ARCHIVED BLOG POSTS
2011
VA rules state that any property to be purchased with a VA insured loan must have a notice of value assigned after being reviewed by a VA assigned appraiser. The notice of value or NOV for short allows the VA to issue a VA loan amount for the purchase based on the fair market value of the propert...
04/29/2011
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There are several different ways a military member can leave the service. One is to complete 20 years or more of service and apply for military retirement. Another is to simply allow the current term of enlistment to expire without re-enlisting. Another way is to be given a discharge by the mili...
04/28/2011
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In recent blog posts we’ve discussed why a borrower might want to put a down payment on a no-money-down VA home loan. While it’s true that borrowers who are eligible for a no-down payment VA loan can save some money up front for use elsewhere, it can be a good idea to have a down payment in order...
04/27/2011
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When comparing three different types of home loans, it’s easy to see why veterans often choose a VA insured mortgage over an FHA loan or conventional mortgage. The down payment issue is one area where VA loans have a clear advantage over FHA, and conventional loans. The conventional lender may re...
04/27/2011
One of the most common situations lenders have to deal with regarding VA home loans is when a veteran is preparing to retire from the military. Vets are allowed something called “Permissive TDY” or temporary duty to go house hunting prior to retirement from the military. This is generally because...
04/26/2011
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Borrowers who apply for VA home loans are eligible to apply for a VA Interest Rate Reduction Refinancing Loan or IRRRL after they have made a minimum of six mortgage payments and meet other “seasoning” or minimum waiting period requirements on the original loan. Any borrower applying for a VA IRR...
04/25/2011
In our last blog post we discussed VA loans for self-employed and freelance workers. The Department of Veterans Affairs does have provisions for veterans who are self employed and want to get a VA guaranteed home loan. Just because a freelance or small business owner’s income isn’t “traditional”...
04/21/2011
One of the important parts of a VA loan application is income verification. VA rules state income must be stable, reliable, and “likely to continue” in order for an applicant to be approved for a VA mortgage. For those currently serving in the military, retired or separated with conventional emp...
04/21/2011
VA loan requirements include verification of income. Borrowers must show stable, reliable income that is likely to continue. The VA generally asks for at least two years worth of documentation showing such income and employment. But some borrowers can’t show two years of stable employment, espec...
04/21/2011
In recent posts we’ve discussed the rules for VA home loans where income verification is concerned. Self-employed, freelance, and recently discharged veterans are all able to be considered for VA home loans even when their income may not necessarily conform to the traditional model of employment...
04/21/2011
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide
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