What does IRRRL Stand For? - 04/30/10 09:00 AM
IRRRL might be a clumsy acronym, but it does hold some promise for those who want to get into a VA loan from a conventional mortgage. The Interest Rate Reduction Refinance Loan or IRRRL can be used to get into a lower interest rate, or to convert from an adjustable rate mortgage to a fixed rate loan. In most cases, an IRRRL must result in a lower interest rate—that’s a fundamental rule of these types of VA loans.
One exception comes when a home owner wants to convert from a VA guaranteed ARM to a fixed rate—then the interest rate may … (0 comments)

VA Grant 2101(a)—How Does It Help Disabled Vets Pay For A Specially Adapted Home? - 04/28/10 04:34 PM
In our last blog post we looked at the basics of VA Grant 2101(a), the grant issued by the Department of Veterans Affairs to help qualifying disabled vets afford specially adapted housing. The Department of VA has qualifying criteria related to the nature of a veteran’s disabilities, some of which we covered in the previous blog post, but there are additional requirements to qualify for this grant.
For starters, it must be “medically feasible” according to the Department of Veterans Affairs for the disabled service member to live in the residence. The home must be adapted to suit the veteran’s needs … (1 comments)

Real Estate Needs for Disabled Veterans - 04/27/10 04:13 PM
 
In the early days of a real estate career it may seem challenging to help a disabled client locate affordable housing that is adapted to their needs, or one that can be modified to do so. This is one area where a little knowledge can be a big advantage when it comes to helping a military client. Did you know the Department of Veterans Affairs offers a grant to qualifying disabled veterans that can be used for specially adapted housing?
It’s easy to track down some basic information on VA loans and what a first time home buyer might experience … (0 comments)

What's Your Client's VA Loan Borrowing Power? - 04/26/10 04:49 PM
 
When active duty military members and veterans go house hunting, they come to both the lender and the real estate agent with the same types of questions. How much do the houses cost in this area? Can I afford as much house as I’d like to buy in this zip code? What kind of VA loan repayment plans are available and which one is right for me?
There are many types of VA mortgage repayment plans and plenty of good resources you can point prospective buyers to  that help them get an idea of what their options are. But before … (2 comments)

What is VA form 26-1880? - 04/23/10 02:03 PM
 
When current or former military members want to apply for a VA home loan, one of the first things they must do is fill out a VA Form 26-1880, the Request for a Certificate of Eligibility. Veterans filling out this form will have an easy time of it as long as they have some information lined up in advance. Whether a vet or active duty service member wants to fill out a paper form or do it online, there’s a collection of data they need to get the form properly filled out. In many instances, guesstimating won’t work—the VA needs … (0 comments)

Paperwork and Information a Househunter Needs When Shopping For a VA Home Loan - 04/22/10 06:10 PM
There are many different kinds of house hunters, including serious buyers, those who tend to window shop before getting serious about a particular property, and then there are the first-timers who don’t really know what they want or where to look. First-timers have it rougher than anyone else because they’ve got to constantly rely on the good will of others to help them through the process of selecting, inspecting, and deciding on a house and then going through the process of applying for a loan.
 
Those who apply for VA mortgages have it even tougher, navigating that additional paperwork and … (0 comments)

VA Home Loans: Requirements for Surviving Spouse Eligibility - 04/21/10 02:37 PM
There are several ways veterans and their families can get into a VA home loan to purchase property. But what about the surviving spouse of a military member who has passed away? Does the surviving spouse get to use the same military benefits the service member did?
 
 
In the case of VA loans, the answer is often yes, but spouses must submit paperwork and meet specific eligibility criteria before the Department of Veterans Affairs will approve the application for a VA loan.
 
 
The husband or wife of someone who died while on active duty may not … (2 comments)

VA Mortgages and Eligibility for a Surviving Spouse - 04/20/10 04:31 PM
Selling a home to an active duty military member isn’t challenge-free, but it’s certainly a simpler process than working with a client who wants to buy property with a VA mortgage but isn’t the military member. If you aren’t experienced with VA lending you might assume there was some kind of scam going on, but these situations are perfectly legal in the right circumstances, thanks to the Department of Veterans Affairs regulations that let surviving spouses of deceased service members use the VA loan entitlement if the eligibility is there.
 
But it’s not as easy for a surviving spouse to … (0 comments)

VA Loan Eligibility and VA Home Loan Foreclosures - 04/19/10 07:21 PM
When it comes to getting a VA home loan, there are plenty of qualifiers and conditions—sometimes more than their civilian counterparts looking for conventional loans.
For example, military members have to be on active duty or must have served for six years in good standing with the Guard or Reserve. Whereas civilians may be required to show a stable work history, military members have to demonstrate that they’re in good standing with their branch of the service—or if they’ve gotten out of the military that they did so under honorable conditions.
Just as with conventional loans, military members have to show … (0 comments)

