Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2012 

A reader asks, “I’m a veteran who lost my green pre approved Vet home owner Certificate of Eligibility.. How can I get another?” In cases like these it’s best to re-apply for the COE in the same way you applied for it the first time. If the lender helped you obtain a VA Certificate of Eligibility...
08/30/2012
A reader asks, “I am applying for a VA loan and easily meet all the requirements. All my financial documents, paystubs, tax forms, retiree pension, bank statements, show that I am single.” I have been divorced for about 15 years and my lender says VA requires a divorce decree. I can’t find it and...
08/29/2012
A reader asks, "My realtor listed (my) house for full loan payoff, and not one bite. She then listed it for 80k, HALF of what I owed, and still no bites. It FINALLY sold through short sale just yesterday for 60k." "The lender stated they will not hold me liable for the negative equity as it’s a V...
08/28/2012
A reader asks, “I’m trying to purchase a three-unit and live in one. I don’t have any property management experience can I still qualify for a va loan for this property? Does it only apply if a buyer intends to use the rental income to qualify?” VA loans for multi-unit property don’t require land...
08/27/2012
A reader asks, "I have been at my current job for 18 months. Prior to this I was in school under Chapter 31 Vocational Rehabilitation. I receive service-connected disability payments, and was receiving Social Security disability. Would these circumstances create a potential problem in meeting the...
08/26/2012
One misconception about VA guaranteed home loans is that once the borrower has filled out VA Form 26-1880 (Request for a VA Certificate of Eligibility) and received his or her VA Certificate of Eligibility (also known as a COE), the borrower is then approved for a VA home loan. This is not true; ...
08/23/2012
A reader asks, “My VA appraiser denied my appraisal because it was on a gravel road and he deemed it a private road and required a maintenance agreement.” “According to HUD, no maintenance agreement is required. According to the subdivision laws of the county required private roads have deed rest...
08/22/2012
A reader asks, “How do you put a down payment on a cash out refi? …Since this would be the 2nd time getting a va loan, I would have to pay the 3.3% funding fee. I read somewhere that if I put a down payment on a cash out refi, I could pay a smaller fee.” VA loans require the payment of a VA fundi...
08/21/2012
VA loans require payment of a VA loan funding fee. Some borrowers are exempt from paying this fee; the Department of Veterans Affairs does not require funding fees from veterans who receive (or are eligible to receive) VA compensation for service-related medical conditions. But some vets don’t ha...
08/21/2012
A reader asks, “We live in a manufactured home in NV. We have a 1st and 2nd on it at the present time. What we are trying to do is get the first and 2nd paid off and qualify to put a new modular home on our land…” “We received an approval for the loan through a lender but as soon as they realized...
08/20/2012
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Bruce Reichstein

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