Bruce Reichstein's (brucereichstein) Blog

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ARCHIVED BLOG POSTS

2013 

The VA official site includes a press release this week that the proposed budget for 2014 could result in a 10% increase in funding for the Department of Veterans Affairs as a whole. While that may not directly translate into more borrowing power for veterans and currently serving military member...
04/17/2013
When you apply for a VA Interest Rate Reduction Refinance Loan, you're getting a different type of loan product than a VA Cash-Out Refinance loan. There is no VA-required credit check in most cases, nor is there a VA-required appraisal. In Addition to these features, the VA requires the borrower ...
04/16/2013
A reader asks, "I was married to a veteran (who) passed away...I will like to know if I can transfer my VA loan to my daughter?" The answer to this question depends on a variety of factors, but assuming all qualifying circumstances are present, the process this reader would be best served by is l...
04/15/2013
A reader asks, "How about if I purchase a multi-family home, say 4 to six families, that I intend to use as my primary and legal residence? Will the VA guarantee the loan?" The VA loan program allows a single eligible borrower to purchase a residence with between one and four units. The borrower ...
04/14/2013
A reader asks, "Can I purchase another home while already using my VA loan benefits?" The answer is difficult without knowing more about the borrower's situation, and unfortunately there is no one-size-fits-all answer. A VA borrower who has a home and refinances it with a VA Interest Rate Reducti...
04/11/2013
If you explored your VA loan options in years past but are looking at them again today, you might experience some confusion over the VA loan funding fee due to changes in the last few years. Some changes in federal law resulted in temporarily lower VA loan funding fees for some borrowers, but lat...
04/10/2013
The Department of Veterans Affairs official site has a great deal of information about your VA loan options. One of those options is the VA Interest Rate Reduction Refinance Loan, which allows borrowers with existing VA mortgages to refinance to a lower interest rate or monthly payment (or both)....
04/09/2013
A reader asks, "Is there a time limit from the time you bought your home using your VA Home Loan eligibility to being able to refinance it using the VA IRRRL? Is a VA IRRRL basically a paperwork transaction or is there actually selling, buying, closing cost, aka money needed for a down payment, e...
04/09/2013
A reader asks, "What is the cost of a VA appraisal on previously owned home and property?" The answer isn't as simple as quoting a price--VA appraisal fees vary from state to state, and in some cases may vary depending on the zip code you live in within that state. There is no single, set VA appr...
04/08/2013
Over the weekend, a reader asked, "Is there a VA refinance loan for conventional mortgages?" This reader will be happy to learn about the VA cash-out refinancing program, which is available to refinance existing VA mortgages or conventional loans. The VA Lender's Handbook, Chapter Six Section Thr...
04/07/2013
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