Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com
RECENT BLOG POSTS
A VA streamline refinance (also known as a VA IRRRL) allows borrowers with existing VA mortgages to refinance into a lower monthly payment or a lower interest rate (or both) without a VA-required credit check or VA-required appraisal in most typical cases (the lender may require one or both depe...
08/20/2013
Before a VA borrower can make an offer on a house for sale, there's an important step in the process of getting a VA loan that must be accomplished. That step is establishing the borrower's eligibility for the VA mortgage and getting the lender a copy of the borrower's VA Certificate of Eligibili...
08/19/2013
When two or more veterans apply for a VA loan together, both or all of the applicants using their VA loan entitlements, the transaction is known as a VA joint loan. There are many reasons why more than one veteran might want to team up on a VA mortgage, but there are some issues to be aware of wh...
08/15/2013
VA loans between two or more veterans are called "joint loans". Specifically, the VA Lender's Handbook describes joint loans in Chapter Seven as, "A loan involving two veterans who are not married to each other, and both using their entitlement." A VA joint loan can also mean, "any other type of ...
08/15/2013
The VA official site says surviving spouses of military members who died on active duty or as a result of military service may be eligible for the VA home loan benefit. The first step in claiming this benefit is to apply for eligibility. The VA official site lists a set of procedures needed to es...
08/14/2013
A reader asks, "My husband relieved a letter saying that they were compelled to notify us that our mortgage with Crescent Mortgage which was bought by Wells Fargo, has been tagged for inclusion in the VA IRRRL program. Then it gives a mortgage and statement number which they claim is ours (and it...
08/13/2013
A reader asks, "A family friend just purchased their first home in Virginia and closed a couple days ago, her husband is currently on deployment with the Navy, he will be back in November 2013. His wife just moved into the home with their 2 year old son… she has discovered the home is in no condi...
08/12/2013
In a recent blog post we discussed the rules for VA joint loans, which are described as VA loans made between a veteran and non-veteran (who is not a spouse) or more than one veteran using VA loan entitlement on the mortgage. One issue that comes up when discussing VA joint loans is how the VA lo...
08/09/2013
A reader asks, "I'm a Real Estate Broker in Chicago. I have a new client who is looking for a home and will be using a VA loan. My question is, what condition does a property have to be in to qualify for a VA loan. I know a straight FHA loan is pretty strict on property condition." The Department...
08/07/2013
There are some common questions about VA loans between a veteran and non-veteran, or between more than one veteran where all borrowers are using VA loan entitlement. How does the VA handle these situations when it comes to the use of a veteran's entitlement for his or her VA mortgage? The explana...
08/07/2013
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