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.
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.
Lenders consider your gross monthly income when evaluating what kind of mortgage you can afford. In other words, they’re looking at your major monthly debts in relation to your pre-tax income.
Just like veterans and military members families are eligible for a VA home loan, the U.S. Public Health Service and the National Oceanic and Atmospheric Administration are also qualified, meaning they can secure $0 down payment mortgage.
Military spouses often play key roles in the homebuying process. Here we take a deep dive into what spouses can expect and how to be better prepared for your homebuying journey.
Energy Efficient Mortgages are an excellent option for those looking to invest in upgrades that can save you money in the long run. EEM homes can provide increased protection against heat, cold, pollution, and moisture, and are also great at reducing your carbon footprint.
Qualifying for a VA loan after bankruptcy is certainly possible, often in a shorter period than you would with a conventional loan.
Each year, most VA loans are made to veterans. However, active duty service members and those still serving in the National Guard and Reserves can absolutely look to use their VA home loan benefits.
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.
VA loan entitlement can be a confusing subject. Here we break down VA loan entitlement, the different types and how that affects your maximum loan amount.
The VA does have a form of home requirements, known as the Minimum Property Requirements, to ensure the property is a safe and sound investment for the homebuyer.
Short sales often get lumped together with foreclosure and its offshoot, the deed-in-lieu of foreclosure. But these aren't the same thing, and that can make a huge difference for homebuyers.
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