ARCHIVED BLOG POSTS
2013
"Do I have to be a first-time home buyer to use a VA loan?" That is one of the commonly asked questions about VA home loans. It's not true that a second-time home buyer can't use the VA loan benefit. This confusion over the nature of VA benefits might arise from older home buying programs sponsor...
02/17/2013
One of the benefits of the VA Streamline Refinance loan, aside from lower interest rates and/or monthly payments, is that the VA does not require a new credit check or appraisal for the loan. Since the borrower already qualified for the mortgage he or she is technically already qualified for the ...
02/14/2013
One reader asks, “I am in the process of a VA refi loan and want to know if the VA fee is tax deductible.” Another asks, “My family and I are really wanting to buy our first home in the next 5-6 months but like a lot of other Americans our credit is less than perfect! Most of our debt that we hav...
02/14/2013
A reader asks, "I am putting my current VA loan house on the market and plan to build a new one immediately after the sale closes. My question is, how long will it take for my certificate of eligibility to be released so I can use it to build the new home? Is it immediate upon closing or is there...
02/13/2013
A reader asks, "Friends of mine have a VA loan for their house. I was wondering if they can transfer it to me since I am a veteran of the regular Army. I was active duty stationed in Ft. Meyer VA. Any advice on this would be helpful." VA loans are definitely assumable--a qualified borrower can as...
02/12/2013
A reader asks, "I have read different things stating the use of a VA loan. I want to buy a lot that is already developed in a subdivision and then build a house on it to use as our primary residence in a year or two. Can I use the VA loan for this or not? Some websites say yes and others say no."...
02/11/2013
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Comments
The VA loan program has a set of rules and guidelines for lenders on the fees and charges a veteran borrower may--and may not--pay as part of the expense of buying a home with a VA guaranteed mortgage. One important rule involves how the VA views "duplicate fees", which are expenses that have alr...
02/10/2013
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Comments
One of the most commonly asked questions about VA home loans is a variation of "Can I purchase (fill in the blank) with a VA home loan?" While the Department of Veterans Affairs does publish a long list of approved uses for a VA loan on the VA official site, there is also a shorter list of loan p...
02/07/2013
The Department of Veterans Affairs has issued a new loan forbearance statement for victims of Hurricane Sandy. According to VA Circular 26-13-3, the VA "requests continued forbearance for Department of Veterans Affairs (VA) home loan borrowers affected by Hurricane Sandy and associated storms af...
02/06/2013
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Comments
It's easy to assume the wrong things about VA refinance loans, but once you understand the rules for programs like VA cash-out refinancing, it's easy to see what your options are for a refinance loan. For example; VA cash-out refinance loans are the option VA borrowers can use to refinance VA or ...
02/06/2013
Rainmaker
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide