RECENT BLOG POSTS
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
A reader recently left a comment for us that includes the following statement; "Factually, the VA only requires you to live in a home for one year after purchase.  So the "primary residence" argument is bogus." The Department of Veterans Affairs lists its rules for occupancy in VA Pamphlet 26-7, ...
07/25/2013
A reader asks, "My husband and I are in the process of purchasing a home. All is going well, except the VA has refused to allow us to get the VA Funding Fee, which amounts to a little over $5,000.00. In the Certificate of Eligibility the Funding Fee was named Non Exempt." "My husband was discharg...
07/23/2013
In a recent blog post, we addressed some of the VA loan rules for termite inspections. But did you know that there may be different requirements in this area, depending on the type of property you buy with a VA guaranteed home loan? VA termite requirements for homes purchased with VA loans may va...
07/22/2013