va loan: When The VA Loan Does Not Close - 05/29/12 04:47 AM
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 determination, appraisals, and the lender’s flat fee.
It also describes a list of things that must not be charged to the borrower, such as legal representation fees for the lender or charges already covered by the lender’s flat fee.
In short, the borrower has a regulated, fairly predictable list of fees and … (0 comments)
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va loan: VA Loan Appraisal Fees and Timeliness Requirements - 05/24/12 05:27 AM
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 country may be quite different than another.
For example, VA appraisal fees on a single-family home in Oklahoma or Texas are listed at the time of this writing at $400. But for North Dakota, the fee on a single-family home appraisal is $450. In Hawaii, the fee is $525 … (0 comments)
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va loan: Is Time Running Out for the VA Temporary Residence Grant? - 05/22/12 06:13 AM
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 2012.
TRA was created to help eligible disabled veterans adapt a family member’s home to make it more accessible for the veteran.
According to the FHA official site, “The Temporary Residence Adaptation (TRA) grant program is available to veterans and servicemembers who have been rated eligible for the Specially Adapted Housing section 2101 … (0 comments)
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va loan: VA Loan Reader Question: Home Inspections - 05/18/12 06:22 AM
A reader asks, “We are using a USDA home loan for our first home. Our offer has been accepted and we’ve signed a purchase agreement.”
“I asked our Realtor about when we can have a home inspection done; he said it’s too late. He said he was under the impression that the VA did that and maybe that we wouldn’t want to pay for two. He never asked us about getting one done. Is it too late to have one done? Our offer was accepted less than a week ago. Thank you for your help.”
All borrowers, whether applying for a VA home … (1 comments)
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va loan: Selling a Home Purchased With a VA Guaranteed Home Loan - 05/15/12 06:57 AM
Some of our reader questions involve the ability to sell the home. Does having a VA guaranteed home loan restrict the borrower from selling the property? VA officials are asked this often enough to include it in a list of frequently asked questions about VA loans. Here’s the official word from the Department of Veterans Affairs at VA.gov:
“Q: Does having a VA loan limit a veteran’s right or ability to sell the property?
A: No. A veteran may sell the property to a veteran or non-veteran at any time. However, if the loan was closed after March 1, 1988, and … (1 comments)
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va loan: Condo Eligibility For VA Appraisal and Loan Approval - 05/11/12 05:36 AM
Some of the most common questions about VA condo loan approval have to do with condo project approval and appraisals of condo units. Some borrowers who want a VA guaranteed home loan for a condominium unit don’t know the VA policy when they start their search for a home–what do VA rule say about condo projects?
The very first thing a potential VA loan applicant should know is that a condo project must be “acceptable to VA before any unit in the project can be eligible for VA loan guaranty”.
That means the condo must either be on the VA approved list or … (0 comments)
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va loan: VA Loan Reader Questions: Refinancing Rules For Divorced, Non-Veteran Borrowers - 05/09/12 06:27 AM
A reader asks, “My sister is a cosigner on a VA loan based on her husbands eligibility. She is now divorced and the house was given to her in the divorce agreement. She received part of her husband’s retirement, since they were married 33+ years. Her ex-husband signed a quitclaim relinquishing all rights to the house.”
“She is responsible for the payments according to the divorce agreement and there has never been a late payment on the loan. She has never remarried…My sister wants to do a Streamline and wants to know if the quitclaim signed by her ex will be … (0 comments)
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va loan: VA Loan Reader Questions: Can I Purchase a Boat or RV With My VA Loan Benefits? - 05/08/12 07:51 AM
One common question about VA home loans involves the purchase of properties other than suburban homes. VA loan benefits allow buyers to purchase a condo, mixed-use property, multi-family units, manufactured or modular homes and many other options. Not all lenders offer loans on these properties, but VA loan rules do permit them when a lender does choose to offer the loan.
Some buyers want to know about the possibility of a VA guaranteed mortgage loan for a houseboat. After all, a VA loan is possible for a mobile home, why not a boat?
Unfortunately, VA loans for boats–houseboats or otherwise–are not … (0 comments)
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va loan: VA Loan Reader Questions: Can We Buy A Multi-Unit Property With a VA Guaranteed Joint Loan? - 05/03/12 10:33 AM
A reader asks, “Everyone is telling me that a VA loan can only be used to for up to 4-units and that there are no exceptions. How can I prove that two VA eligible veterans can rent up to a 6-unit property? Can you tell me where, specifically, you found this information? Thank you!”
Chapter 7 of the VA Lender’s Handbook states clearly:
“If a property is to be owned by two or more eligible veterans, it may consist of four family units and one business unit, plus one additional unit for each veteran participating in the ownership.” (Italics ours). This … (1 comments)
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va loan: VA Interest Rate Reduction Refinancing Loans: Closing Costs Included in the Loan Amount - 04/26/12 06:32 AM
VA Interest Rate Reduction Refinancing Loans are designed to help lower interest rates, monthly payments, or both. The Department of Veterans Affairs rules for these loans states:
“An IRRRL is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing VA loan. Generally, no appraisal, credit information or underwriting is required on an IRRRL, and any lender may close an IRRRL automatically.”
Since lowering payments and making the VA mortgage more affordable is the whole point for many borrowers considering … (0 comments)
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va loan: VA Loan Reader Question: Waiver of Seasoning Period For Chapter 7 Bankruptcy? - 04/17/12 07:03 AM
A recent reader comment with the subject line, “Waiver of two year wait for bankruptcy” includes the following:
“I have had two VA loans and never had a foreclosure or missed payments. I have a Chapter 7 bankruptcy discharged Dec 12, 2010. My mortgage was included in the bankruptcy but I continued to make the payments until I sold the house. I want to again purchase a house using the VA. I am retired military and social security with an annual income of $70K.”
