ARCHIVED BLOG POSTS
2012
1
Comments
A reader asks, “Is it possible to convert (refinance) our mortgage (conventional 30 year mortgage, not VA) to a VA loan to reduce the interest rate?” “We owe more than the house would sell for in our market, but we can’t refinance due to the 20% equity requirement, which means we have to bring an...
03/29/2012
One frequently asked question about VA home loans concerns whether the borrower can receive cash as part of the transaction. For example, if a borrower gets a home loan approved for $250,000 but the sale price of the home turns out to be only $200,000, can the borrower take the additional $50,000...
03/28/2012
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Comments
A reader asks, “Question about simultaneous purchase and rehab: although I’ve read in the Lender’s Handbook that a veteran can ‘simultaneously purchase and rehab a home’, it is unclear exactly what “rehab” can be accomplished. We are buying a foreclosure that will require a garage door new applia...
03/27/2012
Many people contact us through our comments section asking about VA loans in the wake of short sales, deed-in-lieu, or foreclosures. The most frequently asked question has to do with when the borrower is eligible to get a new VA home loan following any of these actions, or filing bankruptcy. It’s...
03/26/2012
The VA home loan program goes hand-in-hand in some cases with other VA benefits. Did you know the Department of Veterans Affairsoffers grants for qualifying disabled veterans that can be used to renovate a home to make it more accessible? One of these grants, which we’ve written about in previous...
03/26/2012
A recent comment includes a tricky question about VA loans for properties that are considered “mixed use”, combining a residential property with commercial or other non-residential use: “I am inquiring on behalf of my client if we can do a VA loan for mixed use property. The property is zoned com...
03/26/2012
2
Comments
In the past week or two, we’ve gotten several comments from VA borrowers who have been contacted by third parties claiming that the borrower’s VA mortgage has been “targeted for inclusion” in special loan programs such as refinancing, Interest Rate Reduction Refinancing Loans or other VA loan pro...
03/22/2012
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Comments
The most basic aspects of the VA home loan program include the rules on who is eligible to apply for a VA mortgage. These rules for eligibility include requirements for minimum time in service. That time in service requirement is not consistent–much depends on what the VA rules were at the time t...
03/21/2012
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Comments
A reader asks; “I am being moved as a condition of employment by the U.S. Government and have been offered a full move assistance package, including the government purchase of my home.” “Unfortunately the government will only pay the current market value of my home, which is approximately $90,000...
03/21/2012
One of the costs of doing business with a VA home loan is the VA loan funding fee. This is a fee most borrowers pay unless they are exempt from the fee based on their eligibility for VA disability pay or other factors as described in VA loan rules. First-time borrowers pay a smaller VA loan fundi...
03/21/2012
Rainmaker
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475,098
Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide