Tips & Special Topics
Basics of VA Home Loans
Understanding VA Home Loans: A summary article to provide a basic understanding of the VA Loan program and options available to veterans
The United State Department of Veterans Affairs offers many benefits to the Veterans of our Armed Services. One of the best benefits is the VA Guaranteed Home Loan. VA Loans are not provided by the government; they are made by private lenders such as banks and mortgage companies. ... Read More
The VA Loan And The FHA Loan: What's The Difference?: Article explaining the difference between a VA Home Loan and a FHA Loan.
VA loans and FHA loans are considered government loan products. FHA loans are those that are insured by the Federal Housing Administration, a branch of the government. VA loans are guaranteed by the Veterans Benefits Administration, a subdivision of the Department of Veterans Affairs. Many times you will ... Read More
Quick Reference: Benefits of a VA Loan: A quick reference guide to the benefits of VA loans provided by qualified VA lenders and guaranteed by the US Department of Veteran Affairs.
It is estimated that over twenty-nine million veterans and service personnel qualify for a VA home loan. Many are veterans who have already used their loan benefits. It is now possible to use VA financing to buy another home by using remaining or restored entitlement. There are many benefits that ... Read More
An In-Depth Look Into VA Loans: An article that takes a close up look at the VA home loan programs provided by the US Department of Veterans Affairs.
VA home loans are an outstanding benefit to the men and women who have served our great nation. The VA enables veterans to get financing at up to 100% of the purchase price of the home. Plus, with VA loans, the seller is often times permitted to pay all ... Read More
VA Loans & The Importance of Your Home's Value: Whether you need a VA Loan to purchase house or a VA refinance to consolidate debt or get cash out, the value of your home is important to the transaction.
Whether you’re buying a new home, or refinancing an already existing mortgage, you have options as to the different mortgage programs available. A VA home loan program can be an excellent way for many discharged, retired, and active military personnel and reservists to acquire a mortgage loan with ... Read More
VA Home Loans and The Impact Of A Service Related Disability: Veterans with a service-related disability can qualify for a VA home loan and may receive some added benefits including a waiver of the loan funding fee.
A VA home loan is a way for many active duty and former military personnel to obtain a home loan with a low interest rate, no down payment, and zero mortgage insurance. The VA home loan programs are available to discharged, retired, and active military personnel and reservists who qualify, ... Read More
VA Home Loans- Where Does the Money Come From?: Understanding the VA Loan Guaranty Program and where the money for veteran home loans come from can help veterans better understand the VA mortgage process.
Many borrowers don’t concern themselves with the ins-and-outs of their home loans beyond getting money to buy or refinance their homes. But, understanding the VA Loan Guaranty Program, where the money comes from and how to obtain a VA loan can save qualified borrowers money. What is a ... Read More
VA or FHA- What's the Right Home Loan for You?: VA home loans and FHA loans are two of the options available to veterans when considering a home purchase. The article discusses the benefits of veterans loans and FHA loans.
When examining the home loan programs of the Federal Government, one may wonder whether a VA home loan or an FHA mortgage is more appropriate. There are definite differences between “military mortgages” and FHA loans. Some of the variations have to do with loan limits, others have to ... Read More
No Prepayment Penalty with VA Loans: VA home loans offer many benefits, but one of the best benefits is often overlooked. There is no penalty for prepaying your VA mortgage.
Zero money down, 100% financing, no private mortgage insurance -- these are often the VA loan benefits that stand out for many VA-eligible borrowers. But, there is another benefit that is often not given the attention it deserves. “No penalty for prepayment” is a standard feature with VA loans ... Read More
History of the VA Loan Guaranty Program: An article discussing the long history of the Veterans Administration and the VA home loan programs. From the first veterans housing benefits after WWII to the present day VA loan program.
The VA home loan is a benefit available to VA-eligible borrowers who qualify. Private lenders fund VA mortgages and the U.S. Department of Veterans Affairs provides those lenders with a guaranty to back up the loan, in part. Have you wondered how the VA Loan Guaranty Program ... Read More
Saving a VA Loan from Foreclosure: If you are a veteran facing foreclosure on your VA loan or even a conventional loan you owe it to yourself to take advantage of the VA mortgage counseling available to all VA eligible borrowers.
