The VA loan is an outstanding option for military and veteran home buyers. But are there any benefits–or drawbacks–for home sellers? Here’s what sellers should know about VA home loans. VA Loan Overview The Department of Veterans Affairs administers the VA loan program, but VA-approved lenders (e.g., banks, credit unions, and mortgage companies) originate the […]
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Due to unfortunate circumstances, veterans often ask how they can use the VA loan after a foreclosure. In other words, when a home financed with a VA loan is foreclosed upon, can veterans still use their VA loan benefits? They can, but certain restrictions exist. In this article, we’ll explain how veterans can use their […]
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Due to the VA loan’s outstanding terms, veterans and military members often ask how the VA loan’s one-time restoration of entitlement works. In other words, how can eligible borrowers use this one-time restoration to access their VA loan benefits again? In this article, we’ll explain how to use this one-time restoration of entitlement, including: VA […]
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VA home loans, like most mortgage-loan transactions involving a new purchase loan, require an appraisal. The VA appraisal process is sometimes referred to as an inspection, which often misleads homebuyers. Here’s a look at the differences between a home inspection and a VA appraisal. What Is a VA Home Inspection? Borrower-arranged VA inspections help home […]
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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. Government backing allows lenders to […]
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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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A VA Loan Certificate of Eligibility (COE) is an essential document in the VA lending process. Your VA COE enables you to use your VA Home Loan benefit to buy, build or refinance a home. Eligible veterans who have met the minimum time-in-service requirements to qualify for a VA loan can apply for their COE […]
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Before you start looking into your mortgage relief options, determine who holds your mortgage, who your current loan servicer is and whether or not you are delinquent on your loan. Missing payments limits your mortgage relief options, so it’s crucial to act as early as possible. In all cases, you’ll need your lender’s cooperation, so […]
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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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