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va home loans: Already Used VA Eligibility to Purchase A Home? - 04/08/11 07:32 AM
People moving to Ft. Bragg, in Fayetteville NC might be moving here with little or no equity.  Did you know that even if you've used your VA eligibility before, you can use it more than once... under certain circumstances.
You need to either:
pay off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the … (6 comments)

va home loans: VA Mortgage Loan After A Short Sale - 09/14/10 03:01 PM
We just answered a question from a Veteran that went something like this, "I sold a home last year that had two mortgages.  The first mortgage was paid in full, the second mortgage was not.  Can I get a VA Loan now that it's been more than 12 months?"
There are two really, really important facts that we need before we can answer the Veteran's question.
The first one is - why did you short sale the home? Strategic Short Sales are not going to sit well with an underwriter, and could be the basis for denying the loan.  
Additionally, … (10 comments)

va home loans: The Different Kinds of Mortgage Insurance - 12/01/08 04:03 PM
Most folks want to avoid PMI... but they don't realize that they are happily paying a "kind" of mortgage insurance no matter what kind of loan they are getting!
Mortgage Insurance is not the insurance that covers you if you die, or are disabled and can not pay the mortgage... it's the insurance that protects the BANK in the event you go into foreclosure.
Given the recent UP TICK in foreclosures, you can see why banks are requiring higher coverage amounts!  If you are applying for a Conventional mortgage, and you are putting more then 20% on a property you plan … (4 comments)

va home loans: How Underwriters Currently Treat Income for VA Loans - 10/30/08 07:34 AM
We are fortunate to live near several Military Bases, and we are working with several folks who are using their VA benefits to purchase homes.  Mortgage loans backed by the Veterans Administration are 100% loans based on the homes value, and do not generally carry location restrictions like USDA loans do...
We sell our loans to many different banks, and this give us great pricing and great flexability... and is also showing us that underwriters are looking at BAH and BAS pay (along with other income) differently across the board.  Since this definitely affects how much home you can qualify to … (7 comments)

va home loans: What Costs Do Sellers Pay on VA Loans??? - 10/14/08 08:06 AM
VA mortgage loans are one of the greatest benefit a soldier has. They offer 100% financing, with no mortgage insurance and fairly easy qualifying guidelines. For more information on qualifying for a VA home loan, please click here.  Like most everything else the Government does, there are some "quirks" to the program.  We are helping a Rookie Agent with a closing... and we are answering MULTIPLE questions about what costs the Seller MUST pay on a VA loan. Here's a fairly comprehensive list of who can pay for which items as shown on the HUD1 Settlement Statement...
APPRAISAL AND COMPLIANCE INSPECTIONSThe veteran … (7 comments)

 
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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

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