ARCHIVED BLOG POSTS
2012
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When applying for a first-time VA home loan, borrowers likely don’t notice the type of contract paperwork they’re required to sign in order to commit to the loan. Second-time borrowers might notice differences in the new contracts compared to the first ones they signed. Are banks required to use ...
10/18/2012
There have been many headlines recently about pending lawsuits against Wells Fargo. According to a story recently published by CBSNews.com, “The U.S. Attorney in Manhattan filed a mortgage fraud lawsuit against Wells Fargo Bank”, alleging that “the bank’s “reckless loan origination” cost the gove...
10/17/2012
In the past year there have been many headlines and news reports about the backlog of VA disability claims waiting to be processed. As the Department of Veterans Affairs struggles to manage the influx of new claims, many veterans experience frustration. One article written by Shane Shifflett & Da...
10/17/2012
There are a number of reasons why a borrower may have a VA loan canceled. Sometimes the borrower simply has a change of heart about the loan or the property to be purchased with that loan. Other times a family emergency or other situation could required that major financial commitments be put on ...
10/16/2012
Some common VA loan questions include whether the surviving spouse and/or children of a veteran who has passed away could be eligible for VA home loan benefits. According to the VA official site, “The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-co...
10/15/2012
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VA borrowers who are still serving on active have a comparatively easy time verifying income and employment. That’s not to say they don’t have paperwork to fill out and details to provide, but anyone serving on active duty has the benefit of electronic Leave and Earnings Statements, physical hard...
10/14/2012
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A reader asks, “I am a veteran. When I married, I moved into my new wife’s home. She currently has a mortgage and is wanting to refinance. Is it possible for me to apply for a VA loan? Will she also be on the loan as a co-borrower or do I need to qualify for the loan on my own?” VA loan rules on ...
10/11/2012
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Since the housing market crisis of 2008, the idea of a home with growing equity probably sounds like a dream to many; so many home owners are underwater on their mortgages that the idea of a new purchase loan issued as a “Growing Equity Mortgage” could seem like an unlikely choice at first glance...
10/10/2012
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In other blog posts, we’ve covered an issue surrounding VA Interest Rate Reduction Refinancing Loans–cash back to the borrower. Unlike VA Cash-Out Refinancing, VA IRRRLs don’t allow the borrower to take cash out on the loan. The nature of the VA IRRRL prohibits this; yet some borrowers may be con...
10/09/2012
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VA home loans have rules and regulations designed to protect both borrower and lender. Do you know what the rules say about allowable fees and expenses related to your VA home loan? VA loan rules are spelled out in a document commonly known as the VA Lender’s Handbook. The official name for this ...
10/09/2012
Rainmaker
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide