Bruce Reichstein's (brucereichstein) Blog

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ARCHIVED BLOG POSTS

2013 

A reader asks, "Can anyone tell me where I can find up-to-date (2013) information of VA home loan funding fee and if it is tax deductible?" The VA published some revised guidelines for VA loan funding fees in a mortgagee letter back in 2011, which addressed VA loan funding fees through September ...
01/30/2013
VA borrowers who are still in the military have several unique aspects of their pay that aren’t always a feature of the civilian equivalent. For example, military pay is documented by a Leave and Earnings Statement (LES) which used to be delivered in paper form only, but now is available electron...
01/29/2013
A reader asks, “I served in the National Guard for 6 years. I had a short sale in December 2010. Would I qualify for a VA loan?” There’s no short answer to a question like this for a variety of reasons, but assuming the reader is eligible for a VA loan, let’s look at the most simple part of this ...
01/28/2013
When applying for a VA loan, the loan officer will check to see if there is military-related income and non-military income. There are a variety of rules that cover verification in both cases. Here are some common questions that apply to both. What Does The Lender Need For Military Income Verific...
01/27/2013
When a borrower has found the perfect home, has made an offer, and the seller has accepted, the VA loan process moves into the phase where things start moving toward the closing date. Once the borrower’s loan has been approved and the commitments have been made, there have likely already been a f...
01/24/2013
The appraisal process is critical when it’s time to purchase a home with a VA mortgage. Without the appraisal, there can be no loan approval, so it’s good for borrowers to understand how the VA appraisal system works (and that it is not a replacement for a borrower-initiated home inspection). Her...
01/23/2013
A reader asks, “I would like to know if i can apply for a VA loan as a spouse jointly with my husband. He is in the reserve but he does not have the credit score required for VA loan and I do.” VA loan rules have a lot to say about these situations. To begin, VA loan rules allow the military memb...
01/22/2013
If you’re looking for a lower interest rate and/or monthly mortgage payments on an existing VA home loan, a VA Interest Rate Reduction Refinancing Loan (IRRRL) could be the answer you’ve been looking for. At the time of this writing, VA loan interest rates are still quite low and many borrowers s...
01/21/2013
A reader asks, “I refinanced my home with a VA loan (in) 2011. At that time I was informed that I needed to divide my home from another piece of property which had a home on it because my VA loan would not qualify with another house on it.” “For almost two years I have paid taxes on two pieces of...
01/21/2013
We get a variety of questions about VA home loans in the comments section, but not all of our readers ask there–some find us via Facebook and ask there. Here’s one of our most recent reader questions from Facebook–a reader asks, “Do inspections come with procedures of buying the home with my VA l...
01/20/2013
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Bruce Reichstein

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