ARCHIVED BLOG POSTS
2011
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There is much information available about VA loan limits, but sometimes some confusion as well. The Department of Veterans Affairs states in its rules for lenders that there is no set dollar amount limit on a VA home loan. This statement is technically true–the VA does not have a dollar amount li...
11/30/2011
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The process for purchasing a short sale property with a VA home loan can vary from the standard procedure of making an offer on a home. In one reader’s experience the process didn’t go well because of issues with the seller’s bank. He writes, “I made an offer on a short sale home…approved quickly...
11/30/2011
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Responding to one of our blog posts on VA loan short sales, a reader asks, “What about if you had a conventional loan you short saled on and want to get a VA loan in the future? Does the 2 year waiting period still apply?” Research on this question turns up a great deal about what happens when yo...
11/29/2011
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Those new to VA loans and home buying in general soon learn about the ins and outs of negotiating the price of a home to be purchased with a VA mortgage. Housing markets go through phases depending on where they are located. Some phases are known as a “buyer’s market” where the buyer seems to hav...
11/28/2011
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The VA loan program is offered to eligible veterans who have served a minimum time in uniform. The minimums vary based on date of service, whether the service is active duty, Guard or Reserve, and other factors. A complete list of eligibility requirements for the VA home loan program can be found...
11/25/2011
With the passage of HR 674, the Vow To Hire Heroes Act, changes to the VA loan funding fee structure were implemented as part of that bill. According to VA Circular 11-26-19, Section 265 of the act raises funding fees to pre-November 18, 2011 levels which were announced earlier by the Department...
11/23/2011
One of the most confusing aspects of the VA loan funding fee changes that took effect on November 22, 2011 is how much a borrower must pay for the VA loan funding fee if the VA loan closed between November 18 through November 21. According to VA Circular 26-11-19, “Loans closed November 18 throug...
11/23/2011
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The Department of Veterans Affairs has updated the VA Loan Funding Fee structure and issued new guidance to lenders about how funding fee payments are handled. President Barack Obama signed H.R. 674, The Vow To Hire Heroes Act, which modified VA loan funding fees to keep them at their higher leve...
11/22/2011
The VA loan funding fee issue has been confusing for all involved, and we’ve received quite a large number of reader comments and questions on the issue. Fortunately, that confusion is about to come to an end thanks to recent developments. The Department of Veterans Affairs has announced that the...
11/22/2011
In today’s economy, some VA loan applicants decide to co-borrow on home loans rather than shoulder the financial burden all by themselves. VA borrowers who team up to purchase a home aren’t always spouses. Some are co-workers or friends who share the expense and responsibility of home ownership. ...
11/21/2011
Rainmaker
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide