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va loans: Remembering Our Veterans On Memorial Day - 05/27/12 08:02 AM
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 serve, we thank you. To all our veterans, an equal amount of thanks, respect, and gratitude.
Likewise to those we remember today who gave the ultimate sacrifice. No amount of words are enough to convey what we owe our men and women in uniform, but it’s important … (0 comments)
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va loans: The VA Loan No Accomodation Rule for Appraisals - 05/25/12 04:58 AM
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 borrower alone–the VA appraisal process also gives attention to the property to be purchased with a VA guaranteed home loan.
The Department of Veterans Affairs has a list of rules and requirements when it comes to appraising a home and the surrounding property, rules which protect both the … (0 comments)
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va loans: 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 loans: VA Loan Purchase Agreements–An Important Fact - 05/23/12 06:08 AM
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, but there’s one thing a borrower should always remember about one particular feature of VA loans: the escape clause.
We’ve covered the VA loans escape clause in previous blog posts, but basically it is protection for the buyer. The VA loan escape clause does not allow … (0 comments)
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va loans: 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 loans: VA Loan Reader Question: Am I Obligated To Sell My Home? - 05/17/12 07:19 AM
A reader asks, “If I’m the seller, and the VA value after the appraisal is lower than what I’m asking, do I have any right to refuse the sale with this buyer or not? What options do I have if I want to cancel the sale at this moment? The VA just appraised my house last Tuesday.”
VA loan requirements stipulate that the following “escape clause” be added to a commitment to purchase:
“It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise or be … (1 comments)
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va loans: VA Loan Reader Question: VA Appraisal Fee Rules - 05/16/12 06:34 AM
A reader asks, “I have had an appraisal done and there are a few repairs that need to be done – nothing too bad – but do I need to pay another $475.00 when the appraiser returns to see if the repairs were done?”
VA appraisal fees do have maximums, which are not standard across the USA–they vary depending on market conditions and rules for a particular area. But one thing is clear; according to the Cleveland VA Regional Loan Center, VA borrowers cannot be charged a second appraisal fee in cases like this unless that appraisal has been required by … (1 comments)
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va loans: VA Loan Reader Questions: Minimum Property Requirements - 05/14/12 06:44 AM
A reader asks, “I applied for a VA loan and the appraisal was done. The appraisal came back higher than the loan ($30,000 higher), but the lender says I have to make minor repairs to my house before I can proceed with the loan. My question is why do I have to make these repairs when the VA makes loans for home renovations ?”
An entire chapter of the VA Lender’s Handbook is dedicated to what the Department of Veterans Affairs calls Minimum Property Requirements. These requirements are listed to help VA appraisers know what homes should be approved for VA … (1 comments)
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va loans: VA Loan Reader Question: Occupancy Requirements - 05/09/12 07:07 AM
A reader asks, “If I purchased a home utilizing my VA benefits and for some reason I cannot occupy this home as required by law, what is the penalty or fine if any will be levied against me?”
As a condition of loan approval, VA rules require a borrower to certify in a legally binding document that he or she will occupy the home within a reasonable period (usually 60 days) following the closing of the loan.
For married borrowers, the spouse can move into the home and fulfill the occupancy requirement. Borrowers who know ahead of time they cannot or … (0 comments)
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va loans: Questions and Answers About VA Loan Limits - 05/07/12 06:25 AM
We get many questions about VA loan limits, including the usual “how much can I borrow?” queries and related topics. Here’s a list of common questions about VA loan limits and the answers to those questions:
What is the maximum amount I can borrow with a VA guaranteed home loan?
This is a common question, but there is no single standard answer. VA loan amounts are determined by a variety of factors. The VA loan limit itself is not the absolute maximum a borrower can get for a VA guaranteed mortgage; instead, it’s the maximum amount the VA will guaranty for … (1 comments)
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va loans: VA Loan Reader Questions: Non-VA Short Sales - 05/03/12 11:08 PM
Is it true that if you have a short sale but you don’t miss any payments on your current mortgage that you can get a VA loan immediately after the sale? Here’s a quick rundown of my situation. I just got a new job so I have to move across the state (PA). I owe 270,000 on my house but it won’t appraise for more than 265,000.”
“After closing costs and realtor fees I’m looking at it costing 285,000. That’s $20,000 that i would have to come up with that I don’t have. I am currently NOT in a VA … (1 comments)
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va loans: VA Loans and Credit Problems - 05/02/12 06:23 AM
A reader asks, "My credit is not so good due to a student loan...it was canceled out but it still on my credit report and for some reason it hasn't been removed….with that my credit score would be rather decent….it would be nice to know how to move forward with this issue…..can anyone help me?"
VA home loans require the same type of credit checks and verification procedures as any other major credit line, and requesting credit reports is one of the most basic steps in the VA loan approval process. Home loan experts urge borrowers to begin preparing for any … (1 comments)
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va loans: VA Appriasal Rules: State Requirements - 05/01/12 06:33 AM
We get many questions about VA appraisals. Some of the most common include specific queries about conditions such as peeling paint, houses equipped with fuse boxes, homes with septic tanks or well water systems, and many other topics.
VA appraisals are governed by a set of rules established by the Department of Veterans Affairs, but they are also guided by state and local building codes and other requirements, too.
The VA doesn’t publish or maintain the rules for each individual state, county, or township; instead it simply requires the appraiser to apply the state and local requirements as needed with the … (1 comments)
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va loans: VA Loan Reader Questions: What Happens If the Borrower Dies? - 05/01/12 06:14 AM
A reader asks, “What happens to a VA loan when the veteran dies and the spouse is not on the loan?”
The Department of Veterans Affairs official site addresses this question directly in a section called Post-Loan Frequently Asked Questions. According to the VA, this is common enough question to warrant inclusion in its FAQ:
“Q: If a veteran dies before the loan is paid off, will the VA guaranty pay off the balance of the loan?
A: No. The surviving spouse or other co-borrower must continue to make the payments. If there is no co-borrower, the loan becomes the obligation … (0 comments)
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va loans: VA Loan Reader Questions: Maximum Mortgage Amounts - 04/30/12 06:03 AM
A reader asks, “I want to buy a home in Mesa, Maricopa County, Arizona, the zip is 85207. How would I find out the maximum amount of mortgage I could borrow? Is this a jumbo loan area? Are the fees any higher for jumbo loans? Are the fees tax deductible? Thank you for any information.”
There’s a big difference between the maximum amount a borrower can apply to get and how much of that loan money the VA will guaranty.
Technically speaking, there is no limit in the VA rules to how much the borrower can apply for, but realistically speaking … (0 comments)
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va loans: VA Loan Reader Questions: Occupancy Requirements - 04/27/12 06:32 AM
A reader asks, “My husband retired in 2006 after serving 22 years in the US Army…we have found a home in Augusta that we would like to make ours.”
“We are hoping that my husband’s (two hour) job commute will not negate this sale…While working away from Augusta, my husband stays in a small house owned by my father, so there are no extra living expenses involved. Comments? Advice?”
Though the reader doesn’t ask directly, it seems as though the question is whether the commute would affect the loan and whether VA loan occupancy requirements might be violated due to the circumstances mentioned … (0 comments)
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va loans: VA Loan Appraisal Rules for Electrical Systems - 04/25/12 07:04 AM
One type of frequently asked question about the VA appraisal process involves what’s considered acceptable to VA appraisers when it comes to older homes. For example, does the VA allow homes with older electrical systems to be approved for VA guaranteed mortgages?
How does the VA appraiser determine what’s acceptable when it comes to fuse-style panels or similar, older systems? When it comes to specific types of electrical panels, the Department of Veterans Affairs does not specify makes, model numbers, or issue rules about dates of manufacture. Instead, the VA defers to state or local law.
According to the VA loans … (0 comments)
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va loans: VA Loan Seasoning Periods Following Short Sales, Foreclosures, and Bankruptcy - 04/25/12 06:44 AM
In response to a blog post about VA loan seasoning periods, a reader asks, “So how do we know if we will have to wait two or three years?”
This question references a minimum two-year seasoning period before a borrower can apply for a new VA home loan after a bankruptcy filing, short sale, or foreclosure. This two year wait is only negotiable in cases of Chapter 13 bankruptcies.
We cover the difference between Chapter 7 and Chapter 13 in a different blog post, but VA loan rules basically state that a borrower could be allowed to apply for a new … (0 comments)
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va loans: VA Loan Reader Questions: How Does Bad Credit Affect My Chances? - 04/24/12 06:53 AM
A reader asks, “My husband is 100% service connected disabled. We are wanting to inquire about getting a VA home loan…problem being we both have horrible credit. Would we be eligible, or not?”
Technically speaking, a VA loan applicant is eligible to apply for a VA mortgage when he or she has met the minimum time in service and/or discharge requirements where applicable. But obtaining VA loan eligibility is not the same thing as VA loan approval.
VA mortgage loans require credit qualifying information the same as any other line of credit. Borrowers for all types of home loans (conventional, FHA, … (0 comments)
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va loans: VA Loan Reader Question: Down Payment Assistance? - 04/23/12 05:53 AM
A reader asks, “I have pre-approval for a house, valued at 59,900. I need help with down payment. Can I get help that is not a loan?”
This reader may have heard about down payment assistance programs offered by charitable organizations to qualified borrowers applying for FHA home loans, and assumed there might be similar programs for VA guaranteed loans. Down payment assistance programs were once offered under names like Ameridream, Grant America, and Nehemiah. But a bill passed back in 2008 forbids such down payment assistance.
In 2008, H.R. 3221, the Housing and Economic Recovery Act, was signed into law. … (0 comments)
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Bruce Reichstein - Expert VA Loan Officer for 23 years: www.VALoans.com
Houston,
TX
More about me…
VALoans.com - Expert VA Loan Officer - Agent Trusted Lender
Address: 7915 Westglen Drive, Houston, TX, 77063
Office Phone: (800) 317-2993
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