RECENT BLOG POSTS
A reader asks, "I’m a veteran and I have never used my VA Loan benefits. I’ve been in my home for 7 years under the FHA program and would like to inquire how I can refi with the VA?" This raises an important questions for veterans who are in FHA home loans and want to refinance into a VA mortgage...
07/09/2013
One very important VA benefit for certain qualifying veterans is the exemption from having to pay the VA loan funding fee when purchasing a home with a VA mortgage. Veterans who receive or are eligible to receive VA compensation for service-connected injuries or disabilities are exempt from payin...
07/09/2013
A VA loan applicant finds a home, negotiates with the seller, and works with a lender. In most cases once the loan is approved and the process begins moving towards a closing date, it's just a matter of working out the details and getting tasks like the appraisal, inspection, and other things com...
07/09/2013
The Department of Veterans Affairs has issued some guidance for lenders about principal reduction for VA mortgages. Borrowers who get into trouble with conventional or FHA home loans often wind up discussing foreclosure avoidance options that include principal reduction--where the lender may modi...
07/07/2013
A reader asks, "I would like to know more about the refinancing and credit check. I own a home in which I only owe around $80,000 fairly new, built 2003. I’m at around 7.4%, can I refinance and pay this house off and repay the new loan at around 3.5%? I only pay $650.00 a month now which is unhea...
07/05/2013
Appraisal fees are among the most frequently-asked-question topics we handle on a daily basis. One not-so-common question, but a relevant one depending on the circumstances involves "duplicate charges" related to the appraisal. If a VA loan applicant is trying to purchase a home that has a previo...
07/02/2013
A reader asks, "Are there restrictions on proximity to power/transmission lines?" This question is asked in relation to the Department of Veterans Affairs minimum property requirements or MPRs that govern safety issues connected with the home. When a property is being appraised for a VA mortgage,...
07/01/2013
A reader asks, "My son and his wife are interested in buy a home. I have VA eligibility. Can I use my VA and help my son purchase a home, or do I have to reside in the house too?" VA loan rules are not designed to allow a borrower to purchase a home for someone else. The veteran or currently serv...
06/30/2013
Water supply and water quality issues are among some of the most frequently asked-about topics when it comes to VA appraisals. While many homes purchased with a VA loan are typical suburban properties or condos, not all of them are--some properties are served by aquifers, wells, or even cisterns ...
06/27/2013
Refinancing your existing VA home loan may be simpler than you thought if you're applying for a VA Streamline Refinance Loan. Streamline refinancing, also known as a VA Interest Rate Reduction Refinancing Loan or IRRRL, has no VA-required credit check or appraisal. While this type of refinancing ...
06/27/2013