- Entitlement to a VA Home Loan
Some first-time homebuyers are misinformed as to the workings of a VA Loan. The Veterans Administration does not normally act as a lending agent. Instead, the VA is in the business of guaranteeing the loans of veteran.
- Advantages to the VA Guaranteed Loan
If you are looking to purchase a VA home with no money down, you're in luck if you qualify. VA mortgage loans can be guaranteed with no money down.
- About VA Loans with Adjustable Rates
Veterans who shop around will learn it's possible to get a fixed rate loan, negotiated with the lender of your choice. Another option? The adjustable rate loan.
- Getting Pre-approved for Your VA Loan
Obtaining pre-approval for your VA loan amount is an excellent time-saving step. Once you know the exact amount you're eligible for in your VA home loan, you can begin.
- Eligibility for a VA Home Loan Guaranty
It's easy to use an online program called ACE--the Automated Certificate of Eligibility--to get started in the VA loan guaranty process.
- Your Discharge May Affect Your Chances
The nature of your discharge can affect your eligibility for a VA home. The certificate of eligibility process gets complicated for veterans separated from the military with a discharge other than honorable.
- I Lost My DD214
Those who have been discharged, separated or retired should keep multiple copies of the DD214--your discharge paperwork. It's the most important military document in your records.
- For Those Who Already Have a VA Loan
Check with your lender about interest-rate reduction refinancing on your existing VA loan. This is a great advantage and there's no need to re-establish VA loan eligibility.
- Renewable VA Certificate of Eligibility
A VA certificate of eligibility is renewable on a one-time basis. You qualify if the existing VA loan is paid in full, but you still own the property.
- VA Loan Partial Eligibility
If you have an existing VA loan, you may still be able to get VA loan eligibility for second loan. A VA certificate of eligibility may be available for any unused amount of what you are entitled to receive.
- VA Loans and Rental Properties
The idea of buying a building intended as a rental property is sound--but VA mortgages aren't intended for this purpose.
- VA Loans and Your Debt Ratio
To qualify for a VA home loan, you must fall into a certain debt ratio. Your income, credit card debts and the new indebtedness created by the VA mortgage are all tallied up to see where you land in terms of debt.
- Uses for Your VA Loan
A VA home loan has more flexibility than you might think. While many use this benefit to purchase existing homes, there are many other applications.
- About the VA Funding Fee
There is a "VA funding fee" required by law. A first-time buyer will pay a little over two percent for a 'no money down' loan, and a second time buyer's fee is just above three percent.
- Co-signers on VA Loans
It's true that the legally married spouse of a military member or veteran can co-sign a VA loan. There is no "penalty" for doing so, the veteran loan is still fully guaranteed by the VA.
- The Veterans Benefits Act of 2004
The Veterans Benefits Act of 2004 made many changes to the VA loan process. If you haven't had to get eligibility or otherwise deal with the VA for a loan since the act passed, you may be surprised at the changes.
- VA Home Loans and Fair Housing Laws
Federal law requires lenders who participate in VA home loans to obey Fair Housing Laws. The law prohibits a great many things including refusal to negotiate.
- VA Pre-approved but Can't Find a House
Those with VA loan eligibility or pre-approval may, depending on the location, have trouble finding new homes for sale. Fortunately, there are alternatives.
- VA Loan Foreclosures
It's true, the VA does get control of properties with VA loan foreclosures. VA foreclosures are offered to the public in the same manner as repossessed HUD and USDA Development homes.
- Improving Credit to Enhance VA Loan Eligibility
Because your VA loan eligibility depends on your debt ratio, it's a good idea to start thinking about fixing your credit long before actually filling out loan paperwork.
- Help for VA Homebuyers
When applying for a VA home loan there are some advantages to having the VA on your side during the home buying process.
- VA Loans to Purchase Farms
A veteran generally cannot get a VA loan to purchase a farm with one notable exception. If the farm has a residence where the veteran intends to live.
- VA Loans for Properties Outside of the US
The VA does not allow veteran mortgages for properties outside the United States. The VA does allow purchases in "American territories and possessions".
- VA Home Loans After a Borrower's Death
Unless mortgage life insurance is purchased, the responsibility of a veteran mortgage passes to the spouse or the veteran's estate in the event of his or her death.
- Selling a VA Loan Property
Some people may assume that selling the property purchased with a VA loan releases them from obligation to the VA loan. This is not automatic!
- VA Mortgage Payments
Chances are you will make payments to different lenders over the course of your VA mortgage. Selling mortgages from lender to lender is common.
