Bankruptcy and VA Eligibility - What happens if I file bankruptcy and wish to buy another home at some point? - 09/28/08 09:21 AM
Veterans who file for bankruptcy are still allowed to use a VA home loan if they are eligible. Unfortunately the process does require a waiting period. You are allowed to purchase another home two years after the "discharge date" of your bankruptcy. Keep in mind that the filing date does not factor in-you must wait the two years after bankruptcy has been discharged. Once you are eligible to buy another home, the usual credit and income requirements apply.
For additional information feel free to contact me directly @ (832) 519-0695) or email me @ henry@GoToEquityMortgage.com
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VA Farm Loan? - Can I buy a farm with a VA loan? - 09/28/08 09:18 AM
A veteran generally cannot get a VA loan to purchase a farm with one notable exception. If the farm has a residence where the veteran intends to live. There is no 'farming requirement' for this kind of purchase, but if the veteran does intend to operate a farm business as a major source of income for loan qualification purposes, it's required to show that the business can turn a profit. There are other options available to veterans who wish to operate a farm. The Farmers Home Administration does show preference to veterans, and can be used as a way to finance … (0 comments)

Are You Eligible for a VA Home Loan Guaranty - How do I get proof of eligibility? - 09/28/08 09:15 AM
It's easy to use an online program called ACE--the Automated Certificate of Eligibility--to get started in the VA loan guaranty process, yet can only have this done by a VA approved lender such as we are.
Unfortunately, the automated system won't work for everyone. Some people don't have enough information in the ACE database, and are required to fill out a VA Form 22-1880, a Request for Certificate of Eligibility.
If this applies to you, we can take care of this for you.  However, you simply fill out the form and mail it to your regional Eligibility Center along with supporting … (0 comments)

Get Pre-Approved / Should I get a pre-approved loan? - 09/28/08 09:09 AM
Obtaining pre-approval for your home loan amount is an excellent time-saving step. Once you know the exact amount you're eligible for in your home loan, you can begin searching for a home as a 'serious buyer'. You'll know in advance exactly what you can afford and what is outside your price range. It's the kind of security you'll be grateful for as you search for the best value for your money. With pre-approval, you avoid wasting time with property that's out of your price range or sellers who are unsure whether you mean business.  There is a lot of confusion on … (0 comments)

VA Home Loan Entitlement - Isn’t the VA home loan automatic? It's one of my entitlements, Right? - 09/28/08 09:02 AM
Some first-time home buyers are misinformed as to the workings of a VA Loan. The Veterans Administration does not normally act as a lending agent. Instead, the VA is in the business of guaranteeing the loans of veteran. In most cases, the VA offers a guaranty to those who meet the requirements, the first of which include a good credit rating.
If you are considering any kind of home loan, it's best to consult a credit counselor and to find out what credit rating you already have and what you can do to improve your credit rating before applying for the … (0 comments)

VA Foreclosed Homes - Where to find out more - 09/28/08 08:55 AM
The Department of Veterans Affairs (VA) acquires properties as a result of foreclosures on VA guaranteed loans. These acquired properties are marketed through a property management services contract with Ocwen Federal Bank FSB, West Palm Beach, Florida. The properties are listed by local listing agents through local Multi Listing Systems (MLS). A list of properties for sale may also be obtained from Ocwen's website at http://www.ocwen.com/ . If you are interested in buying a VA-acquired property when it is listed for sale by Ocwen Federal Bank FSB, please contact a local real estate broker of your choice to see the property. … (0 comments)

Why Using a VA Loan is a Good Idea In today's Market - 09/28/08 08:49 AM
The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any downpayment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. In addition if you are getting a mortgage for more than 80% of the value of the home you do not pay monthly Mortage insurance as you do with FHA and Conventional Loans. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different … (0 comments)

What is a VA loan? - 09/28/08 08:43 AM
The VA loan began in 1944 through the original Servicemen's Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for … (0 comments)

Lowering Your Payments - 09/28/08 08:35 AM
There are many ways besides opting for a shorter rate lock period to get a lower payments, though.
A larger down payment will result in a lower interest rate than a smaller one, because you're starting out with more equity and the lender is taking less of a risk. You can pay points to lower your rate over the life of the loan, but that means you pay more up front. For many people, this makes sense and is a good deal. Seller Contributions are closing costs paid by seller, which the seller in turn charges you to close the … (0 comments)

What is a "rate lock period"? - 09/28/08 08:26 AM
A rate lock or a rate commitment is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your application is processed. This prevents you from going through your whole application process and at the end of it finding out the interest rate has gone up.
A rate lock period can vary in length, and longer ones usually cost more. A lender will agree to "hold" your interest rate and points for a longer period, say 60 days, but in exchange the rate and maybe points … (0 comments)

Surviving IKE - 09/18/08 12:31 PM
Well looks like all turned out as well as can be expected here in Conroe after getting Hit by a storm such as IKE.
I'll post a few observations... some are tounge and cheek but nonetheless true!  Not to make light of those who lost everything including their lives but right about now I feel that a little humor is in order for all of us.
Our Property Owners Association raided with nearly unanimous consent our fund to purchase fuel for the Generator to run our community well.  Thank goodness we didn't spend $15k on a new fence that has been … (0 comments)

Are you Ready to Meet IKE? - 09/11/08 03:00 PM
As you may know, Hurricane IKE will be striking the Gulf Coast of Texas in the next day or so.  If you are not getting prepared I would suggest that you do even if you are within 100 miles of the cost.We at Equity Mortgage would like to take a quick moment to help in your preparations by providing the following list of things to do.  We hope that this is helpful. If you are evacuating your home:
Turn the pilot light off on your water heater and furnace, then turn off the gas line valve near the appliance and, finally, … (0 comments)

Collapse of Fannie and Freddie and what it means to Buyers, Sellers and Realtors - 09/07/08 12:19 PM
Now with the one two punch of the Government Takeover of Fannie and Freddie coupled with the Elimination of Seller Funded aka non-Profit down payment assistance (although the fight goes on to restore it) brings to bear the following realities.
Buyers with good jobs and sub 660 credit will have to go back to the old ways of saving or having the 3% necessary to purchase a home or work with a Broker who is not a one trick pony in regards to Down Payment Assistance.  All of the state, county & city down payment assistance programs are all still intact. … (3 comments)

 

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