ARCHIVED BLOG POSTS
2012
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Homeowners sometimes encounter difficult financial times and in some cases are forced to sell their homes in order to avoid loan default and/or foreclosure. In some cases borrowers–including VA home loan borrowers–choose an option called a short sale. According to the Department of Veterans Affai...
02/20/2012
Recently a reader asked, “Can a veteran combine two pieces of property, one being a full time residence and the other a second home in a refinance?” VA loan rules for Interest Rate Reduction Refinancing Loans state clearly, “An IRRRL cannot be used to take equity out of the property or pay off de...
02/19/2012
A reader got in touch with us recently about VA loan refinancing. He writes, “Looking to refinance a conventional loan with a VA. I have no phone land line. Pre-paid cell phone only. Can only take short calls.” This puts a potential borrower in a tricky spot; doing business on a VA loan–or any ty...
02/16/2012
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VA home loans are intended as a benefit for military service. The Department of Veterans Affairs has designed the program to be used to help qualified military members purchase residences, and includes a set of eligible and ineligible uses for a VA insured home loan. Eligible uses for a VA mortga...
02/16/2012
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One of the most attractive features of a VA home loan is the no-money-down option. The VA Lender’s Handbook states, “No downpayment is required by VA unless the purchase price exceeds the reasonable value of the property, or the loan is a Graduated Payment Mortgage (GPM).” When the purchase price...
02/16/2012
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A recent Department of Housing and Urban Development press release announced a massive settlement between the federal government and the nation’s largest home loan servicers. “…(The) federal government and 49 state attorneys general have reached a landmark $25 billion agreement with the nation’s ...
02/15/2012
The Department of Housing and Urban Development recently announced a historic $25 billion settlement between the federal government and five major lenders over loan servicing and foreclosure abuses. According to a HUD press release, this arrangement offers “substantial financial relief to homeown...
02/15/2012
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A reader asks, “I currently have a conventional fixed rate loan on a house I originally purchased using a VA loan (ARM). I paid off that loan when I refinance it to a fixed rate loan with another lender. Now I would like to refinance to a lower fixed rate using a VA loan. I am still eligible for ...
02/14/2012
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Borrowers who want a new purchase VA home loan have one very important step they must take before they can move ahead with their VA loan application, loan approval and other parts of the VA mortgage process. Borrowers must establish eligibility for a VA home loan and have that eligibility on file...
02/13/2012
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One of the most frequently asked questions about VA home loans is, “Am I eligible for a VA insured home loan?” VA mortgages are for former and current members of the U.S. armed forces who qualify under the VA rules for time in service and, where applicable, the nature of the veteran’s discharge f...
02/09/2012
Rainmaker
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide