ARCHIVED BLOG POSTS
2012
0
Comments
We encourage readers to ask questions about VA home loans in the comments section–every week we receive many questions about the details of VA guaranteed home loans including queries about which types of properties are or are not eligible for a VA mortgage loan. One common question is about the p...
04/17/2012
A recent reader comment with the subject line, “Waiver of two year wait for bankruptcy” includes the following: “I have had two VA loans and never had a foreclosure or missed payments. I have a Chapter 7 bankruptcy discharged Dec 12, 2010. My mortgage was included in the bankruptcy but I continue...
04/17/2012
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Comments
The VA Lender’s Handbook describes two basic types of VA refinancing loans. One is the VA Interest Rate Reduction Refinancing Loan, which features no money back to the buyer and can be done in “streamline” mode for those who already have VA mortgages (under the right conditions). Another is the V...
04/16/2012
A reader asks, “My husband is a veteran with a very good job and we would like to apply for a VA Loan in a few years, but he does not have much when it comes to credit history. We recently purchased a vehicle in his name, which will be paid off within 5 years.” “I was curious if that would be con...
04/15/2012
Veterans who receive, or are eligible to receive VA disability benefits are also eligible to be declared exempt from paying the VA loan funding fee. That fee is 2.15 percent of the loan amount for no-money-down VA mortgage loans–a substantial savings for the exempt veteran. This is a topic we’ve ...
04/12/2012
A reader asked us recently, “I bought my first home using a VA loan. I was honorably discharged. I was approved for a two week early release and was told I would receive my full benefits." "The home I’m living in now is through an FHA loan because I was told that I was not approved for a VA loan....
04/12/2012
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Comments
There are several different types of VA refinancing loans. We get many questions about VA refinancing in our comments section; many readers want to know if they can use VA refinancing loans to pay off credit cards, student loans or other types of debt. There is one type of VA loan that features c...
04/11/2012
VA guaranteed home loans have certain restrictions and requirements when it comes to the nature of the property for sale. For example, VA loans require that the property be primarily residential in nature, and no more than 25% of the total floor space for the building can be used for non-resident...
04/09/2012
When is a new credit check needed on VA refinancing loans? This is a commonly asked question about VA guaranteed Interest Rate Reduction Refinancing Loans (also known as VA IRRRLs). One reason? The line in the VA Lender’s Handbook in Chapter Six which states, “Generally, no appraisal, credit inf...
04/09/2012
A recent commenter wonders about the minimum “seasoning period” for VA borrowers who have a short sale on their credit history. Do the VA rules, which require at least a two year wait from the time of a short sale to the time of a new VA home loan application, apply to borrowers who completed a s...
04/08/2012
Rainmaker
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide
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