FHA / VA One-Time Close Blog

A VA loan applicant finds a home, negotiates with the seller, and works with a lender. In most cases once the loan is approved and the process begins moving towards a closing date, it's just a matter of working out the details and getting tasks like the appraisal, inspection, and other things com...

The Department of Veterans Affairs has issued some guidance for lenders about principal reduction for VA mortgages. Borrowers who get into trouble with conventional or FHA home loans often wind up discussing foreclosure avoidance options that include principal reduction--where the lender may modi...

A reader asks, "I would like to know more about the refinancing and credit check. I own a home in which I only owe around $80,000 fairly new, built 2003. I’m at around 7.4%, can I refinance and pay this house off and repay the new loan at around 3.5%? I only pay $650.00 a month now which is unhea...

Appraisal fees are among the most frequently-asked-question topics we handle on a daily basis. One not-so-common question, but a relevant one depending on the circumstances involves "duplicate charges" related to the appraisal. If a VA loan applicant is trying to purchase a home that has a previo...

A reader asks, "Are there restrictions on proximity to power/transmission lines?" This question is asked in relation to the Department of Veterans Affairs minimum property requirements or MPRs that govern safety issues connected with the home. When a property is being appraised for a VA mortgage,...

A reader asks, "My son and his wife are interested in buy a home. I have VA eligibility. Can I use my VA and help my son purchase a home, or do I have to reside in the house too?" VA loan rules are not designed to allow a borrower to purchase a home for someone else. The veteran or currently serv...

Water supply and water quality issues are among some of the most frequently asked-about topics when it comes to VA appraisals. While many homes purchased with a VA loan are typical suburban properties or condos, not all of them are--some properties are served by aquifers, wells, or even cisterns ...

Refinancing your existing VA home loan may be simpler than you thought if you're applying for a VA Streamline Refinance Loan. Streamline refinancing, also known as a VA Interest Rate Reduction Refinancing Loan or IRRRL, has no VA-required credit check or appraisal. While this type of refinancing ...

We get many questions about VA appraisals. Some of the most common topics include whether or not a property will pass the appraisal in spite of certain unique characteristics of the land it's situated on or because of access to the home via of rural roadways or even dirt roads. Every appraisal si...

A reader asks, "I had a VA appraisal done two weeks ago. The appraiser told me he had been an appraiser for 15 years. He seemed to know what he was doing but when I asked him if he wanted me to climb the ladder and remove the attic vent so he could look in the attic he told me that he did not hav...