Month: July 2017

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Can I pay my VA home loan off early?

There are several amazing benefits of the VA home loan, one of them being the no prepayment penalty, which can save the veteran a lot of money. Prepayments occur when the borrower pays all or some of the mortgage debt off early. With a VA loan, borrowers are “free” to pay more than their minimum...

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4 rules for purchasing a manufactured home with a VA home loan

The VA home loan is a great benefit for a veteran and the VA wants to ensure that the veteran and their family is moving into a safe, structurally secured and sanitary home. Here are the 4 rules to purchasing a manufactured home with a VA home loan: The manufactured home must be anchored to...

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What are the minimum property requirements for a VA home loan?

The Department of Veteran Affairs has a list of minimum property requirements, MPR’s, that qualifies a house for a VA home loan. These requirements are to ensure that the veteran and their family is buying a safe, structurally sound and sanitary home. The MPR’s are assessed during the VA appraisal, which the appraiser is looking...

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Can I use my VA home loan for a vacation home?

A VA home loan is a great loan for any veteran, it is an earned benefit that we recommend all veterans to use. However, if you are looking to purchase a vacation home, the VA home loan will not be eligible to use because you can only use your earned benefit for a primary residence....

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How do I know if I am eligible for a VA Home Loan?

To be eligible for the VA home loan benefit, it falls into two categories: wartime and peacetime. The veteran must satisfy one of the requirements set by the Department of Veteran Affairs in order to use the VA home loan benefit. VA requirements states that a veteran that served during wartime must have been on...

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How much is my entitlement for a VA loan?

Your basic entitlement is $36,000. The VA in most cases has pledged to repay for a quarter of the loan amount. For loans over $144,000 to purchase, additional entitlement up to an amount equal to or 25 percent of the VA county loan limit for a single family home may be available. VA county loan...

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