While there’s no question directly asked here, it’s implied that the reader seeks a waiver for the … (0 comments)
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va loan: VA Refinancing Loans - 04/17/12 06:45 AM
The VA Lender’s Handbook describes two basic types of VA refinancing loans. One is the VA Interest Rate Reduction Refinancing Loan, which features no money back to the buyer and can be done in “streamline” mode for those who already have VA mortgages (under the right conditions).
Another is the VA Cash-Out Refinancing Loan, which as the name implies does feature cash back to the borrower, requires a new credit check and other underwriting requirements.
But the Department of Veterans Affairs also has rules for “other refinancing loans”, which are described in Chapter 16 of the VA Lender’s Handbook.
According to … (2 comments)
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va loan: VA Loan Questions: VA Loan Funding Fee Exemptions - 04/13/12 12:03 AM
Veterans who receive, or are eligible to receive VA disability benefits are also eligible to be declared exempt from paying the VA loan funding fee. That fee is 2.15 percent of the loan amount for no-money-down VA mortgage loans–a substantial savings for the exempt veteran.
This is a topic we’ve covered here many times before, but some VA loan applicants still on active duty naturally want to know if they are exempt from paying the funding fee because of service-connected injuries or illnesses. The Department of Veterans Affairs official site says yes, VA borrowers on active duty can under the right … (0 comments)
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va loan: VA Interest Rate Reduction Refinancing Loan Rules: New Credit Checks - 04/10/12 06:27 AM
When is a new credit check needed on VA refinancing loans? This is a commonly asked question about VA guaranteed Interest Rate Reduction Refinancing Loans (also known as VA IRRRLs).
One reason? The line in the VA Lender’s Handbook in Chapter Six which states, “Generally, no appraisal, credit information or underwriting is required on an IRRRL, and any lender may close an IRRRL automatically.” But many VA borrowers do find themselves submitting to a credit check once more on a VA IRRRL. Why?
That depends on the nature of the loan. The VA and/or the lender may require a new application and credit … (1 comments)
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va loan: VA Loan Reader Questions: Seasoning Periods Following a Non-VA Short Sale - 04/09/12 06:56 AM
A recent commenter wonders about the minimum “seasoning period” for VA borrowers who have a short sale on their credit history.
Do the VA rules, which require at least a two year wait from the time of a short sale to the time of a new VA home loan application, apply to borrowers who completed a short sale on a non-VA guaranteed home loan?
The reader asks, “What if the loan short sale was an FHA loan, not VA? We were told two years then we can use our VA. We have never used the VA loan.”
In cases such as these, the VA … (0 comments)
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va loan: VA Loan Reader Question: Can I Do A Short Sale? - 04/05/12 06:47 AM
A reader asks, “Our house and property lost about 70,000 in value after the housing market collapsed, and in addition, we have found many things wrong with our house that we can no longer afford to repair. We have a VA loan and are not behind on our payments. We need to move due ot our recently expanded family. Can we do a short sale?”
There are two very important issues to remember when considering a short sale on a home purchased with a VA insured mortgage loan. The first is that short sales require the lender’s participation. Borrowers are not … (0 comments)
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va loan: Conventional To VA Refinancing - 03/30/12 04:51 AM
A reader asks, “Is it possible to convert (refinance) our mortgage (conventional 30 year mortgage, not VA) to a VA loan to reduce the interest rate?”
“We owe more than the house would sell for in our market, but we can’t refinance due to the 20% equity requirement, which means we have to bring an enormous pile of cash to the closing table. We have never had a late payment, don’t want to move, and are qualified for the loan amount under income requirements. Doing this would reduce our monthly payment substantially.”
According to a message on VA.gov, located at http://www.benefits.va.gov/homeloans/ls.asp, there is hope for … (1 comments)
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va loan: VA Loans and Short Sales: A Reader Question - 03/22/12 04:54 AM
A reader asks;
“I am being moved as a condition of employment by the U.S. Government and have been offered a full move assistance package, including the government purchase of my home.”
“Unfortunately the government will only pay the current market value of my home, which is approximately $90,000 short of what I owe. I have a VA loan on the home but was considering a short sale. In this case I already have a buyer (the U.S. Government) and the loan is VA backed. I would like to do a short sale, what are the considerations in my situation?”
The … (0 comments)
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va loan: VA Loan Funding Fees: Why Do I Have To Pay A Second Time? - 03/21/12 07:09 AM
One of the costs of doing business with a VA home loan is the VA loan funding fee. This is a fee most borrowers pay unless they are exempt from the fee based on their eligibility for VA disability pay or other factors as described in VA loan rules.
First-time borrowers pay a smaller VA loan funding fee than second-time borrowers. Those using their VA home loan benefits for the second time must pay the funding fee, but also pay a slightly higher amount based on this information from the Department of Veterans Affairs official site at VA.gov:
“The VA funding … (0 comments)
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va loan: VA Loan Eligibility Rules - 03/20/12 05:27 AM
In order for VA loan applicants to be approved for a VA insured mortgage, they must first establish eligibility with the Department of Veterans Affairs. This is required so that the VA can verify the borrower has met requirements including time in service, and other factors.
Once a borrower’s eligibility has been established, the lender can proceed with the VA home loan process. But what happens when a borrower has used his or her eligibility for a home loan and wants to get it restored again later for another mortgage?
Borrowers can apply for restored eligibility once they have sold the property or otherwise paid off … (2 comments)
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