Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com
RECENT BLOG POSTS
A reader asks, "Our landlord has a VA loan. He has had it for over 10yrs and we rent from him. Can he buy another house with a another VA loan for his self to live in? I am doing this for him. Thanks." While this question may seem a bit unclear, it seems the reader wants to know if the landlord i...
08/05/2013
A reader asks, "Is there a 5 year period that must be satisfied before you can sell or move from a home purchased through a VA Loan?" VA loan rules require a borrower to maintain "primary occupancy" in the home purchased with a VA mortgage as long as the original mortgage is still being paid for,...
08/04/2013
One important question some newcomers to the VA loans program have about VA insured mortgages involves the length of the VA home loan; what's the longest amount of time a borrower can apply for with a VA mortgage? According to the VA Lender's Handbook, non-amortized loans have a maximum maturity ...
08/01/2013
In our previous blog post we discussed discount points and whether or not a seller is allowed to purchase them on behalf of the VA borrower as part of a VA mortgage loan transaction. Discount points are a way to buy down the interest rate on a VA home loan, and the seller is allowed to purchase t...
07/31/2013
When you apply for a mortgage loan, one option you have is to purchase "discount points" that can lower the amount of interest on the mortgage. The ability to purchase discount points is also available for VA home loans (talk to your loan officer about this option and how it works), but one quest...
07/31/2013
A reader asks, "My husband served in the National Guard and I am wondering if he would qualify for VA benefits…VA loan, hotel discounts, etc." We can't comment about anything other than VA loans here, but when it comes to National Guard service and VA loan eligibility, the VA official site at VA....
07/30/2013
One of the most common questions about VA home loans is whether a veteran can get a VA loan with a non-veteran borrower. In situations where someone eligible for a VA insured home loan wants to apply for a mortgage loan with a non-veteran, the VA loan program identifies this as a "joint loan" and...
07/29/2013
A reader asks, "I had a short sale, compromise claim, two years ago. I am getting ready to buy a home using the remaining Loan Guaranty Entitlement and my COE indicates EC5. I am still compensated at 30%, am I exempt again from the funding fee?" A compromise claim on a VA mortgage is defined by t...
07/28/2013
VA loan rules for VA Interest Rate Reduction Refinancing Loans (IRRRL), sometimes also known as VA Streamline Refinancing, has a set of rules that govern closing costs and the issue of money back to the borrower at closing time. VA Streamline Refinance loans permit certain closing costs to be rol...
07/26/2013
A reader asks, "My husband was retired USN. He passed away in 2001. I have not remarried. May I file for VA Loan on his service record?  I have all the necessary paperwork. DD 214- Marriage Cert- Death certif. etc." The Department of Veterans Affairs official site has this to say about VA loan el...
07/25/2013
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Bruce Reichstein

VA / FHA Construction Lending / Nationwide
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