va benefits: VA Loan Rules: Spouse Income - 04/20/12 05:12 AM
One frequently asked question about VA home loans involves whether a spouse’s income can be counted on the VA loan application for the purposes of calculating the debt-to-income ratio.
It is easy to assume that a VA loan application with spouse income included would be stronger than without it; the combined incomes show more earning power and if the amount of debt is well within the VA requirements it would seem like a logical choice. In fact, VA loan rules instruct lenders specifically, “Verify and treat the income of a spouse who will be contractually obligated on the loan the same … (3 comments)
|
va benefits: VA Loan Questions: Can I Use a VA Loan To Landscape My Property? - 02/23/12 06:45 AM
A reader asks, “I have never used my VA Loan. Can I use my VA benefits to landscape my yard to include installing a fence? If so how do I apply for the loan?”
VA home loans have a list of approved uses spelled out in the VA Lender’s Handbook. These uses include purchase, refinancing, and rehabbing residential properties intended to be the primary residence of the VA loan applicant.
While VA loan requirements do permit a borrower to simultaneously purchase and repair or rehab a home, it does not allow the borrower to apply for a new purchase VA home … (0 comments)
|
va benefits: VA Refinancing Loans and Misleading Advertising - 09/30/11 08:25 AM
When you buy a home with a VA insured loan, you may or may not be thinking about refinancing that loan at some point down the line. Some borrowers walk into a certain type of home loan such as a variable rate mortgage with a refinance strategy firmly in mind at purchase time. Others get into a fixed-rate VA mortgage with no plans to refinance at all.
At some point, most borrowers receive direct mail, e-mail or see advertisements on TV with refinancing offers. Some are aimed at homeowners in general, while others may be targeted to VA borrowers specifically.
But … (0 comments)
|
va benefits: VA Loans: Will the VA Disregard My Bankruptcy? The Answer May Surprise You - 09/07/11 08:37 AM
Some say more Americans have experienced a bankruptcy in recent times than ever before. Whether or not that’s statistically true, those who have experienced bankruptcy are naturally worried about how it may affect their ability to become home owners again in the future.
VA loan applicants are no exception. The VA boasts very consumer-friendly terms and conditions for VA insured mortgages, especially when it comes to past credit mistakes, issues or problems up to and including bankruptcy. We’ve written about bankruptcy issues before, but some borrowers are still surprised to learn that VA loan rules do allow a VA home loan … (0 comments)
|
va benefits: Improper Use of VA Loan Entitlement: The Facts - 08/09/11 08:48 AM
There are many rules and regulations that govern the VA home loan program. Some of the rules apply to lenders, some apply to appraisers, and some apply to builders who are hired to build or modify properties sold with VA insured loans. And then there are the rules that govern the buyer.
Many of the VA requirements that affect the buyer have to do with credit, employment, and VA loan eligibility, but there is also a section in the VA Lender’s Handbook that covers what constitutes misuse or improper use of the VA loan entitlement.
The Department of Veterans Affairs spells … (0 comments)
|
va benefits: VA Loans, State VA Offices and VA Regional Loan Centers - 06/16/11 09:14 AM
A VA home loan is much like many other veteran benefits; in order to take full advantage of your VA benefits there is introductory paperwork, proof of service required, and at least some waiting time included while all that paperwork is submitted, processed and filed.
Vets who have never applied for VA loan eligibility or a VA home loan before can save themselves plenty of time just knowing the right office to talk to when it’s time to file that paperwork for a VA mortgage.
Every state in the USA has a VA office. There are usually many VA offices in … (1 comments)
|
va benefits: Can I Get My VA Certificate of Eligibility Online? - 06/01/11 08:41 AM
Veterans who have never applied for a VA home loan before soon learn they need a VA Certificate of Eligibility before the lender will allow them to move forward with a VA home loan.
