Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2012 

Many VA home loans are considered typical--they are processed in the usual manner by a loan officer and the borrower submits the appropriate paperwork and documentation. But other loans aren't so typical for a variety of reasons and may require "special underwriting" or further attention from the...
07/30/2012
A reader got in touch with us recently about an incident connected to her VA home loan. “I have received two letters regarding IRRRL refinance program, saying the inclusion of my loan into the program was part of the ‘economic stimulus program.’ I called and was told my new mortgage payment would...
07/29/2012
A reader asks, “Can you do 100% cash-outVA loan on a primary residence property zoned AR3? If not, can you do any VA loan on a primary residence property zoned AR3? This means the property is used for rural business and residential use.” In general, according to Chapter Six of the VA Lender’s Han...
07/26/2012
When a VA fee appraiser reviews property as part of the appraisal process, he or she is required to list items that require correction or other action to bring the property in compliance with VA minimum property requirements. For some sellers and VA loan applicants, there may be concerns that an ...
07/26/2012
One of the most common questions about VA home loans--at least for those new to the VA loan benefit--involves the length of time a veteran must serve in the military before he or she is eligible to apply for a VA mortgage loan. The Department of Veterans Affairs, in VA Pamphlet 26-7 (The VA Lende...
07/24/2012
A reader asks, "I am a surviving spouse I have a mortgage through Citimortgage. I am currently one month behind due to being out of work for medical. I have been trying to get a HAMP and principal reduction but keep getting turned down. Can I participate in a VA refinance even though my current m...
07/24/2012
A reader asks, “I was told when I separated from the US Air Force that I was eligible for a VA funding fee refund because I am a 90% disabled vet. Is that true and if so where do I start to get the refund?” The answer to this particular question depends on where the veteran is with two processes–...
07/23/2012
A reader asks, “Currently living in a home in nor Cal. Looking to purchase a primary residence in the valley approximately 350 miles from current location. Currently employed and do not intend to resign. Looking to use VA loan but understand there is a 150 mile commute restriction. Can anyone sit...
07/22/2012
The rules for lenders approving VA loan applications includes a set of instructions for reviewing situations where a borrower has worked less than 12 months, and for VA loan applicants who seem to change jobs frequently. There’s good news and bad news for VA loan applicants who face scrutiny of t...
07/19/2012
The Department of Veterans Affairs publishes rules governing what fees a borrowers are allowed to pay, and what fees they aren’t permitted to be charged. A lot of the guidelines have to do with fairness–VA loan applicants aren’t permitted to be charged twice for the same expense, for example. The...
07/18/2012
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