Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com

ARCHIVED BLOG POSTS

2012 

A reader asks, “I am pre-qualified for an $80,000 VA loan. My lender tells me that I will have to pay $450. to have a VA certified engineers foundation report done when purchasing a resale manufactured home; and another $450. for the VA appraisal… That’s $900 that I could lose if the home does no...
10/08/2012
A VA circular titled, “Annual Increase in Construction Cost Index and Specially Adapted Housing Grants” spells out details of this year’s increase for Specially Adapted Housing Grants. These grants are available to certain veterans with qualifying service connected disabilities or medical conditi...
10/07/2012
A reader asks, “We are wanting to purchase a four-plex. How long do we have to reside in the building and how do we go about purchasing another? Also can we buy another four-plex in another state?” While it’s bad to make assumptions, this reader question seems to imply an interest in purchasing i...
10/04/2012
The VA official site, VA.gov, has a page especially for those who want to take advantage of the VA Specially Adapted Housing Grant for disabled veterans. There are multiple grants for qualifying disabled vets that can be used to modify existing homes or homes to be purchased; one such grant progr...
10/03/2012
The VA loan program includes the ability to apply for an Adjustable Rate Mortgage or ARM loan. The VA loan rulebook has special provisions and procedures for VA ARM loans the borrower should know when considering this option. VA ARMs are good for borrowers who have a strategy or a financial plan ...
10/02/2012
A reader asks, “I would like to get a va loan to purchase a 350 acre farm. Is it possible or not? I have heard yes and no…. the farm already has a house on it.” The VA loan rulebook covers this issue in Chapter Seven. According to the VA Lender’s Handbook; “A loan for the purchase, construction, ...
10/02/2012
We get lots of questions in our comments section about VA appraisals and whether or not the features (or defects) on a particular property will be a problem during a VA appraisal. For these readers and many more like them with similar questions, it can help a great deal to know what the VA policy...
10/01/2012
How do you know how much money you can borrow with a VA mortgage loan? The issue of VA loan limits can be a confusing one for some–if the Department of Veterans Affairs doesn’t place a set, standardized dollar limit on VA home loans that a borrower can look up for future reference, why all the di...
09/30/2012
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