ARCHIVED BLOG POSTS
2011
VA Circular 26-11-22 was issued on December 23 to announce final changes to the rules for modifying VA insured home loans. The instructions were previously issued as an “interim final rule” but since that time, the Department of Veterans Affairs has finalized the regulations. According to the VA ...
12/30/2011
When buying a home with a VA insured mortgage loan, the property must meet a set of minimum property requirements as spelled out by the Department of Veterans Affairs. This raises many questions for home buyers and potential VA loan applicants. After all, nobody wants to find a home they really w...
12/29/2011
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Appraisals are required on VA loans for new purchase homes and some types of refinancing. When a house hunter is trying to plan a budget for a new home purchase, knowing the appraisal fees can be a big help. Many readers write in asking questions about the VA loan appraisal fee, and the majority ...
12/28/2011
For those with VA home loans considering a refinancing loan in the new year, there are several options available from the Department of Veterans Affairs. There are cash-out refinancing loans and Interest Rate Reduction Refinancing loan (IRRRL) options. In many cases a VA IRRRL is easier to get th...
12/28/2011
A reader question came in over the holiday weekend asking about refinancing to a VA mortgage from a conventional loan. The reader asks, “I would like to refinance my Conventional loan to a VA loan. What are the procedures?” Thanks to the Veterans Benefits Improvement act signed into law in 2008, ...
12/27/2011
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First-time home buyers often realize they have much to learn about the VA loan process and home buying in general. Fortunately, the Department of Veterans Affairs has help available from regional loan centers, but there are also other agencies such as Ginnie Mae that can help. According to the VA...
12/27/2011
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Earlier this year we reported on the Department of Veterans Affairs addressing possible changes to its VA loan maximum loan limits in October. According to the VA official site, “The Veterans’ Benefits Improvement Act of 2008 provided a temporary increase in VA loan limits for loans closed Januar...
12/26/2011
A recent reader question came in on the subject of VA IRRRLs, “I have a VA Loan on a house in Texas, and I’m looking to streamline the loan. I currently live in Illinois and renting the house in TX. Do you know if I can streamline the TX house for 15 years, even if I don’t live in the house? I’m...
12/23/2011
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In our last blog post, we discussed VA loan funding fee exemptions and how those exemptions must be verified by the lender. Thanks to changes in how the Department of Veterans Affairs processes VA Loan Certificates Of Eligibility, lenders can now determine VA funding fee exemption status for many...
12/21/2011
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When a borrower is exempt from paying the VA loan funding fee, or anticipates becoming exempt because of pending compensation for VA recognized disabilities, there’s a specific procedure used by the lender to verify that exemption. In September of 2011, those procedures were changed and simplifie...
12/21/2011
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide