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va mortgage loan in nc: 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 mortgage loan in nc: VA Guarantee Fees and Co-Signors - 06/17/08 01:51 PM

 
 
 
 
 
 
 
 
 
 
When you have a state that looks like this - you can be sure we see many Veterans purchasing homes!
The Veteran's Administration does not actually "make" mortgage loans - they guarantee those loans, similar to what FHA does.  They charge a Funding Fee which is generally considered a form of mortgage insurance, intended to reduce the overall cost of the program to taxpayers.  The funding fee fomula is currently 2.15% on no down payment loans for a first-time use.  The funding fee for second time users, seeking a 100% loan is … (2 comments)

 
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