VA Loans Insider Page 4

  • 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,…

  • How Much is the VA Funding Fee?

    How Much is the VA Funding Fee?

    Home ownership is a priority for many U.S. veterans and the incredible benefits of the VA Loan Program are helping thousands of service members achieve this goal. VA loans are one of just two no-down payment loan programs available today. Credit and income requirements are generally more lenient with VA loans than conventional mortgages, and the VA caps what veterans can pay in costs and fees. But there…

  • 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 …

  • VA Construction Loans: How to Build a Home with a VA Loan

    VA Construction Loans: How to Build a Home with a VA Loan

    Building your dream home is a possibility with a VA home loan. But it isn't always an easy road. This no-down payment program allows qualified borrowers to use their VA entitlement to obtain a mortgage for new construction. The issue is that it can be challenging for VA borrowers to locate a lender willing to issue a construction loan. The VA doesn't actually make home loans; rather, it basically insures the…

  • 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…

  • Pulling Back the Curtain on VA Home Loan Closing Costs

    Pulling Back the Curtain on VA Home Loan Closing Costs

    No matter which side of the homebuying equation you're on, nobody likes closing costs. These are costs and fees associated with procuring and finalizing a home purchase or refinance, and most of them must be paid before you get the keys to your dream home. But the VA mortgage program does an exceptional job of limiting what veterans can pay in closing costs. That cost consciousness is a benefit designed to help ma…

  • 10 Things Many Borrowers Don't Know About VA Loans

    10 Things Many Borrowers Don’t Know About VA Loans

    Find out more at our Complete Guide to the VA Home Loan For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, no-down payment loans have helped more than 22 million service members become homeowners since 1944. But even some longtime VA borrowers aren’t familiar with all of the program’s unique benefits and quirks. Here's what service members need to know about VA Loans: 1. They’re reusable. You can us…

  • Fulfilling the Occupancy Requirement for VA Home Loans

    Fulfilling the Occupancy Requirement for VA Home Loans

    VA loans help veterans and service members achieve the dream of homeownership. This isn't a financing vehicle for purchasing investment properties, vacation homes or anything other than your primary residence, be it a single-family home, a condo, a multiunit property or other suitable structure. To help retain that focus, the VA has occupancy requirements in place that borrowers need to satisfy in order to close …