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When a VA loan applicant who is still on active duty wants to apply for a VA mortgage, the lender requires a current copy of the borrower’s Military Leave And Earnings Statement or LES as proof of income. The LES must be no older than 120 days (except for new construction loans, which allow for 1...
Some people believe that it’s harder to get a VA home loan when self-employed or as the owner of a small business. While the rules for this type of employment are more stringent due to the nature of owning a small business, it’s not impossible to get a VA mortgage when working for yourself; what’...
VA loan applicants are required to show proof of income when applying for a VA home loan. The procedures for those serving on active duty are different than for those who are in the Guard/Reserve, or who have retired or separated. For active duty military,  a current copy of the applicant’s Leave...
VA home loans involve a set of fees and expenses. Borrowers are responsible for a variety of these expenses as described in the VA Lender’s Handbook. Chapter Eight, “Borrower Fees and Charges and the VA Funding Fee” describes things the borrower is responsible for paying such as flood zone determ...
Today we take a pause from our usual discussions about VA loans, appraisals, and reader questions to remember our men and women in uniform who have given so much. Memorial Day is a time to reflect on what our troops past and present have done to insure our freedom. To all those who currently serv...
When it’s time to start the VA home loan process, the borrower fills out an application, submits to a credit check, and has employment and income verified. First time home buyers may feel a lot of scrutiny with that first home loan application, but that level of attention is not reserved for the ...
One of the most frequently asked questions about VA home loans is a two-parter. “How much do VA appraisals cost and how long do they take?” Unfortunately, there’s no set answer to either–VA appraisal fees vary depending on the market you’re in and what is considered typical for one section of the...
There are many steps to a VA guaranteed home loan, and it’s easy for a first-time home buyer to get confused or overlook important aspects of the VA loan process. It’s easy to forget about some of the home buyer’s rights under the VA loan program when navigating the process as a new house hunter,...
In October, 2011, authorization for the Temporary Residence Grant or TRA was extended under Public Law 112-37. The Veterans Health Care Facilities Capital Improvement Act of 2011 was signed into law on October 5, 2011, and as a result TRA grant money availability was extended until December 31 20...
There is a VA loan program especially for Native American veterans interested in purchasing or building a home on trust lands. Eligible borrowers can, according to the Department of Veterans Affairs official site, use such a VA mortgage to buy, build or improve eligible property, but also “to sim...

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