va applications: VA Fee Appraiser Facts
- 07/14/11 04:06 AM
VA loan applicants new to the home buying process or the VA loan process itself will learn a lot of new terms. One of those is “VA fee appraiser”. When it’s time to make a serious offer on a house and get the property reviewed to be approved for a VA mortgage, the borrower must pay for an appraisal by a VA-assigned appraiser. In the documentation for VA loans, this person is often referred to as the “fee appraiser” which means the same thing. The appraisal is required for the VA loan to be approved. It is not the same as … (1 comments)
va applications: VA Joint Loans: Rules for Engaged Couples
- 06/13/11 02:25 AM
The VA has many rules and regulations covering eligibility for VA home loans, including situations where a veteran wants to borrow with another person. Joint loans can be made to a veteran and non-veteran, a veteran borrowing with a fellow vet where both borrowers use a portion of their entitlement, even a veteran borrowing with a spouse who is also a vet using his or her entitlement. The common factor in all these situations is that each borrower uses a portion of their entitlement on the loan–no one person’s VA home loan entitlement is used in its entirety. A joint loan … (1 comments)
va applications: How Do I Know My VA Appraiser Is Competent?
- 06/02/11 03:26 AM
The appraisal process is one of the most important parts of buying a home with a VA mortgage. While the appraisal does not guarantee a borrower that a given home is free from defects, it does insure the property meets VA minimum requirements and establishes a fair market value for the home. The appraisal cannot be done by just anyone–only a VA approved appraiser can perform the work and submit the forms. But how does a buyer know that the appraiser is actually qualified to do the job? VA rules include a vetting process for new VA appraisers. An appraiser … (2 comments)
va applications: VA Loan Questions: Pre-Qualifying For VA Loans
- 02/28/11 01:36 AM
Borrowers looking for their first home have many questions about the pre-qualification process. Depending on where you look for a VA mortgage, pre-qualification questionnaires may vary greatly. For example, some online forms ask the borrower to estimate their own credit as “Excellent”, “Good”, “Fair”, etc. Do those sorts of “self-estimate” pre-qualification questions really count? The answer depends on the purpose of the online form. Some lenders want to pre-screen candidates and ask more general questions, while others use the online form more specifically for the pre-qualification process itself. That’s why some sites ask extensive, detailed questions in their forms than others. … (1 comments)
va applications: Applying for a VA Certificate of Eligibility
- 01/25/11 03:08 AM
Borrowers who have never applied for a VA home loan before may wonder how to apply for a VA certificate of eligibility or COE. There are many ways to apply, including by regular postal mail, but the Department of Veterans Affairs encourages new VA borrowers to request the for electronically using the Veterans Information Portal or VIP. Using the VIP requires the borrower to set up an account in order to fill out forms and furnish personal data. Many VA loan applicants are computer-savvy and have no trouble doing this, but others may needs some additional help; the VA encourages borrowers … (2 comments)
va applications: Local Requirements for VA Home Loans
- 10/14/10 04:27 AM
In the same way that every housing market is different when it comes to property values, practically every state has different requirements for VA appraisals to assign fair market value. Because of wide variations in state law, the VA has to modify its inspection procedures by state in order to make sure the home approved for a VA mortgage complies with state ordinances.For example, in Alabama, all mobile homes must be installed by someone with a state license. Before a VA Notice of Value can be completed, proof of licensure may be required.In California, VA rules state, “For properties listed on … (1 comments)
va applications: Problems with New Construction Homes Purchased with VA Loans
- 10/12/10 09:51 AM
New construction homes have a time limit when it comes to complaints about construction-related issues. If a VA borrower has a list of complaints the builder needs to address (construction defects, etc.) the borrower has a limited time to register those complaints with the VA. According to the Department of Veterans Affairs, the complaints must be in writing and must “…be registered with VA within the period covered by the VA Builder Warranty or the first year of any Ten-Year Warranty.” The VA recognizes an exception to these requirements in cases where there is what the VA calls “accelerated deterioration of … (1 comments)
VA loan applicants new to the home buying process or the VA loan process itself will learn a lot of new terms.
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