What Are BAH Rates? - 04/16/10 06:14 PM
Every real estate pro who wants to work with militay buyers quickly learns what BAH stands for; Basic Allowance For Housing. BAH is a military entitlement active duty servicemembers get regardless of the branch they serve in. BAH is how the military compensates officers and enlisted alike for the cost of living at a given assignment. Since the military assignment system is only partially voluntary (military people are assigned for the good of the service rather than on personal preference), it's only fair that the military helps to offset the cost of living wherever the service member is stationed.
BAH is … (3 comments)

Proof of Military Service Requirements For Guard and Reserve VA Home Loan Borrowers - 04/15/10 01:21 PM
Veterans and military members still serving alike must provide proof of military service in order to be considered eligible for a VA home loan. According to the Department of Veterans Affairs, those still serving on regular active duty must submit "an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost."For those who retired or separated after 1949, a copy of DD … (0 comments)

Buying A Home With A VA Loan and Proof of Service Requirements - 04/14/10 06:07 PM
There are many kinds of house hunters looking to buy property with a VA home loan. Do you know what the difference is between an active duty reservist, an active duty military member, a retiree or an honorably discharged vet who isn’t considered “retired”?
Active duty military members are the easiest to classify—they’re the ones serving day in and day out. They signed up, went to basic training and technical school and are full-time Airmen, Soldiers, Sailors, Marines or Coast Guardsmen. When active duty military members apply for a VA mortgage, they’re required to show not only that they’re still on … (0 comments)

VA Loans and Manufactured Homes - 04/13/10 05:29 PM
Do you have clients looking to purchase land? If they’re veterans, members of the Guard or Reserves, or are currently active duty military, they may be eyeing the land for a new-construction home. But what if they’re interested in a manufactured home? Do you know how to answer the inevitable questions about VA loans and whether manufactured homes qualify for a VA mortgage?
The short answer is, yes, a veteran can get a VA home loan approved for a manufactured home—but only if the right conditions are met. Manufactured homes are only approved for VA home loans when they are permanently … (0 comments)

VA Loan Questions--Do You Have The Answers? - 04/12/10 04:51 PM
It’s true that real estate agents aren’t in the business of lending money, approving VA home loans or deciding who is a good credit risk or not. But since many first time home buyers—including active duty military people and veterans—view real estate agents and bankers alike as the gatekeepers to home ownership, it’s often assumed you might know the answers to some of those burning first time home buyer questions.
Imagine you’re talking to a military couple about purchasing that first home and in the course of showing a property, you overhear them wondering aloud about their ability to purchase the … (0 comments)

VA Appraisals - 04/09/10 02:29 PM
When a military or veteran home buyer finds a property and wants to purchase it with a VA home loan, there are several steps that must happen before the deal can be closed. Good real estate agents are familiar with the appraisal process, but VA home loans have specific guidance that must be followed to satisfy government requirements before a property can be approved for purchase with the VA loan.
Requirements for VA appraisals include a “no accommodation” clause. Rules for VA property appraisals are strict—non-standard practices that “accommodate” the sale price of the property are not allowed. The VA hands … (0 comments)

The Secret to Finding Military Clients--Put Yourself In Thier Boots - 04/08/10 05:09 PM
Getting and keeping veterans, active duty military, Guard and Reservists as real estate clients isn't so difficult if you can put yourself in their shoes for a little while. Here's a little experiment you can try that will definitely change the way you feel about your military clients--and how you choose to help them out.
Pretend for a moment that you're in first-time home buyer mode. You want a VA home loan, but you're just in the beginning stages of researching all this. You go to a real estate agent because you want to get an idea of what the houses … (0 comments)

VA Lending Limits and the VA Guaranty - 04/07/10 04:19 PM
First time military home buyers see real estate agents and lenders as two sides of the same coin. To them the agent and lender are the gatekeepers and getting a VA home loan depends on both in order for the veteran or current military member's home ownership dreams to come true.
That's why it pays for agents to know VA issues related to buying that first home. Your clients may not be sitting in the bank when they wonder out loud bout whether a given property is going to qualify for a VA home loan. Can the house hunter get a … (0 comments)

Reading the VA Lender's Handbook - 04/06/10 04:54 PM
Some good real estate agents don't have to ask why it's a good idea to read the Department of Veterans Affairs VA Lender's Handbook. They already know there's some pretty valuable information in there. Not all of that information will help you close the sale, but there's always an advantage to knowing what's on a military client's mind when househunting...and what should be on their mind.
To a new agent or someone not experienced with military home buyers, chapters 10 through 14 would seem to be the most obvious places to start reading. After all, these chapters deal with the ins … (0 comments)

New to VA Mortgages? Some Things to Consider - 04/06/10 07:38 AM
One of the best things any real estate agent interested in selling to veterans and their families can do is to get the perspective of these valuable clients. It's true that many real estate agents are vets themselves, but for those who aren't, getting an education from the veteran's point of view is extremely valuable.
 
One way to start this journey is by going to the Department of Veterans Affairs official site and exploring the New To VA section  at http://www1.va.gov/opa/newtova.asp where benefits including VA home loans are discussed, with plenty of resources and phone numbers.
 
One … (0 comments)

 

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