You have already gone through the preapproval process and you have had your offer accepted, now what are the next steps? Your Real Estate Agent sends the sales contract to your Loan Originator Once the Loan Originator receives the contract, they will work on the Loan Estimate You will then come in to sign disclosures...
Call (503) 697-7214 to speak with a Local Home Loan Specialist today.
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What are Closing Costs?
Closing costs are fees associated with your loan transaction that are paid at the closing of the transaction. Closing costs vary by lender, but the following are the most typical closing costs and how they are determined: Discount Points – An optional additional cost to you to lower your interest rate Appraisal Fee – Verify...
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I have had a foreclosure in the past, can I still use my VA home loan?
If you are a veteran and looking to purchase a home with your VA home loan, but you have had a foreclosure in the past, do not worry, you can qualify for your earned VA home loan. Most veterans think that if they have had a foreclosure that they will lose their benefit, that is...
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Who orders the VA appraisal?
The VA appraisal is ordered by the lender. The appraiser is not an employee of the lender, but is an independent, licensed VA approved appraiser. The appraiser is assigned to a property by a first come, first serve basis by the nearest VA regional loan center. You cannot personally select the appraiser for the subject...
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What is a VA Jumbo Loan?
The VA jumbo loan is a loan that is for veterans that are looking to purchase over the conforming loan limit. The VA sets loan limits according to the county, for example in most counties of Oregon the loan limit is $424,100. When the veteran exceeds the county loan limit, he or she is required...
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What does my mortgage payment cover?
Most mortgage payments have four parts that your money goes toward: Principal – the repayment of the amount you have actually borrowed for your home. Interest – the payment to the lender for the money you have borrowed. Homeowners Insurance – A monthly amount to insure property against loss from fire, smoke, theft other hazards....
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Can I use my VA home loan to purchase a rental property?
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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Am I able to include overtime and bonus pay when getting preapproved?
When we are calculating income we have to evaluate three major things: is the income stable and reliable? Is it anticipated to continue in the foreseeable future? And is it an sufficient amount? Generally such income cannot be seen as stable and reliable if it has been received for less than 2 years. That being...
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What is an appraisal?
If you are purchasing a home or refinancing your existing home an appraisal is need during the process. An appraisal is the estimated value of the property determined by viewing the home and comparing it to recently sold homes that are similar to the property in that area. In a purchase transaction this protects the...
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Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount...