VA Loan Articles
Read About News, Updates, and Guidelines
VA borrowers have a refinancing option known as the Interest Rate Reduction Refinancing Loan or IRRRL for short. These refinancing loans are offered to help lower interest rates, monthly payments, or both for qualified borrowers.
Down payment assistance programs such as Ameridream, Grant America, and Nehemiah were common in the past, but in 2008 a bill was passed (H.R. 3221) that eliminated down payment assistance from charities.
Veterans who receive, or are eligible to receive compensation for VA recognized injuries or handicaps may also be entitled to VA loan benefits above and beyond those typically available for eligible VA loan applicants.
Among the basic rules and regulations governing the VA home loan program are the guidelines for eligiblity for the VA home loan benefit. Who can apply for a VA mortgage loan and when?
To apply for a VA insured mortgage, potential borrowers are required to establish eligibility for this benefit with the Department of Veterans Affairs. This allows the VA to verify the borrower has met requirements and confirm eligibility with the lender.
In recent years, there have been reports of VA borrowers who being contacted by third-party companies offering help to VA borrowers in trouble on their home loans or facing the prospect of being underwater on a VA mortgage. Borrowers beware.
Did you know qualifying borrowers with VA-recognized disabilities may be eligible for special consideration for VA insured mortgages? It’s important to know the benefits and assistance available based on your VA-recognized disability status.
Currently serving military members who want to apply for VA insured home loans should know about the rules for VA loan applicants within a year of their current re-enlistment, retirement or separation date.
One of the most attractive features of the VA home loan is the no-money-down option. Ask any lender and you’ll discover it’s hard to top the VA loan in this area--even the FHA insured loan program requires a minimum down payment for all buyers.
While there is no specific condition ruling out a VA loan while a borrower owns another home, VA loan credit requirements state a borrower must meet debt-to-income ratio rules and personally occupy the home funded by the VA mortgage.
VA LOAN TIPS
for HOMEOWNERS
and HOMEBUYERS
Useful information about VA refinance loans, new VA loans, and the guidelines that the Veterans Administration wants you to follow.
>> read all the VA Tips
