Some veterans are interested in using their VA home loan benefit to purchase a property to rent out to others. But, when the veteran borrower signs the papers for that property, they are required to certify that property as their primary residence. Don’t worry though, there is the option where a veteran can purchase a...
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Year: 2017
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10 things to do to get your home winter ready
With the cold weather coming, it is now time to think about getting your home cozy before the snow and ice hits. Here are 10 things to do to get your home prepared for winter: Get your chimney cleaned and inspected so it is safe to use all winter long and to help cut down...
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What is Earnest Money?
We get this question frequently from first time home buyers, what is earnest money? Earnest money is an important part of the home buying process. It is a money deposit that shows the sellers you are a committed buyer to the sale. Usually you put a deposit down of 1%-5% of the home purchase price,...
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Can I include the closing costs into my VA home loan?
If you are using your VA home loan for a purchase transaction you cannot include the closing costs into the loan. Your options are, the seller is allowed to pay all of the closing costs, up to 4% of the home price. If that is not the case then the veteran has to pay all...
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Can I have my spouse on my VA home loan?
The VA home loan is always the best loan for a veteran. On a VA home loan you can have veteran and spouse (legally married) on the loan. Or you can have veteran and veteran on the loan. If you are not married and are looking to purchase a home with someone else you are...
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I have had a bankruptcy in the past, can I still qualify for a VA home loan?
If you have filed for bankruptcy in the past, you can qualify for a VA home loan, but there is a waiting period before you can do so. If you have filed for a chapter 7 bankruptcy, the waiting period is 2 years from the discharge date before you can obtain VA loan financing. For...
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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....