va home loans: Examples of People Who Bought A House
- 04/11/19 02:26 PM
Someone asked me to write a Real Life Example of people who bought a house. We close over 50 loans most months, so that’s a pretty wide open request. I’m going to take 3 real life examples of what some folks did to buy a house and see if that helps. I chose to write about First Time Home Buyers. All of them had to do something pretty remarkable to buy a house, but they DID IT. These folks are now home owners. If you have other scenarios you would like to see – please leave me a comment at the bottom! Mortgage Scenario … (1 comments)
va home loans: Bankruptcy and VA Home Loans
- 10/29/14 04:45 AM
We are talking to folks every week who lost a job in the last several years, lost medical insurance – or had some other tragedy that made it necessary for them to take steps they never thought they would have to. The reality is that in today’s economic conditions, unfortunately, bankruptcy has been the only way a family could get a fresh start. As a Veteran, considering a home purchase in North Carolina, you need to know a few things about Bankruptcy and VA Home Loans … it can affect your ability to buy a home. So, can you get a VA Guaranteed … (0 comments)
va home loans: VA Home Loan Benefits in North Carolina
- 12/16/13 02:54 AM
One of the best benefits available to Veterans is the ability to purchase a home with no monthly PMI and no down payment. You can use your VA Home Loan benefits more than once! If you used your VA Home Loan Benefits 20 years ago to buy your first home, and then you sold the house, you VA Home Loan Benefits were immediately reinstated. The VA Loan came about as part of the 1944 original Servicemen’s Readjustment Act most people refer to as the GI Bill of Rights. President Franklin D. Roosevelt provided veterans with a federally guaranteed home with no … (1 comments)
va home loans: How Underwriters Review Military Pay, Allotments on a VA Loan
- 06/14/13 12:36 AM
If you are active military, I will bet you a nickle there are very few loan officers who know how to read your LES (leave and earnings statement / also referred to in the Civilian world as pay stubs). VA borrowers have unique Military Pay that shows as BAS, CMA, BAH Jump, Flight, Combat or Career Sea Pay that we just don’t see on regular pay stubs… which is why we get questions about how Underwriters review Military Pay, Allotments on a VA Loan For some of the Veteran’s we’ve helped the LES has also shown HDP, FSSA DLA and ReEnlistment Bonuses that … (0 comments)
va home loans: Already Used VA Eligibility to Purchase A Home?
- 04/08/11 12:32 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 08:01 AM
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: How Underwriters Currently Treat Income for VA Loans
- 10/30/08 12:34 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)
Someone asked me to write a Real Life Example of people who bought a house. We close over 50 loans most months, so that’s a pretty wide open request. I’m going to take 3 real life examples of what some folks did to buy a house and see if that helps. I chose to write about First Time Home Buyers. All of them had to do something pretty remarkable to buy a house, but they DID IT. These folks are now home owners.
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