A buyer’s earnest money deposit acts as a sign of good faith. It shows the seller you are serious about buying a home. If the buyer walks away without a good reason, the seller can keep the earnest money. However, buyers can walk away from the deal and keep their earnest money deposit in certain situations.
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The VA home loan is a no-money-down mortgage exclusively for military service members and veterans who have fulfilled a minimum service requirement. Certain surviving spouses of military members who died in the line of duty are also eligible for a VA mortgage. VA home loans are a government-backed mortgage program, which allows lenders to offer […]
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The 2022 Basic Allowance for Housing (BAH) rates charts by grade, state and Military Housing Area (MHA) with and without dependents. See the latest update on the 2022 Basic Allowance for Housing rates. Alabama Alaska Arkansas Arizona California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan […]
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Multiple borrowers can apply for a VA loan together. But, co-borrowers may have to remove one of their names if divorce or other circumstances affect the arrangement. The VA Lender’s Handbook, VA Pamphlet 26-7, outlines the rules of the VA loan program, including those for removing a borrower’s name from a loan. Keep in mind, […]
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Military members and veterans can use VA home loan benefits to purchase various properties, including condo units. However, the VA home loan process for condominium purchases is a little different than financing other types of eligible properties using a VA mortgage. Here’s what you need to know, according to the VA’s Lender Handbook, VA Pamphlet […]
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Military members can use the Department of Veterans Affairs loan program while on active duty. Here’s how VA loans work for active-duty military service members. VA Loan Overview VA Loan Eligibility Requirements for Active Duty Military Members Using Active-Duty BAH to Qualify for a VA Loan Considerations when Nearing End of Active-Duty Service How to […]
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The VA does not allow borrowers to use a VA loan to finance a boat or RV purchase – even if you plan on living in the vehicle. However, borrowers can use one of the VA’s loan refinance options to purchase a boat or RV. VA Loan Overview The VA loan offers eligible veterans and […]
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The VA loan offers veterans an affordable path to homeownership. However, not all properties qualify for this loan because the VA wants to ensure veterans’ homes meet their baseline standards for habitability. Here’s what you need to know about minimum property requirements for a VA loan. VA Loan Overview VA Loan Minimum Property Requirements Common […]
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First-time home purchasers are typically younger couples just starting their families. Most do not have a massive amount of money to purchase a house. With a Veterans-guaranteed home loan, qualified borrowers could get into an excellent starter house with no cash down. Zero-down VA loans could save you thousands upfront. Less Stringent Qualifications Many first-time […]
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VA loan assumption allows homebuyers to assume a VA mortgage at its orginal interest rate, which may be lower than current available rates.
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