It’s no secret the recession throughout 2008 has affected jobs and, in turn, some families are struggling in 2009 to make ends meet. Due to shrinking home values and rising delinquencies, the U.S. housing market crisis intensified in late 2007 and came to a head in 2008 causing a ... Read More
How the VA Appraisal Process Works: An article discussing the process of a VA Loan appraisal. An appraisal by a VA approved appraiser is required when financing a home with a VA loan.
When financing a home with a VA home loan, an appraisal is necessary in order to justify the loan amount. A VA loan amount cannot exceed the appraised property value.
There are a lot of people who are certified to appraise real estate. However, not all ... Read More
What is a Jumbo VA Loan?: Yes, Jumbo VA Loans are allowed by The Department of Veterans Affairs. In most areas a Jumbo loan for qualified VA borrowers is anything over $417k.
A Jumbo VA loan is one over $417,000. For years, the U.S. Department of Veterans Affairs has allowed Jumbo VA loans. The Fannie Mae conforming loan limit in most U.S. counties is $417,000. This limit can change. A qualified borrower can get a loan of up to the ... Read More
Who Services VA Mortgage Loans: VA borrowers often find that after closing their VA mortgage it is transferred to another company. A minority of all loans stay with their original lender and this is often true with VA loans.
Many borrowers may notice that after closing on a VA loan, their mortgage is transferred to another company. This is because the VA-approved lender that makes the loan might not necessarily choose to service the loan. Many mortgage companies operate by selling their loans to investors, ... Read More
The Spring 2010 VA Home Loan Opportunity: A new VA loan in Spring 2010, why not? It is an advantageous time for veterans to take advantage their VA mortgage benefits-Zero down, no PMI and up to 100% financing are just a few.
Several factors have combined to make spring 2010 an advantageous time for many to take advantage of their VA home loan benefits. Not only can purchasing a home with a VA loan mean zero money down and no private mortgage insurance (PMI), but dips in real estate ... Read More
What is VA Loan Underwriting?: The VA loan underwriter verifies whether every aspect of the VA mortgage loan meets the guidelines of the VA Home Loan Guaranty Program.
It’s common to see or hear the terms “underwriter” and “underwriting” when applying for a VA loan. So, what is a VA loan underwriter and what is the VA underwriting process?
The VA loan underwriter verifies whether every aspect of the VA mortgage loan meets the ... Read More
VA Loans and Private Mortgage Insurance: Because the U.S. Department of Veterans Affairs guarantees a portion of every VA mortgage, PMI is not required from VA borrowers.
Private Mortgage Insurance (PMI) is typically paid to insure mortgages with more than an 80% loan-to-value ratio. The purpose of the insurance is to offset lender losses in case a borrower is unable to repay the loan and the lender is not able to recover costs after foreclosure and ... Read More
VA, FHA, and Conventional Loan Comparison: What are the fundamental differences between VA, FHA, and Conventional mortgages? Examining each program can help to understand them.
Many inquire about the fundamental differences between VA, FHA, and Conventional mortgages. Examining each program can help to understand them.
VA loans have several unique features. They are available only to qualified consumers with honorable and ample time in the U.S. military. The VA guarantees 25 percent ... Read More
Acceptable Uses for VA Loans: Many eligible VA borrowers are unaware that their VA loan benefits can be used for so many different purposes.
Many eligible VA loan borrowers understand that veterans’ mortgages can be used to buy homes. In fact, there are many acceptable uses for VA home loans. Under the VA guidelines, a VA-guaranteed loan may be used to:
• Purchase a home
• Purchase a VA-approved townhouse
• Purchase a VA-approved condominium
• Buy a ... Read More
VA Compromise Sale Can Help VA Borrowers in Distress: A VA compromise sale may be explored when a borrower with a VA home loan receives an offer lower than the payoff amount of the mortgage.
A down economy and a distressed housing market often coincide. VA borrowers can feel the effects of a recession just like anyone else. And, there are a number of reasons why a military member might need to sell a home for less than what he or she owes ... Read More
VA Loans for Men and Women of the Military: Whether male or female, U.S. military veterans who qualify can receive a VA loan with great advantages over conventional loans.
Whether male or female, U.S. military veterans who qualify can receive a VA loan with great advantages over conventional loans. A civilian veteran is someone 18 or older who served in any of the U.S. military branches but is not currently on active duty. According to the ... Read More
