ARCHIVED BLOG POSTS
2010
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VA requirements for getting approved for a VA mortgage include something called the Primary Occupancy rule—something I’ve touched on in previous blog posts. In a nutshell, VA requirements include the borrower living in the home as their main residence. That’s why you can’t use a VA loan to buy a ...
08/31/2010
I recently spotted an excellent article by my fellow Active Rain blogger Lisa Udy. Lisa’s advice for homeowners struggling to sell—that they should consider lease options—is fabulous. I quote Lisa’s blog: “As home sales slow moving into the fall selling season, a lease option might be something t...
08/31/2010
In my last post I covered the DD Form 214, the report of separation, which every veteran gets when they retire or separate from the military. If you’re applying for VA benefits—including VA loans—you can’t move forward until you can supply the DD Form 214.Part of the reason for that is that many ...
08/30/2010
There are so many details to remember about VA home loans---about any kind of home loan, really—that it’s easy for a VA loan applicant to forget and make a mistake like sending in originals of official documents when they really should be submitting copies instead. Do you have a client applying f...
08/30/2010
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In my last post, I wrote about VA property appraisals and the requirements the VA puts on appraisers. I mentioned the VA’s “no accommodation” rule, which states VA property appraisals cannot include practices that accommodate the sale price of the property. I also mentioned the VA requirement tha...
08/27/2010
The VA loan process starts out with a careful examination of the potential borrower. As with any loan, the applicant has to be checked out so that the VA and lender both know he or she is a good credit risk. But when it comes to VA mortgages, the buyer isn’t the only one getting scrutiny before t...
08/27/2010
In my previous post about spouse income and VA home loans, I discussed the Equal Credit Opportunity Act, which prohibits a lender from asking about spouse income. There are a few exceptions to this--the lender can ask about spouse income when; The spouse is "contractually liable" (covered in my p...
08/26/2010
Yesterday I wrote about when a veteran can include spouse income on a VA loan application; the gist being that unless the spouse is a co-borrower or contractually responsible for part of the VA mortgage, that income may not be included. But the VA rules about spouse income go farther than simply ...
08/26/2010
When a veteran or active duty military member applies for a VA home loan, verifiable income is one of the qualifying factors to get into the loan itself. The veteran must have a debt-to-income ratio maximum of 41% to qualify. A military member's paycheck alone might not be enough to get that rati...
08/25/2010
Why should RE agents be interested in working with veterans and active duty military members looking for a home with a VA loan? According to one recent press release, the success rate for home buyers using VA loans is higher. Who doesn't want to see their clients succeed? VA loans have, according...
08/25/2010
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Bruce Reichstein
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