RECENT BLOG POSTS
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
In general, the Department of Veterans Affairs VA Loan program does not guaranty loans that restrict the borrower's ability to sell or dispose of the property. VA loans are assumable, meaning the owner can allow another person to assume responsibility for the loan with the participation of the le...
08/06/2013
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