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foreclosures: VA Interest Rate Reduction Refinancing Loans for Delinquent VA Mortgages - 08/24/11 10:50 AM
The Department of Veterans Affairs has two basic types of refinancing loans; cash-out refinancing which requires a credit check and other underwriting in the same manner as a new purchase VA loan, and Interest Rate Reduction Refinancing Loans (IRRRL) which may or may not require additional underwriting or credit approval depending on the circumstances.
Did you know the VA also approves qualifying borrowers for IRRRLs on delinquent VA mortgages? In some cases this may be the best option to avoid foreclosure. In these cases the VA has an additional set of guidelines which cover the loan application process–for example, the VA … (0 comments)

foreclosures: What Does VA REO Mean? - 07/06/11 09:36 AM

The Department of Veterans Affairs insures home loans for veterans through its VA Loan program. Since the VA doesn’t lend money directly to veterans, it offers loan insurance–promising participating lenders that it will pay a percentage of the loan back to the bank if the borrower defaults or goes into foreclosure on the mortgage.
No real estate loan program can boast a 100% success rate–some borrowers do wind up going into default and foreclosure in spite of the best efforts of the VA to lend help when the time comes.
Because of this, the Department of Veterans Affairs winds up taking ownership of the … (1 comments)

foreclosures: Why It's Crucial to Avoid Foreclosure Proceedings (Aside From The Obvious) - 03/17/11 09:05 AM

As written before in this blog, nobody applies for a VA home loan thinking about default or foreclosure as a possibility. But circumstances can change; spouses lose jobs, military people can be affected by reduction-in-force cuts, and rising prices on food and gas can make it difficult to pay the bills.
There are borrowers who have a distorted idea of what it means to experience a foreclosure; some believe that foreclosure simply results in the loss of the property, which leads some desperate home owners to simply walk away from the home completely. But foreclosure is much more than simply the bank … (0 comments)

foreclosures: VA Loans, Foreclosure, and Second Chances - 01/13/11 09:34 AM
When a buyer wants to purchase a home with a VA mortgage, there are credit requirements to live up to, debt-to-income ratios to calculate, and credit reports to be studied. Some buyers might be nervous about their past credit mistakes, but VA guidelines state that a record of consistent income and payments for at least 12 months is an excellent start on the road toward home ownership.
But what happens to a veteran’s chances at getting into a VA mortgage if the applicant has had past trouble with home loan default or foreclosure?
According to one report on National Public Radio, … (0 comments)

foreclosures: VA Loans and Foreclosure Avoidance - 11/04/10 10:41 AM
Nobody applies for a VA home loan expecting to get into financial trouble. The last thing on a VA loan applicant's mind when they apply for the VA mortgage on a first home is the loss of a job, bankruptcy or other problems. But even in those most optimistic days of buying a home, the borrower should be aware of a few important options in case the worst does happen. Loan officers and real estate agents alike--at least the best ones--pass on this important information to their clients.
The first thing a VA borrower should know about dealing with a financial … (3 comments)

foreclosures: The VA Vendee Financing Program - 07/08/10 10:04 AM
I was asked a question about the VA program called Vendee Financing and wanted to address the issue in a blog post or two. From the comments section: “Are you familiar with the Vendee Program bank of America offers to buyers? It is a VA program offered on a listing I was showing a buyer and I am curious a person in your specialty has opinions on it.” Vendee financing is a program the VA offers to help finance VA REO properties. The appeal of this is that it’s one of the rare times when a VA loan product or program … (22 comments)

 
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Bruce Reichstein - Expert VA Loan Officer for 23 years: www.VALoans.com

Houston, TX

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VALoans.com - Expert VA Loan Officer - Agent Trusted Lender

Address: 7915 Westglen Drive, Houston, TX, 77063

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