This isn’t just a requirement set down by the bank, the Department of Veterans Affairs does not approve VA loans for those with no Certificate of Eligibility. The VA requires the veteran to sign and complete VA Form 26-1880, Request for a Certificate of Eligibility.
According to the VA official site at VA.gov, “You can apply for a Certificate of Eligibility by submitting a completed VA Form … (5 comments)
|
va benefits: VA Loan Benefit Basics: VA Loan Guaranty and Interest Rates - 05/31/11 09:17 AM
In part one of this post, we discussed the VA loan program, down payments and the difference between what the VA allows for no-down-payment VA mortgages and what the lender may need to meet secondary market requirements. There are other basics a first time borrower should also know–borrowers in the early stages of researching a loan often need additional details about the nature of the VA loan program and how it works.
The term “VA loan” is a bit of a misleading one; the Department of Veterans Affairs does not lend money to veterans, instead it insures the loan offered by … (3 comments)
|
va benefits: VA Loan Benefits and Grants for Disabled Vets - 05/13/11 10:25 AM
We’ve had several recent questions concerning VA home loan benefits for disabled veterans. There have been changes, modifications and improvements to a wide variety of VA loan and grant programs for disabled vets in recent years, including modifications to the VA funding fee exemption policy and new programs established for eligible disabled veterans.
The VA loan funding fee exemption is an important benefit for disabled veterans. At one time, four categories of people were qualified to be exempt from paying the VA funding fee. New rules add a fifth. Under the old rules, those receiving VA disability benefits, anyone entitled to get those benefits or received VA disability benefits in the past were exempt from … (1 comments)
|
va benefits: VA Loan Limits and the Certificate of Entitlement - 12/08/10 09:39 AM
VA Loan entitlement, according to the Department of Veterans Affairs, is "the amount available for use on a loan." That references the amount the VA will guaranty rather than the entire amount of the VA home loan. A veteran's basic entitlement, the amount the VA agrees to pay the lender should the veteran default on the loan, is $36,000. To start the VA mortgage application process, a VA loan applicant sends for a VA Certificate of Entitlement. This document lists the basic entitlement plus any amount charged to previous VA home loans that has not been restored. Any unrestored amount cannot … (1 comments)
|
va benefits: VA Loans and Property Defects on Existing Construction Homes - 10/13/10 01:18 PM
If a VA borrower purchases a home, moves in, and discovers a construction defect, do they have any recourse? In the case of new construction homes, the VA mortgage holder has a year to file a complaint with the Department of Veterans Affairs. But what recourse does the buyer of an existing construction home have?The definition of “existing construction” is essentially a home that’s already had one owner. It’s not purchased as a brand new structure, so the buyer is getting the home on different terms than if they had had the house custom built or purchased immediately after construction during … (1 comments)
|
va benefits: Why Pre-Qualify for a VA Mortgage? - 10/08/10 04:37 PM
There's more than one way for those eligible for VA mortgages to start looking for a new home. Some buyers go through a "just looking" phase before they decide they're ready to commit, and for them, the option to approach a seller with an offer contingent on getting VA loan approval is a good way to go.
But others are more serious about the house hunt and want to start their search fully able to look for a home--and make a serious offer--within a certain price range. For these buyers, a very good way to proceed is to get VA loan … (1 comments)
|
va benefits: VA Loan Quiz Time - 10/01/10 07:38 AM
It’s time for another VA loans quiz! How much do you really know about VA home loans? You’ll learn a lot more with our quiz—especially when it comes to posting the answers, since we post links to additional resources for the Q&A.
