Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2013 

If you are a homeowner with a VA mortgage loan, you can refinance your existing VA mortgage for lower monthly payments or a better interest rate (or both) using a VA Interest Rate Reduction Refinancing Loan or IRRRL. What makes the VA IRRRL different than VA cash-out refinancing is the requiremen...
03/18/2013
A reader asks, "Is there always a VA funding fee with the IRRRL loan?" The VA Interest Rate Reduction Refinance Loan program, also known as the VA IRRRL for short, does require a VA loan funding fee. The fee for IRRLS is far lower than for a new purchase VA home loan--ask your lender what the cur...
03/17/2013
A reader asks, "With VA loans what is customarily involved with the home inspection? Are VA requirements as strict as FHA (i.e. all windows must have storm windows and screens, etc)?" There is a great difference between a home inspection and the required VA appraisal process. A home inspection is...
03/14/2013
A reader asks, "We previously bought a condo in the real estate bubble in 2006 as an investment and couldn't get rid of it. We were advised to do a Chapter 13 Bankruptcy to protect ourselves from the foreclosure we did on this condo. The BK was discharged Nov 2010. Our primary house is due to clo...
03/14/2013
The VA Interest Rate Reduction Refinance Loan or IRRRL is a non-cash out refinance option for existing VA mortgages. Though a borrower cannot refinance a conventional or FHA  loan with a VA IRRRL, those who have VA mortgages often find this interest/mortgage payment reducing refinance loan quite ...
03/12/2013
The VA home loan program isn't the only government-backed mortgage loan program--there are other options that are available, though the VA mortgage loan program isn't open to the general public (only qualified veterans), it has similarities to other loan programs such as FHA loans. Those similari...
03/11/2013
A reader asks, "I am gathering info to use our VA loan for the second time while still active duty. I heard that if you made energy improvements to a home, you can include in loan amount. Where can I find more detailed info on what is allowed?" VA loans include an option known as the Energy Effic...
03/10/2013
One of the requirements of a new purchase VA home loan is that the borrower use the property as his or her primary residence and move into the home within what the VA terms a "reasonable amount of time". That is usually 60 days unless the borrower has made other arrangements with the lender and t...
03/07/2013
A reader asks, "I am a 54 yr old military retiree who purchased a condo 10 years ago with a Wisconsin DVA home loan.  I recently tried to refinance using my Federal VA loan eligibility.  My condo association refused to submit the documents to be added to the VA approved properties list saying tha...
03/06/2013
A reader asks, "I am in the process of selling my home & buying a new one. I have a VA Loan which will be satisfied by the sale of this house. Id like to get my eligibility re-instated so that I can use a VA loan for the new house." "Will the closing dates for the sales need to be spread out due ...
03/06/2013
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