VA Loans Insider Page 2

  • What Happens When Your Spouse Has Bad Credit

    What Happens When Your Spouse Has Bad Credit

    Married couples often pursue a VA home loan together, with each obliged on the mortgage note. There are a host of reasons why, but one of the simplest is that a spouse may not have enough income to purchase the home of their dreams on his or her own. Adding in that second income of a spouse can sometimes do wonders for your purchasing power and debt-to-income ratio. While counting a spouse’s income is a…

  • Note to Home Sellers: Leaving Out VA Borrowers is Your Loss

    Note to Home Sellers: Leaving Out VA Borrowers is Your Loss

    Home sellers, weary of the VA appraisal process, can be steered away from VA borrowers in some parts of the country, making it difficult for qualified veterans to use their hard-earned home loan benefits. Some sellers and agents think they can find better-qualified borrowers than those with VA loans. Others are happy to help veterans but worry that the VA loan process will be filled with delays and red tape. U…

  • Closing Costs v. Concessions on a VA Home Loan

    Closing Costs v. Concessions on a VA Home Loan

    VA loans come with a host of big-time benefits. The biggest one is unquestionably the ability of qualified borrowers to purchase with no down payment — and there are plenty more advantages as well. But the way the VA approaches closing costs might be a close second. Every mortgage comes with closing costs (even those advertised as "no closing cost" loans). A home loan is a product, and like any kind of good or s…

  • Purchase Peace of Mind With a Home Inspection

    Purchase Peace of Mind With a Home Inspection

    The VA's appraisal process often gets a bad rap. Sellers, real estate agents and even some veterans bemoan what they see as a nit-picky process hung up on small details. The reality is the VA appraisal process is one of the big reasons VA home loans are the safest mortgage product on the market. Beyond establishing a property's value, the VA appraisal evaluates health and safety conditions that could impact ve…

  • 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 …