Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2012 

When borrowers get into financial trouble and worry about their ability to pay their VA mortgages, some turn to the lender for VA loan modification. Unfortunately the process didn’t go very smoothly for one borrower, who writes; “Having my current VA loan for 3 years now, my wife lost about half ...
01/20/2012
For newcomers to the VA home loan program, it’s easy to get lost in a sea of new jargon, nomenclature, terms and conditions. One common misconception about VA mortgages is that the Department of Veterans Affairs lends money, or that it provides funding to lenders. The truth is that VA home loans ...
01/19/2012
There are a number of things a lender must do once an application for a VA home loan has been submitted. For every piece of information submitted on the application–employment data, credit information, current address and other details–there’s a verification process that must occur to make sure t...
01/19/2012
There are many issues that can affect your application for a VA home loan. Do you know your current credit score, your credit history as recorded by the three major credit agencies, and whether all the information contained in those histories is accurate and up-to-date? If not, you should take a ...
01/18/2012
Just as there are expenses for appraisals, inspections and other parts of the home loan process, there is also something called a VA Loan Funding Fee. It’s a cost of doing business on a VA home loan. But some borrowers may be exempt from paying the VA Loan Funding Fee, if they receive or are elig...
01/17/2012
VA home loans are intended for borrowers who want to purchase what the Department of Veterans Affairs classifies as a “primary residence”. The borrower must certify that the home to by purchased with a VA guaranteed loan is going to be the actual home of the borrower. We got a recent reader quest...
01/17/2012
The VA loan benefit is made available to all qualifying veterans. Some use it right away, others wait until later in life to invest in a home. And some borrowers buy early, pay off their loans, and decide to look for another property later on. That seems to be the situation for one reader who ask...
01/16/2012
We get plenty of questions about the VA loan process, including what borrowers should do when it comes time to refinance a home loan. One reader asked, “How do I start the process? Should I approach my current lender or should develop leverage with another lender?” This is an important question b...
01/13/2012
The VA official site features a web page called “Steps In Getting a VA Loan”, discussing eight parts of the VA home loan process buyers should know and understand prior to committing to getting a mortgage. One of those steps comes once the buyer has found a suitable property and wants to make a d...
01/12/2012
Borrowers who risk default or foreclosure on VA insured mortgages are encouraged to contact the VA and the lender is quickly as possible in order to avoid a worst-case scenario. The longer a borrower waits to get assistance, the fewer options the home owner has to save their property. Loan modifi...
01/11/2012
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