Benefit news, VA loan tips and personal finance help from the Nation's #1 VA lender for Homebuyers
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.
Transitioning back into civilian life can be a daunting final mission for Veterans and military families. This year has added an additional layer of stress with COVID-19 being an added factor to consider.
Getting a home loan from a mortgage lender means you’re interacting in what’s known as the primary mortgage market. Many lenders turn around and sell some or all of their loans and the right to service them to investors in what’s known as the secondary mortgage market.
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.
Veterans and service members can look to qualify for a VA home loan using retirement income, which is great news for many homebuyers. You will need to be able to verify this income in order to qualify for the home loan.
While it isn’t a common occurrence, veterans and military members may be able to purchase with a VA home loan through a revocable inter vivos trust.
Contracts to purchase homes often come with appraisal contingencies. These protect would-be buyers if the VA appraisal determines the home is worth less than what they agreed to pay.
When a homeowner puts their house on the market, they’ll prepare a packet of disclosures full of important information about the property.