Today’s VA Loan quiz covers a few areas many first time home buyers are in the dark about—until they begin the process of actually applying for a VA home loan. Knowing this information in advance can be a huge help and it’s always recommended that buyers start doing their homework early so they know what to expect when they … (2 comments)
|
va benefits: How Much Do You REALLY Know About VA Loans? - 09/30/10 09:07 AM
Federally-assisted housing programs such as the Department of Housing and Urban Development’s FHA loan program or the Department of Veterans Affairs VA home loan program would seem to be common knowledge. Bankers, real estate agents, government agencies and military bases all have plenty of literature, web resources and other information available to help those who could benefit from these programs. So why aren’t they as well known as we think they are?IN 2004, an independent study on the VA loans program was finalized and delivered and eventually published on the VA official site. This report was done by a third party … (1 comments)
|
va benefits: When Can a New Active Duty Service Member Apply For a VA Home Loan? - 09/16/10 02:26 PM
Active duty service members have different requirements for establishing eligibility for a VA loan than their Guard or Reservist counterparts. As mentioned in the last blog post, the VA requires active duty military members to supply a current statement of service including the date active duty began, plus a signature indicating the approval of the unit commander. But when can they actually accomplish this? Notice that no minimum active duty service time is mentioned—but there are circumstances which, for all intents and purposes, do amount to a minimum time in service requirement however informal or unwritten.New recruits in basic training won’t … (2 comments)
|
va benefits: VA Loans, Current Military Members and Military Allowances - 09/15/10 02:12 PM
When calculating military income for VA home loan applications, current service members serving in the US have the Basic Allowance for Housing to consider as verifiable income on a VA loan application. Some military members apply for VA loans with a debt-to-income ratio skating the edge of what’s allowed according to VA requirements. How does a soldier, sailor, airman or marine make smart decisions to bring the debt-to-income ratio down and qualify for a VA mortgage? The VA’s debt-to-income ratio maximum is 41%. That means the VA borrower can’t owe more than 41% of their verifiable income if they want to … (3 comments)
|
va benefits: Answers to The VA Loans Quiz: VA-Owned Properties for Sale - 09/14/10 04:11 PM
Did you know the VA owns repossessed properties that eventually go back on the market? As with all types of loans, some work out and some don’t—a fact of life in the lending business. When VA guaranteed homes go into foreclosure, they can and do wind up in the VA’s possession…but not for long.The VA offers these homes—and financing for them—to qualified buyers—both military and civilians. The answers to today’s quiz should help you understand how it all works:1. I can learn where to find VA-owned properties for sale by:A. Contacting my local real estate brokerB. Contacting BAC Home Loan ServicingC. … (1 comments)
|
va benefits: How Much Loan Can a VA Borrower Get? - 08/12/10 05:11 PM
I’ve been covering some of the basics of VA home loans in my recent posts, including what the VA does and does NOT do for the buyer. There are a few other basics first time home buyers and RE agents new to the VA loan process should know.One common question the new VA loan applicant wants to know is how much they can borrow with a VA guaranteed loan. There are many reasons for asking—some buyers want to know what the ceiling is, regardless of what they can afford. They want to know, just in case they are able to borrow … (1 comments)
|
va benefits: What the VA Does NOT Do For VA Loan Borrowers - 08/11/10 08:29 PM
I write a lot about VA loans, but up til now I’ve neglected to discuss some aspects of the VA home loan process a buyer should know every bit as well as the requirements to qualify and successfully navigate the VA loan process.
At every step of the way, the Department of Veterans Affairs has set up rules and regulations to protect veterans and lenders alike. The VA has guidelines for borrowers that keep them from getting into predatory loan situations, and it also has rules to protect loan officers from signing up new clients at high risk of defaulting on … (1 comments)
|
va benefits: Who Needs a VA Home Loan? - 06/30/10 10:11 AM
Who needs a VA home loan? In my last post I promised to continue the series I started on VA loan basics, but a comment that came in on yesterday’s post on VA home loan basics got me thinking. It’s easy to assume that most of your VA home loan clients would come from a military base nearby if you have one in the community. But that’s not always the case.
There are four branches of the military. Members of the Army, Navy, Air Force and Marine Corps come from all over the United States, and many of them have a … (0 comments)
|
;)
;)
;)
