ARCHIVED BLOG POSTS
2013
A reader asks, "My husband served in the National Guard and I am wondering if he would qualify for VA benefits…VA loan, hotel discounts, etc." We can't comment about anything other than VA loans here, but when it comes to National Guard service and VA loan eligibility, the VA official site at VA....
07/30/2013
One of the most common questions about VA home loans is whether a veteran can get a VA loan with a non-veteran borrower. In situations where someone eligible for a VA insured home loan wants to apply for a mortgage loan with a non-veteran, the VA loan program identifies this as a "joint loan" and...
07/29/2013
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A reader asks, "I had a short sale, compromise claim, two years ago. I am getting ready to buy a home using the remaining Loan Guaranty Entitlement and my COE indicates EC5. I am still compensated at 30%, am I exempt again from the funding fee?" A compromise claim on a VA mortgage is defined by t...
07/28/2013
VA loan rules for VA Interest Rate Reduction Refinancing Loans (IRRRL), sometimes also known as VA Streamline Refinancing, has a set of rules that govern closing costs and the issue of money back to the borrower at closing time. VA Streamline Refinance loans permit certain closing costs to be rol...
07/26/2013
A reader asks, "My husband was retired USN. He passed away in 2001. I have not remarried. May I file for VA Loan on his service record? I have all the necessary paperwork. DD 214- Marriage Cert- Death certif. etc." The Department of Veterans Affairs official site has this to say about VA loan el...
07/25/2013
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A reader recently left a comment for us that includes the following statement; "Factually, the VA only requires you to live in a home for one year after purchase. So the "primary residence" argument is bogus." The Department of Veterans Affairs lists its rules for occupancy in VA Pamphlet 26-7, ...
07/25/2013
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A reader asks, "My husband and I are in the process of purchasing a home. All is going well, except the VA has refused to allow us to get the VA Funding Fee, which amounts to a little over $5,000.00. In the Certificate of Eligibility the Funding Fee was named Non Exempt." "My husband was discharg...
07/23/2013
In a recent blog post, we addressed some of the VA loan rules for termite inspections. But did you know that there may be different requirements in this area, depending on the type of property you buy with a VA guaranteed home loan? VA termite requirements for homes purchased with VA loans may va...
07/22/2013
A reader asks, "We are currently refinancing our home – and we are using the VA process. They are requesting us to get a termite (WDO) inspection. My question is does the VA require the termite inspection? We live in Southern California." According to the Phoenix VA Regional Loan Center, "In orde...
07/21/2013
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Borrowers who need to refinance a home loan that is delinquent may explore their VA Streamline Refinance Loan options. One common question in this area is, "Can I refinance a delinquent existing VA mortgage with a VA Interest Rate Reduction Refinance Loan?" According to the VA Lender's Handbook, ...
07/18/2013
Rainmaker
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide