Did you know that borrowers who previously had a VA mortgage can become eligible for another VA home loan? VA loan eligibility is reusable depending on the circumstances of the loan, according to VA.gov. Under normal circumstances, a borrower who purchased a home with a VA mortgage and has paid o...

01/11/2012

Qualifying for a VA Interest Rate Reduction Refinancing Loan: A Reader Question

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Refinancing is a way to lower monthly mortgage payments–something more people are exploring than possibly ever before. Many VA borrowers are exploring the VA Interest Rate Reduction Refinancing Loan option as a way to get lower interest rates, mortgage payments, or both. One reader writes, “I hav...

01/10/2012

VA Loans: Why Are My Lender’s Requirements More Strict Than The VA?

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One popular myth about VA home loans is that the Department of Veterans Affairs provides the funds for a VA insured home loan. However, this is not true–the VA insures the home loan for a specific amount (not the entire loan amount) which makes the loan attractive to lenders because of the reduce...

01/09/2012

VA Loan Reader Question: Can I Purchase A Second Home?

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VA loans have rules which state the borrower cannot use this VA benefit to purchase vacation homes, time shares, second homes or any other transaction where the borrower is not to use as his or her main address. But what about borrower who already own property who wish to use a VA loan to buy a n...

01/06/2012

Reader Questions: VA Loan Eligibility

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VA loan eligibility–a veteran’s basic qualification to apply for a VA-guaranteed home loan–is not the same as lender approval. Borrowers may sometimes confuse their eligibility for the VA loan benefit for loan approval, and other times may be mis-informed as to the nature of loan approval from a ...

01/05/2012

VA Loan Benefits and Veterans with Undiagnosed Illnesses

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A December 29, 2011 press release found on the Department of Veterans Affairs official site on Gulf War Illness has implications for some potential VA loan applicants. A press release titled, “Rules Liberalized for Veterans with Undiagnosed Illnesses Application Window Extended for Five Years” sa...

01/05/2012

VA Loan Rule Changes on Value Adjustments

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VA Circular 26-11-21, recently posted at the Department of Veterans Affairs official site VA.gov, announces VA policy changes that directly affect appraisals and the VA loan process. The circular announces a major change–”Rescission of prior SAR authority to issue NOV at other than appraiser’s va...

01/04/2012

Reader Question: Who Can Get A VA Loan?

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VA loans are a military benefit offered by the Department of Veterans Affairs to those who have served in the United States Military for a minimum period of time as spelled out in the regulations for VA insured home loans. Because of other government insured home loan programs, there is sometimes...

01/04/2012

VA Rules For Appraisers: Interior Photographs Now Required

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VA Circular 26-11-21, among the last of the 2011 VA loan regulatory updates recently published at VA.gov, mentions a requirements for VA appraisers to get interior photographs of the property being appraised. According to the circular, the new requirement is in keeping with today’s industry pract...

01/03/2012

VA Loans Reader Question: VA Minimum Property Requirements

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Over the holiday break, a reader question came in asking about the specifics of VA Minimum Property Requirements, also known as MPRs for short. “I would like a listing of the VA’s minimum property requirements. For example: I know that each floor of the home must has smoke and CO detectors. What ...

01/02/2012

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