ARCHIVED BLOG POSTS
2012
2
Comments
From the comments section: “My husband got one of those letters today…It says Reinvestment Initiative, IRRRL-1003 Benefit Allotment, Forman 21-0760 Eligibility Notification. It shows our original lender who sold our mortgage to another lender (without our knowledge) several years ago.” “We were m...
06/18/2012
When applying for a VA home loan–or any other type of credit–some borrowers are tempted to leave out certain debts or financial obligations when filling out the paperwork. It’s easy to mistakenly assume that simply not reporting these details will keep them from the lender, but is that really tru...
06/17/2012
Some of the most frequently asked questions about VA home loans involve the rules for occupancy. What do the VA loan rules say about taking possession of the home after closing, renting out your home purchased with a VA mortgage to someone else, and refinancing rules? To begin, let’s see what the...
06/14/2012
0
Comments
One of the things many first-time home buyers like about the VA loan program is the zero down payment option. VA loans are available for “the full reasonable value” of a given property, so in general there is no down payment requirement unlike other government home loan programs such as FHA mortg...
06/14/2012
A reader asks, “We are currently attempting sell our home which has a lease for potential drilling of an oil well. No well has been dug.” “The underwriter of the seller’s VA loan is requesting a letter from the oil company stating federal rules regarding high pressure oil lines will be complied w...
06/12/2012
1
Comments
On the official site of the Department of Veterans Affairs, there is a list of steps to a VA home loan. You’ll find the following advice listed at the VA’s Pre-Loan Frequently Asked Questions page: “Select a home and discuss the purchase with the seller or selling agent. Sign a purchase contract ...
06/11/2012
1
Comments
“How much is my VA loan entitlement?” That’s one of the most frequently asked questions about VA home loans. If you’re new to the program it’s good to know such amounts, what they mean, and understand exactly what you’re able to do with a VA guaranteed home mortgage. The basic entitlement–the amo...
06/11/2012
1
Comments
After viewing a recent post about VA minimum property requirements and appraisals, one reader asks, “What about asbestos shingles on an older home?” Assuming the reader is asking whether asbestos shingles would disqualify a home from being approved for a VA guaranteed mortgage, or whether asbesto...
06/10/2012
Borrowers who are eligible to apply for a VA guaranteed home loan must first get a Certificate of Eligibility (COE) from the Department of Veterans Affairs before they can apply for the VA home loan. In order to get a VA COE, the borrower can apply in one of three ways. One option is to apply onl...
06/07/2012
When purchasing a home with a VA guaranteed mortgage loan, borrowers are strongly encouraged to hire a home inspector to review the property before committing to purchase. An inspection is not the same as a VA appraisal–it is a much closer look at the property and the borrower should not expect a...
06/06/2012
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Bruce Reichstein
FHA / VA One-Time Close Loans - Nationwide
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