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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Year: 2017
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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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What is the difference between a fixed rate loan vs. an adjustable rate loan?
The difference between a fixed rate loan and adjustable rate loan is that, for a fixed rate the interest rate is set when you get the loan and it does not change for the life of the loan. With an adjustable rate loan the interest rate may go up or down. Many adjustable rates start...
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4 Benefits to a VA Streamline Refinance
A VA streamline refinance, also known as an IRRL, interest rate reduction loan, is a great way for the veteran to help maximize monthly cash flow by lowering monthly mortgage payments. Here are the benefits of a VA streamline refinance: Refinance existing VA loan to a lower interest rate Lower monthly mortgage payments on existing...
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Why does your credit score affect your VA mortgage interest rate?
When applying for a home loan having good credit is important. Lenders like to see people with a record of on time payments to creditors. A high credit score helps you to get a lower interest rate because it shows that you have made it an priority to pay your credit cards, car loans and...
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4 Ways to Deal with a Low Appraisal
You have agreed on a purchase price and ready to move forward with this deal, but you are anxiously awaiting the appraisal to return and it comes in low, what do you do from there? Renegotiate the Purchase Price Usually this is the better option, the seller can lower the purchase price to what the...
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3 Ways to NOT Pay Private Mortgage Insurance
Private Mortgage Insurance is an additional fee that you are required to pay each month, on top of your mortgage payment. The purpose of private mortgage insurance is to protect the lender in case the borrower defaults on the property. It does not have any beneficial reasons to the borrower, the monthly payment does not...
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Fannie Mae Increases Debt-to-Income Ratio
Fannie Mae will be increasing the debt-to-income ratio from 45 percent to 50 percent on July 29, 2017. Debt-to-income ratio compares your monthly gross income (before taxes) to your total monthly debt payments. This change is a big deal because if a DTI is too high, it is a common mortgage denial. Fannie Mae did...
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Top 5 VA Home Loan Myths
Myth: The VA appraisal is a nightmare Fact: Most say that the VA appraisals take forever and the guidelines are too strict. This is not true, in fact, most of our VA appraisals have better turn times than our FHA or conventional loans. Also, the VA appraisers use the “Minimum Property Requirement” guidelines to make...
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What is the difference between a Pre-Qualification and Pre-Approval?
Getting pre-qualified is the initial step to getting pre-approved. The potential borrower sends in their paperwork to the lender to have them review the information regarding, debts, income, assets and credit history. From there, the Mortgage Loan Originator is able to verify and confirm what the borrower is able to afford for the loan amount....