ARCHIVED BLOG POSTS
2011
In part one of this post, we discussed the VA loan program, down payments and the difference between what the VA allows for no-down-payment VA mortgages and what the lender may need to meet secondary market requirements. There are other basics a first time borrower should also know–borrowers in t...
05/31/2011
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VA loans are a benefit for military veterans and currently serving soldiers, sailors, airmen, and marines. While the Department of Veterans Affairs places a minimum time-in-service requirement in order to be eligible for the loan, once that time-in-service milestone has passed the borrower must m...
05/31/2011
Today, there’s no advice about VA loans or words of wisdom about VA benefits; instead we wanted to take a moment to honor Memorial day and post a simple message of thanks for our men and women in uniform. Every year, there are news stories, commentary and discussion about the nature of Memorial ...
05/30/2011
One of the first things a first-time home buyer learns about VA loans is the occupancy requirement. VA rules state the buyer must purchase the home to use as a primary residence, otherwise the loan cannot be approved. Current military members usually don’t have a problem meeting this requirement ...
05/27/2011
The Department of Veterans Affairs has made a lot of disaster relief announcements in the spring of 2011. So many that the Department of Veterans Affairs has released a “generic” announcement directing vets in need of help in the wake of natural disasters. “If you have been affected by the recent...
05/27/2011
One of the most important parts of the VA home loan process is the VA appraisal. Borrowers choose a property they are serious about buying, complete loan paperwork, and get ready to commit to the loan. As part of this process, a VA appraisal is required to establish fair market value of the prope...
05/26/2011
The Department of Veterans Affairs has strict rules for lenders when it comes to approving a VA loan application. One set of instructions to VA approved lenders includes a list of items to require or check when underwriting the VA loan. In the past some borrowers went into default or foreclosure ...
05/25/2011
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Veterans who apply for VA home loans may worry about their ability to qualify because of credit ratings, debt-to-income ratio, or other factors. Some worry without reason, others know they have higher debt loads but aren’t sure what the VA’s tolerance for debt might be. Even knowing that the debt...
05/25/2011
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A typical house in the suburbs is what many first-time home buyers may picture when thinking about buying a home using a VA insured mortgage. But the Department of Veterans Affairs respects the great diversity in the real estate market–there are many options available when choosing a new home and...
05/24/2011
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When a military member or veteran wants to apply for a VA insured home loan, they must submit a variety of personal data including credit information, a history of current and past residences, and a record of employment. When the application is submitted to the lender, the bank can’t simply accep...
05/24/2011
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Bruce Reichstein
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