VA Loans Insider Page 4

  • Getting a VA Home Loan While Still Serving in the Military

    Getting a VA Home Loan While Still Serving in the Military

    It's not uncommon for service members to think they have to wait until they've separated from the military to pursue a VA home loan. But that's absolutely, unequivocally untrue. Current service members can utilize this government-backed mortgage program just like someone who ETS'd a decade ago. In fact, more than 80,000 service personnel secured VA home loans in 2015 alone. When it comes to eligibility for a VA…

  • 10 Key Facts About VA Home Loans and VA Borrowers

    10 Key Facts About VA Home Loans and VA Borrowers

    Knowing how VA loans work is the first step toward getting the home of your dreams, and awareness is incredibly important when it comes to the VA loan. A Department of Veterans Affairs survey back found that one-third of veterans didn't know this benefit existed. Social media and a sagging housing market have helped more active military members and veterans to learn about homebuying and their options over the …

  • Comparing VA Loans to Conventional, FHA and USDA Finance Options

    Comparing VA Loans to Conventional, FHA and USDA Finance Options

    For the vast majority of military borrowers, VA loans are the most powerful and cost-effective mortgage program on the market. These government-backed loans come with significant financial benefits that help veterans purchase with no money down and no out-of-pocket spending up front — and plenty more benefits for America's heroes. But there are certainly times when a VA loan isn't the best answer. For example…

  • What You Can (and Cannot) Do With Your VA Loan

    What You Can (and Cannot) Do With Your VA Loan

    America owes much to her veterans, who put their lives on the line for their country. It’s a debt that cannot possibly be repaid. But it can be appreciated in a tangible way, which is why we, as a nation, created the VA mortgage program. This is an amazing program that has allowed more than 22 million veterans and active military families to purchase a home since 1944. VA mortgages come with no …

  • Here's How Your Disability Rating Affects Your VA Home Loan Benefit

    Here’s How Your Disability Rating Affects Your VA Home Loan Benefit

    Every month or two, I'll come across this question or a slight variation of it: "Does a disabled veteran qualify for a VA home loan?" It's a trickier question than it might first appear. Military borrowers have multiple requirements to hit in order to fully qualify for a VA home loan, from meeting the service standards and a lender's credit score minimum to residual income and acceptable debt-to-income ratio. But …

  • Occupancy Requirements for VA Loans

    Occupancy Requirements for VA Loans

    VA borrowers are expected to live in the properties they purchase. Sounds like a novel concept, right? But the issue of occupancy is important, not to mention often confusing, especially for first-time home buyers. These flexible, government-backed homes can’t be used to purchase investment properties or vacation homes, but the VA loan advantages are staggering. VA loans are for primary residences,…

  • What VA Borrowers Need to Know About Foreclosure After Bankruptcy

    What VA Borrowers Need to Know About Foreclosure After Bankruptcy

    One of the most consistently confusing situations for prospective homebuyers and lenders alike involves the thorny issues surrounding bankruptcy, foreclosure and the status of your mortgage. Distressed homeowners may file for bankruptcy protection. Some want to keep their houses, others seek to have their mortgage debt discharged in the bankruptcy. Sometimes months or even years later the house is foreclosed upon.…

  • Getting Your Certificate of Eligibility: Let a Lender Do the Heavy Lifting

    Getting Your Certificate of Eligibility: Let a Lender Do the Heavy Lifting

    Even if you're positive you meet the VA loan eligibility requirements, there's only one way to be certain you have access to VA home loan benefits: Obtain your Certificate of Eligibility. This is where the VA separates belief from reality. The Certificate of Eligibility (COE) is an official document that basically attests to your right to participate in the VA Loan Guaranty program. There are multiple ways …

  • A Closer Look at a Key VA Loan Benefit: Avoiding PMI

    A Closer Look at a Key VA Loan Benefit: Avoiding PMI

    As we've mentioned countless times, the VA home loan program comes with a laundry list of benefits, from purchasing with no money down and caps on what borrowers can pay in closing costs to incredibly competitive interest rates even for those with lackluster credit. Veterans United also offers the Lighthouse program, which helps veterans improve their credit free of charge. But there's another big one that …

  • Understanding the VA’s Minimum Property Requirements

    Understanding the VA’s Minimum Property Requirements

    When it comes to buying a home, you have your list of requirements: number of bedrooms, full basement, stainless steel appliances and probably scores of others. The VA also has a list of requirements for a home. But its list is centered on protecting the buyer against unexpected, and usually expensive, surprises. The Department of Veterans Affairs utilizes a series of Minimum Property Requirements, or MPRs, tha…