Bruce Reichstein's (brucereichstein) Blog

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ARCHIVED BLOG POSTS

2013 

The Department of Veterans Affairs issued a brief VA Loan Circular to announce the extension of a VA appraisal rule issued in 2009. According to the original 2009 guidance, VA Circular 26-09-3, VA appraisal rules were amended to include a requirement that, "a copy of the agreement of sale or sale...
02/27/2013
Does the nature of a borrower's debt affect how the lender interprets the VA loan applicant's debt-to-income ratio? One reader asks, "Part of the reason for my debt was home repairs, which were badly needed. Then I had to have cataract surgery, but have no insurance, seeing I lost my ChampVA due ...
02/27/2013
According to a paper titled, "Budget 'Sequestration' and Selected Program Exemptions and Special Rules' by Karen Spar, VA operations (including the VA loan program) should not be affected by possible government spending cuts that might take effect on March 1, 2013. These cuts, known as "sequestra...
02/26/2013
A reader asks, "Now I heard that when doing a refinance that there is no credit check, income verification, appraisal...is this true for VA loans?" VA home loans can be refinanced in more than one way, but only one of those refinance options features a "no credit check" and "no appraisal" option-...
02/25/2013
From time to time we get questions about VA loans for homes that have wells or other "non-public" sanitation features. Does the VA guarantee home loans for properties served by wells, septic tanks, etc. The list of VA Minimum Property Requirements includes a section that specifically addresses th...
02/24/2013
A reader asks, "What is the minimum credit score needed to be approved? How about the minimum income?" The VA loan program doesn't have a minimum income level to qualify--instead, the participating VA lender examines the borrower's total income, total debts, and calculates whether the borrower ca...
02/21/2013
A reader asks, "Do you earn any interest on this account to pay the escrow? This question was in response to a previous blog post here titled, "Do VA Loans Require An Escrow Account?" There was no additional information or other questions with this reader comment, so we'll assume the reader wants...
02/20/2013
Some borrowers want to know whether the VA requires title insurance; you may be working with a lender that requires such insurance--is that the financial institution's option or does the VA loan rulebook require it? According to VA Pamphlet 26-7, Chapter Nine, title insurance is not mandatory und...
02/20/2013
One question that comes up occasionally in our comments section has to do with VA loans for farm residences. Does the VA offer a home loan guaranty for farms? Yes and no. The VA does not guaranty loans to purchase farm businesses. However, according to VA Pamphlet 26-7, "Although VA does not make...
02/19/2013
A reader asks, "Does the VA have any regulations on the age of a house being purchased? We are looking at homes to buy, and are uncertain whether or not an older home (early 1920s) would be acceptable." VA loan rules don't specifically reference the age of a home in terms of whether it would be a...
02/18/2013
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