Bruce Reichstein's (brucereichstein) Blog

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ARCHIVED BLOG POSTS

2013 

VA cash-out refinance loans are different than VA Interest Rate Reduction Refinance loans (IRRRL); these two programs have different purposes and end results, so it's only logical that different rules would apply to them both. For example, on an VA IRRRL there is no VA-required appraisal or credi...
04/29/2013
A reader asks, "I am honorably discharged, but only served 15 months on active duty. Does being in the ready reserve count towards qualifying for a VA loan?" The answer to this question isn't as simple as a yes or no--VA loan eligibility rules are different for members of the Guard/Reserve than f...
04/28/2013
One of our most commonly asked questions by readers has to do with whether a VA borrower can rent out his or her home purchased with a VA mortgage. While the VA loan rules do not prevent a borrower from purchasing a multi-unit property, living on one of the units and renting out the unused units,...
04/25/2013
A reader asks, "I’m in the process of refinancing my house via an IRRRL. Once the process is finalized, I plan on renting the house. Am I eligible to purchase a bigger house with my VA?" There are two basic questions that need to be answered in situations like these--does the borrower have any VA...
04/24/2013
A reader asks, "Can I use my wife’s income if she has been employed less than 2 years? And also, can I use child support she is receiving for another child in obtaining a better chance at approval?" VA loan rules do have a say in what kind of income can be used as verifiable income for the purpos...
04/23/2013
A reader asks, "Will the VA loan cover the land and construction, or will I need two separate loans?" VA loan rules explain what can be done with a VA mortgage loan. There are approved uses for a VA loan and uses for VA loan funds that are not permitted. According to the VA Lender's Handbook, VA ...
04/23/2013
A reader asks, "I understand they ask for 2 years work history. What if you are CURRENTLY on active duty and have only been on active duty for a few months, with no prior work history. Is the 2 year requirement waived?" VA loan rules for non-military employment includes the following as printed i...
04/22/2013
A reader asks, "If a veteran has already use his VA loan privileges once, and now has sold that home, can he buy another home using VA benefits or is it a one time offer?" The quick answer is "yes". A veteran can buy a home, pay it off, and re-use the VA loan entitlement once again. However, it's...
04/21/2013
A reader asks, "My brother is also a veteran (we both are)...if we both purchase this same property does the guarantee amount increase?" VA joint loans between two or more veterans require both parties to use a portion of their VA loan entitlement. The amount of the entitlement used is divided eq...
04/18/2013
A common question regarding VA home loans involves whether a borrower can use the monthly housing stipend provided by the Post 9/11 GI Bill program as verifiable income for the purposes of a VA home loan. Since VA loan rules require the lender to verify all listed forms of income to determine whe...
04/18/2013
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