Applying for a VA mortgage includes reading a LOT of paperwork. There are so many forms, agreements and fine print that some people feel overwhelmed when it’s finally time to sign on the dotted line and commit to buying a property with a VA guaranteed loan. But house hunters should take care to r...

01/10/2011

VA Loans and Builder's Warranties

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Warranties are everywhere. You can take advantage of a manufacturer’s warranty on your cell phone, your computer, and automobile when buying them brand new. Some products like cars and trucks even offer extended warranties a buyer can purchase when acquiring a car that’s not brand new. It’s logic...

01/10/2011

VA Loan Funding Fee Refunds: How They Are Paid

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In several of our recent blog posts, we’ve covered a lot of ground about VA loan funding fees. One thing we haven’t touched on yet is how the funding fees are refunded by the Department of Veterans Affairs. VA loan funding fee refunds can happen for a variety of reasons. A veteran may be exempt f...

01/10/2011

VA Funding Fee Exemptions: How Long Does It Take To Verify?

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In our last blog posts, we’ve been discussing the VA loan funding fee, who is exempt, and the paperwork needed to request proof of exemption status. VA loan funding fees are not required from veterans who are getting or able to get VA disability compensation. But what does it take in order to get...

01/07/2011

Am I Entitled to a VA Funding Fee Refund?

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The VA Funding Fee is how the Department of Veterans Affairs insures the VA home loan program isn’t a large taxpayer burden. Buyers are required to pay the fee unless they are certified as exempt by showing proof of a VA-recognized disability. Those receiving or eligible to receive disability pay...

01/07/2011

VA Loan Funding Fee Exemption Rules: VA Form 26-8937

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In our last blog post, we discussed the VA home loan funding fee. VA loan applicants must pay this fee as part of the cost of getting a VA home loan, but some borrowers are exempt. Those exempt include anyone currently or formerly receiving VA disability benefits or eligible to do so. Surviving s...

01/06/2011

Claiming An Exemption from the VA Loan Funding Fee

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The VA Loan Funding Fee is how the Department of Veterans Affairs reduces taxpayer burden on the VA home loan program. The funding fee is 2.15% of the total loan amount for VA borrowers applying for no-money-down VA mortgages, and goes lower for those willing to make a down payment. Some veterans...

01/06/2011

VA Loan Assumption: The Novation

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In our last blog post we discussed VA home loan assumption and why a veteran selling his or her home should think carefully when considering such a move. There’s a serious issue VA mortgage holders should be aware of when arranging the sale of their home with a loan assumption deal. There are dif...

01/05/2011

VA Loan Assumption

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If a veteran borrower needs to end his or her obligation under a VA mortgage, there are several options available. The VA mortgage loan borrower can sell the home and pay off the loan, but in a troubled housing market that may not be the most easy thing to do. The borrower who is in a stable fina...

01/05/2011

VA Refinancing Loan Rules for IRRRLs

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The VA Interest Rate Reduction Refinancing Loan lets VA mortgage holders refinance for the purpose of getting a lower interest rate or lower monthly payments. The VA regulations for these loans say the principal and interest payment must be lower than the original loan unless the first loan was a...

01/04/2011

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