ARCHIVED BLOG POSTS
2012
A reader asks, “What does my credit score have to be to be able to refinance my home with cash out? What of the three scores are looked at?” When it comes to credit scores for VA guaranteed home loans, the most important factor to remember is not necessarily what’s in the VA loan rules, but what ...
05/20/2012
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A reader asks, “We are using a USDA home loan for our first home. Our offer has been accepted and we’ve signed a purchase agreement.” “I asked our Realtor about when we can have a home inspection done; he said it’s too late. He said he was under the impression that the VA did that and maybe tha...
05/17/2012
A reader asks, “If I’m the seller, and the VA value after the appraisal is lower than what I’m asking, do I have any right to refuse the sale with this buyer or not? What options do I have if I want to cancel the sale at this moment? The VA just appraised my house last Tuesday.” VA loan requireme...
05/17/2012
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A reader asks, “What do we need to know about older homes in order to obtain VA financing. For example…does VA consider foundations of rock and mortar? Are there any age requirements for furnaces, electrical panels, etc.” “We are thinking of looking in town for a property which would have city wa...
05/15/2012
A reader asks, “I have had an appraisal done and there are a few repairs that need to be done – nothing too bad – but do I need to pay another $475.00 when the appraiser returns to see if the repairs were done?” VA appraisal fees do have maximums, which are not standard across the USA–they vary d...
05/15/2012
Some of our reader questions involve the ability to sell the home. Does having a VA guaranteed home loan restrict the borrower from selling the property? VA officials are asked this often enough to include it in a list of frequently asked questions about VA loans. Here’s the official word from th...
05/14/2012
A reader asks, “I applied for a VA loan and the appraisal was done. The appraisal came back higher than the loan ($30,000 higher), but the lender says I have to make minor repairs to my house before I can proceed with the loan. My question is why do I have to make these repairs when the VA makes...
05/13/2012
Some of the most common questions about VA condo loan approval have to do with condo project approval and appraisals of condo units. Some borrowers who want a VA guaranteed home loan for a condominium unit don’t know the VA policy when they start their search for a home–what do VA rule say about ...
05/10/2012
The HUDdle, an official blog found at the Department of Housing and Urban Development, recently linked to a news story at a website called Commercial Appeal regarding Bank Of America’s loan reduction program. According to the blog post, “More than 200,000 letters from Bank of America will begin l...
05/09/2012
A reader asks, “If I purchased a home utilizing my VA benefits and for some reason I cannot occupy this home as required by law, what is the penalty or fine if any will be levied against me?” As a condition of loan approval, VA rules require a borrower to certify in a legally binding document tha...
05/09/2012
Rainmaker
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475,098
Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide