Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2012 

In our last post we discussed VA loan fees the borrower is not allowed to pay. In some cases the borrower isn’t allowed to be charged a specific type of fee because it’s already covered under the Lender’s 1% Flat Fee. In other cases the borrower simply isn’t permitted to be charged for some expen...
07/17/2012
A reader asks, “I want to refinance my home for a 30 year fixed rate cash out mortgage. Question? What are the fees that the lender cannot, cannot charge me. I am a 40% disabled vet.” While this is a bit of a tricky question due to the volume of detail, the Department of Veterans Affairs does hav...
07/17/2012
A reader asks, "My brother does not quite qualify for a home loan by himself, can we get a VA loan together if I was not in the military but my brother was and he will be living in the home? If so do you have a reference that we can show to the loan company?" This question is too general to answe...
07/16/2012
VA Energy Efficient Mortgages or EEMs are described on theDepartment of Veterans Affairs official site as follows: “EEMs are loans to cover the cost of making energy efficiency improvements to a dwelling.” A VA EEM is not a standalone loan. According to the VA Lender’s Handbook Chapter 7, an ener...
07/15/2012
The Department of Veterans Affairs offers a special refinancing loan program called the Interest Rate Reduction Refinancing Loan or IRRRL. This loan is available to VA borrowers with a no-credit check/no appraisal option (for qualified borrowers). The VA IRRRL must generally result in a lower int...
07/12/2012
Everyone has seen the recent headlines about natural disasters in Colorado, Minnesota, and Florida. Whether it’s forest fires, Tropical Storm Debbie, or thunderstorms and flooding, all three of these areas have many things in common–including the presence of veterans who own homes purchased with ...
07/11/2012
A reader asks, “I am interested in purchasing a home that has an additional manufactured home on it for my family to live in. I am getting the response that manufactured homes don’t qualify, yet (one of your articles) states that manufactured homes do qualify.” There’s a difference between what t...
07/10/2012
A reader asks, “I’ve found a home in foreclosure at what I feel to be fair or even better.  However there are two places at the base of the siding which have slight rot going up an inch or two.  Also one corner eave joint has the same.  Structurally the home is sound, cosmetically these areas sli...
07/10/2012
A reader asks, “My husband works in one city where we would like to buy a condo using a VA loan.  We also own another condo in another state and we spend equal time residing in both states.  Would we be able to qualify with the occupancy requirements.” This is a tricky question. The borrower’s st...
07/09/2012
A reader asks, “I am a seller. What are my rights if I am NOT comfortable signing the escape clause? On my particular document, it states that the buyers can walk for whatever reason if the VA does not give them the document stating that the home appraised at the full buying price…I DO NOT want t...
07/08/2012
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