Bruce Reichstein's (brucereichstein) Blog

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ARCHIVED BLOG POSTS

2013 

Many people have Good Friday off today--there are plenty of businesses and services that are closed today--even the New York Stock Exchange is dark on Good Friday as we head into the Easter weekend. But you might be surprised to learn that you can still do business with a financial institution to...
03/28/2013
We answer many reader questions about VA home loans, including eligibility questions. One of the most commonly asked questions about VA home loans involves whether a specific situation disqualifies a borrower from VA loans or whether exceptions may apply. For example, many assume that a VA loan a...
03/27/2013
A reader asks, "My son served for 20 months in the US Army. Of that time he was in Germany 1 year and 1 month (2005-2007). Can he qualify for a VA home loan?" The Department of Veterans Affairs has a list of VA loan eligibility requirements based on the length and dates of service. Active duty re...
03/26/2013
A while back we posted an article about the VA loan rules and requirements of occupancy. A reader saw this post and sent us a comment and question. "Great article.  My question is not how soon I have to occupy the property as my residence, but for how long.  I want to know when I can move out and...
03/26/2013
A reader asks, "My husband & I are under contract for a VA loan for a home that has a barn in the back part of the land. About 2ft of the barn is crossing over as an encroachment onto the neighbors property. Will this be a problem closing with this encroachment? If so would there be a way to get ...
03/25/2013
A reader asks, "I was wondering if my father is a Disabled Veteran can I get a loan for a house and him cosign and it be considered a VA loan?" The VA has this to say about the type of loan where a veteran and a non-veteran (who is not a spouse) apply together for a VA loan. The following can be ...
03/24/2013
Sometimes a VA loan involves two or more borrowers. Depending on the circumstances, this may be referred to as a joint loan, which has a few additional requirements that must be observed during the application process. The rules for VA joint loans don't apply when a married couple want to take ou...
03/21/2013
One frequently asked question about VA home loans and income verification refers to child support and alimony payments. Does the VA require borrowers to list this income on an application form? Do VA loans require disclosure of the receipt of alimony payments? The rules on this issue are not terr...
03/20/2013
A reader asks, "I currently have a VA loan on our home we purchased in 2010. We also have an older home that we lived in for years that was not a VA loan as I did not realize I could get a VA loan for it. I have a 30% VA disability and I am wanting to retire from my work this year." "I had always...
03/20/2013
VA loan rules say a new purchase loan can only be approved with an appraisal of the home to be purchased. We've discussed this topic before and as previously mentioned, VA minimum property requirements say the home must be safe, habitable, and meet local, state, and federal building codes. We get...
03/19/2013
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