In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.
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What does a Underwriter do?
Once you apply for a mortgage, the Loan Originator gets the file prepared to then pass over to a Loan Processor who submits your file to a Loan Underwriter. Once the Loan Underwriter has the file, their job is to either approve, suspend or decline the loan in process. How the underwriter decides on if...
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What is the difference between a Mortgage Broker and a Mortgage Lender?
If you are in the market to purchase a home, your first step should be to secure your mortgage. For many people, this is the stressful part on where to go to apply for your mortgage. Usually your decision is between a mortgage broker or a direct mortgage lender. A mortgage broker acts as the...
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What is a Loan Estimate?
A Loan Estimate is a three page form that you receive after you are approved for a home mortgage. The loan estimate includes important information, including the interest rate, the monthly payment and closing costs. It also includes estimated costs such as homeowners insurance and property taxes. The form has clear language to help you...