ARCHIVED BLOG POSTS
2012
A reader asks, “Can I use a VA loan to buy land in order to build on?” There are two sections of the VA loan rules which offer guidance for the eligible uses of VA loans. One is Chapter 3 of the VA Lender’s Handbook, which states the following in Section 2, Eligible Loan Purposes: “The law author...
02/28/2012
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We write a lot about the beginning of the VA home loan process, but not much about the end, when the loan is considered paid in full. What happens when the VA loan is to be paid off? As we’ve mentioned before, the VA borrower’s final mortgage loan payment may be higher than the amount paid over t...
02/28/2012
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VA home loans are required to be paid in full within what the Department of Veterans Affairs describes as the “estimated economic life” of the home. This is calculated at 30 years and 32 days for “maximum maturity”. The VA Lender’s Handbook states, “every loan must be repayable within the estimat...
02/27/2012
A reader asks, “I’m getting ready to make an offer on a house which sides to a freeway sound wall. Will this type of location disqualify the house for a VA loan?” While the Department of Veterans Affairs does specify a wide range of conditions for which a home may not be acceptable for a VA mortg...
02/27/2012
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When you apply for a VA guaranteed home loan, you are required to give your consent to a series of lender verifications on your employment history, credit history and credit score. But the lender isn’t permitted to do these checks without permission–VA loan rules require the borrower’s authorizat...
02/26/2012
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Military members applying for VA insured home loans should know about the VA loan rules for service members within a year of their current re-enlistment date. The Department of Veterans Affairs has additional paperwork requirements for VA loan applicants currently serving who are near the end of ...
02/23/2012
A reader asks, “I have never used my VA Loan. Can I use my VA benefits to landscape my yard to include installing a fence? If so how do I apply for the loan?” VA home loans have a list of approved uses spelled out in the VA Lender’s Handbook. These uses include purchase, refinancing, and rehabbin...
02/22/2012
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A reader asked us recently, “I got a loan modification on my house 2 years ago, it is a conventional loan and I am the only one on the loan, my husband job is too far to commute and we have had to rent for the past 4 years.” “We now are in a better position to buy, my question is if I received a ...
02/21/2012
A reader asks: “I recently made an offer on a house but I was told that it might not meet VA MPR’s. I know the house is a mess because the owner left everything in the house but there is no paint peeling and structurally the house is in good shape.” “Other than a small hole in the wood paneling i...
02/21/2012
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We’ve had a lot of reader questions lately on bankruptcy and foreclosures as they related to VA insured home loans. Since these issues are a concern for many of our readers, we thought it would be a good idea to post some of the general rules regarding bankruptcy and foreclosure. On page 35 of th...
02/20/2012
Rainmaker
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide