Joe Schmitz's (joeschmitz) Blog

We have USDA Loans availabe without USDA funds! Please call or e-mail me for further details about our USDA programs here in Hawaii.

Steps to a successful VA Loan closing 1) Select a loan officer that you like and trust that also has a tremendous knowledge of your VA Home Loan benefit. 2) Get preapproved. (There is a big difference between preapproval and prequalified) Here is a list of items you will need to get preapproved:...

COSTS OF OBTAINING A VA LOAN   Funding Fee A funding fee must be paid by all veterans, except those exempt due to receipt of disability compensation, using the VA home loan program. The funding fee can range from 0.5 percent for Interest Rate Reduction Refinancing Loans (IRRRL) to 3.3 percent for...

REQUIREMENTS FOR LOAN APPROVAL To obtain a VA loan, the law requires that: The applicant must be an eligible veteran who has available entitlement. The loan must be for an eligible purpose. The veteran must occupy or intend to occupy the property as a home within a reasonable period of time after...

HAD A VA LOAN BEFORE? Remaining Entitlement Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan. The current amount of entitlement available to each eligible veteran is $36,000. This was much lower in years past and has been increased over time by c...

WHO IS ELIGIBLE? Veterans with active duty service, that was not dishonorable, during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31,1955), and Vietnam era (August 5, 1964 to May 7,...

WHAT CAN A VA LOAN BE USED FOR? To buy a home, a condominium unit in a VA-approved project. To build a home. To simultaneously purchase and improve a home. To improve a home by installing energy-related features such as solar or heating/cooling systems, water heaters, insulation, weather-strippin...

WHAT IS A VA-GUARANTEED LOAN?   These loans are made by a lender, such as a mortgage company, savings and loan or bank. VA's guaranty on the loan protects the lender against loss if the payments are not made, and is intended to en courage lenders to offer veterans loans with more favorable terms....

VA FINANCING -A GOOD DEAL FOR VETERANS More than 27 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement....

WHY A VA LOAN? The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any down payment at all. Aside from the veteran's certificate of eligibility and the fact that the appraiser is as...