Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2012 

A reader asks, “We are considering a property that is competitively priced as a short sale in Oregon. We went and viewed the property today with our Realtor and she took one look at the roof and indicated that it would not be eligible for the VA financing because of the roof. There were two spots...
09/27/2012
A reader asks, “I wish to know if there is anything I can do. I purchased a home two days ago and it is uninhabitable due to mold in the bathroom. The inspector cleared the home for purchase. Am I just out of luck and stuck with a house I can’t live in?” This reader question is a bit vague, and t...
09/26/2012
VA borrowers have the option of applying for a VA Interest Rate Reduction Refinancing Loan on a delinquent mortgage. VA loan rules don’t allow “automatic approval” on these types of loans (where the original mortgage is 30 days or more past due) and the lender must submit the loan application to ...
09/25/2012
A reader asks, "I have an interest person who wants to assume my VA loan. That person is not a vet. What fees will they have to pay to assume my loan of 400k?" An individual lender's fees may vary depending on the financial institution, state law or other requirements. The reader question is a bi...
09/25/2012
Before you commit to buying a home with a VA mortgage, there are several things the Department of Veterans Affairs wants you to know about; on the official site you will find several Frequently Asked Questions lists with advice on issues to consider before buying. For example, some VA loan applic...
09/24/2012
VA borrowers who want to refinance with an FHA Streamline loan, AKA the Interest Rate Reduction Refinancing Loan, are subject to certain VA requirements for the new mortgage. The new loan must result in a reduced interest rate and/or monthly payment. This is known as a “net tangible benefit” to t...
09/23/2012
A reader asks, "I was married to a Navy man for 18 years. He has a VA loan and I want to know if I am eligible for a VA loan also because I was awarded spousal support and he hasn't paid me a dime." The short answer to this reader question is no. Ex-spouses are not eligible to use the former mili...
09/20/2012
A reader asks, "We have found a home that we love, had the offer accepted and now just waiting on the appraiser. The house was built in 1890 and is in wonderful condition with a dry basement, all appliances and clean." "During the inspection we found that the house has knob and tube wiring, a roo...
09/19/2012
A reader asks, “I am a vet who walked away from my home in 2009 (a BAC-mortgaged property). The foreclosure went down on April 1st, 2011. I have been renting since October 2009. For VA purposes, my 24-month waiting period will be up April 1st of this coming year. I’d like to get back into an affo...
09/18/2012
A reader asks, “In 2003 I purchased a home using VA loan and the funding fee was applied to my loan. I just found out that I should not have been charged the funding fee since I had a 10% service connected disability (since 2000).  To make things worse, I just refinanced few months ago and was ch...
09/18/2012
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