Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2010 

When a veteran wants to buy a home with a VA loan, industry professionals encourage them to get started doing their personal finance homework very early in the process. The earlier you start, the better off you are, as you’ll soon discover.   It’s best to order a copy of your credit report at lea...
07/30/2010
Recently I wrote a blog post on how important it is for house hunters to start preparing early for a VA home loan application. A serious house hunter should request a credit report about a year in advance of a VA mortgage application in case there are issues on the report that need fixing.One of ...
07/30/2010
Serious house hunters should run a credit report on themselves before they start the application process for a VA home loan. How can a real estate agent quickly tell how serious a potential client might be? Often times asking if they are pre-approved for a loan amount is the way but agents will e...
07/29/2010
Yesterday I discussed the rules for the VA’s Interest Rate Reduction Refinancing Loans. The VA requires the IRRRL interest rate and payments to be lower than the original loan but provides exceptions when refinancing adjustable rate mortgages. The lower payments rule also has an exception when th...
07/29/2010
It's been a while coming, but I'm happy to announce the creation of the VA Loans Bulletin--a monthly e-mail bulletin discussing the latest in VA home loan news plus the finer points of applying, underwriting, and selling connected to VA home loans. The VA Loans Bulletin is open to those in the re...
07/28/2010
In previous blog posts I’ve written about the Department of Veterans Affairs Interest Rate Reduction Refinancing Loans. The IRRRL, sometimes known as a VA-to-VA loan or Streamline Refinance loan, is very attractive for many reasons—one of which is that for VA borrowers, there’s no credit check or...
07/28/2010
Here are the answers to the VA Loans Quiz I posted earlier. I’m including some good resources with each answer to help you learn more about these topics and how they affect you whether you’re a buyer, seller, or RE agent. 1. True or False? Only active duty veterans or military retirees can use th...
07/27/2010
Are you VA Loan savvy? Do you want to be? Try testing your VA Loans knowledge with my VA Loan Quiz. If you don’t know the answers to some of these questions, don’t worry—I’ll provide answers AND links in my next blog post so you can get a proper introduction to the world of helping veterans and t...
07/27/2010
In my last blog post I discussed the rules governing seller concessions on VA home loans. A seller may offer a variety of tempting concessions to the buyer to make the sale more attractive, but when it comes to a VA guaranteed home loan, there are limits to how far the seller can go.Sellers can d...
07/26/2010
Experienced real estate agents know plenty about seller concessions, but if you’re interested in servicing military clients, do you know what the rules & regulations are for seller concessions on VA home loans?  The Department of Veterans Affairs has built-in protections for VA loan applicants—ru...
07/26/2010
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