Home Purchase - Page 8

Verification of Employment (VOE) is essential for VA lenders to see that you have a reliable source of income and can make your mortgage payments. Guidelines will vary by lender and borrowers should be aware that some employment scenarios can disrupt the VA loan process.

Without major changes to federal drug laws, Veterans whose income relies heavily or solely on the production or sale of marijuana will likely remain in limbo when it comes to using their VA loan benefit.

Bitcoin and its crypto counterparts are increasingly popular. Here's what Veterans need to know about using them during the VA homebuying process.

When your loan officer calls to say your loan is Clear to Close (CTC), that means the underwriter has approved all documentation necessary for the title company to schedule the closing and start drafting the Closing Disclosure.

The VA’s loan limits have long been a source of confusion and consternation.

The bipartisan bill provides earlier access to the VA home loan benefit for qualified Guard members ordered to full-time duty under Title 32 orders, including thousands mobilized to respond to the COVID-19 pandemic.

Like the other government-backed home loans, VA loans are focused on helping borrowers purchase primary residences. The VA loan program isn’t intended to help people build an empire of rental properties or vacation homes.

One of the closing costs VA buyers usually contend with is prepaid interest on their new mortgage. Unlike rent, your mortgage is paid in arrears, meaning each payment covers the previous month you lived in the home, not the current one.

Prospective buyers can look to land a VA home loan using part-time income. But you’ll typically need a solid track record of receiving that income to make it work.