Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2010 

Interest Rate Reduction Refinancing Loans (IRRRL for short) can be a great help to people with VA mortgages who want lower monthly payments or a better interest rate. But the Department of Veterans Affairs recognizes that along with the benefits come some pitfalls for borrowers who don’t plan ahe...
12/30/2010
Under the law, everyone is entitled to know what’s on their credit report. That’s why the three major credit reporting agencies Equifax, Experian, and TransUnion offer free credit reports to the public–they cannot charge the public a fee simply to know what’s on the report the first time it’s req...
12/30/2010
The VA loan occupancy rules are strict–the veteran borrower cannot apply for a VA mortgage unless they plan to live on the property as the primary residence. Summer homes don’t count, and the VA requires the buyer to start living in the new home within a “reasonable time” after the deal has close...
12/28/2010
One of the most important rules new house hunters should understand when it comes to VA home loans is the occupancy requirement. Unlike FHA home loan programs, the VA does not offer loan guarantees for properties the borrower doesn't intend to live in. (FHA home loans for single family homes are ...
12/28/2010
VA loans have strict eligibility rules which include requirements for minimum time on duty. Veterans cannot be approved for a VA home loan unless they meet these VA requirements. Unfortunately, minimum time on duty times vary greatly depending on when the military member served and whether they a...
12/28/2010
The VA loan process hinges on eligibility. A veteran or current member of the military must apply for a VA Certificate of Eligibility before they can start submitting paperwork for the VA home loan itself. When a VA mortgage loan applicant files the paperwork and closes the deal, they are using t...
12/28/2010
House hunting can be tricky. One situation many VA loan applicants find themselves in comes when the seller offers a price on the home that is higher than the VA Notice of Value. Experienced house hunters and more confident first time home buyers often don't have a problem negotiating the price; ...
12/27/2010
In order for a property to be approved for a VA home loan, it must be appraised by a VA-approved professional. Having the property appraised isn't just about establishing the fair market value of the home, it is also to insure the home lives up to VA health and safety standards. Once the property...
12/27/2010
In recent posts we've covered issues related to VA appraisals such as minimum property requirements--any property that doesn't meet the VA rules for health and safety issues can't be given a notice of value. If and when those issues are corrected, the property may be appraised and assigned fair m...
12/27/2010
VA loan requirements include strict rules about occupancy. When a VA loan is issued, the borrower is required to certify they intend to live on the property as their primary residence. But the military lifestyle includes uncertainty; deployments and permanent change of station moves can be ordere...
12/23/2010
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