming increasingly attractive home financing options for military borrowers faced with tough credit and down payment requirements. These flexible loans, which come with some significant financial benefits, are at an all-time high in terms of average loan amount and guaranty amount. More than 740,000 military borrowers obtained a VA-backed loan in 2017, and the program's growth is likely to contin…

  • 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 …

  • Can VA Buyers Borrow More Than a Home Is Worth?

    Can VA Buyers Borrow More Than a Home Is Worth?

    It's tough to find a home in mint condition, unless you're buying sparkling, brand new construction. There's often a host of upgrades, fixes or improvements that prospective homebuyers envision making once that property is all theirs. Many first-time homebuyers expect to be able to build the cost of those improvements and upgrades into their new home loan. Unfortunately, making that work in practice is tough with …

  • 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…

  • 5 Things That Can Hamper Your VA Loan

    5 Things That Can Hamper Your VA Loan

    Despite the reams of documents and sophisticated computer programs, home lending is ultimately a business comprised of human beings. That means there’s always a chance for something to go wrong, even though the VA loan process isn’t more difficult than any other loan type. In fact, VA loans continue to be more likely to close than their conventional counterparts. Simple mistakes, oversights and paperwo…

  • Explaining the VA’s Standard for Debt-to-Income Ratio

    Explaining the VA’s Standard for Debt-to-Income Ratio

    When applying for a VA home loan, borrowers hear a lot about something called debt-to-income ratio. Debt-to-income ratio (DTI) is an underwriting guideline that compares a borrower’s monthly debt payments to gross monthly income and helps lenders determine if you meet VA loan qualifications. VA lenders look for a DTI of 41 percent but evaluate it a bit differently than the other major lending avenues (FHA, U…

  • 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 $453,100 before having to make a down …