If you've recently gone through a foreclosure, you may be wondering if you'll ever be able to purchase a home again. Fortunately, it's often possible to buy a home after a foreclosure if you've rebuilt your credit and met the waiting or seasoning period.
Just like a VA purchase loan, VA refinances like IRRRL and Cash-Out have specific occupancy requirements.
Veteran homebuyers oftentimes choose to use the VA home loan benefit to purchase a home because of the zero down payment requirements. Some may not be aware of another option out there that’s available to non-veteran buyers that offer 100% financing as well.
Using a VA loan when retiring from the military is possible, but there are certain considerations to keep in mind to make your purchase smooth.
Reservists and members of the National Guard have access to the VA home loan program. Some may need to meet different eligibility criteria in order to be approved for a VA home loan.
Borrowers cannot waive a VA appraisal, but an MPR waiver can waive certain repair requirements if the home does not meet the VA’s MPR standards.
The VA escape clause protects the buyer to back out of a VA home loan agreement if the home's appraised value does not match the sales price.
Yes, active duty service members can get a VA loan, but they must meet VA loan eligibility requirements for active duty military members.
From a lender’s perspective, Basic Allowance for Housing is a stable and reliable income source. You can typically count BAH as income on your application.
There are a variety of VA grants used to help Veterans purchase and/or modify housing to suit their needs.
VA homebuyers with DTI or residual income concerns may be able to strengthen their chances with what are known as "compensating factors."
If the property has lead paint or peeling paint, it may not pass VA appraisal standards requiring homes to meet VA minimum property requirements.
Child support frequently factors into Veterans’ VA loan applications. While the topic can be complex, it typically comes down to income and liability verification.
VA loans are available for no money down for eligibile borrowers and never have any private mortgage insurance (PMI) as a part of your VA benefits.
The VA 4% rule keeps the seller from offering so many concessions that a buyer is tempted to take out a loan amount they can't really afford.
In order for active duty service members to be eligible for a VA home loan, the VA requires a signed statement from your unit commander or a designated representative.
If you put your home up for sale and get an offer lower than the payoff amount on the VA home loan, you can send a request to the VA for a compromise sale.
The VA does not specifically reference what age a home can be. There are other factors, however, that must be considered when buying an older home.
Joint VA loans look slightly different from a traditional VA purchase loan, because the VA guaranty will only cover the Veteran's portion of the loan.
When applying for a VA loan, it’s important to have a strong understanding of all your monthly expenses including monthly student debt payments.
Homes purchased with the VA loan must meet the VA's minimum property requirements, which include rules and regulations for a safe roof.
There are several options available when it comes to VA loan repayment Learn more about VA Adjustable-Rate Mortgage loans in this article.
There are several upfront and ongoing expenses that homebuyers should be aware of when determining the cost of homeownership.
VA loans are generally for only the veteran, veteran and spouse together or the surviving spouse of a veteran under certain circumstances.
There are a few different options you can take if you recently inherited a home that was purchased with a VA loan.
Banks and lenders frequently sell mortgages after closing, but the terms of your mortgage and regular payments will not change with a new servicer.
The VA appraisal process protects VA loan borrowers by establishing the value of the home and ensuring the home meets VA minimum property requirements.
There are a few things you should know if you're looking into buying a foreclosed home with your VA loan.
The Dept. of Veterans Affairs guarantees every VA Loan that is originated. The VA uses its Funding Fee to finance this guarantee.
Eligible veterans and military homebuyers can use the VA home loan benefit to buy a second home. See some examples and learn how to restore entitlement.
One of the common topics about VA loan eligibility is related to what happens to a VA loan or the ability to apply for one after divorce.
Your DD Form 214 is your proof of military service. It shows the nature of your discharge, dates of service, and current classification (retired, separated, Guard or Reserve status).
Before you can use your VA loan benefits, you'll need the help of a VA approved lender. Here are 5 steps to compare the nation's top VA lenders.
If you're eligible for a VA loan, you now have options to either buy a fixer-upper with a VA loan, or make improvements to a home you already own.
Mortgages through the VA home loan program aren't just for suburban homes. See how military homebuyers can purchase a condo through the VA loan program.
Borrowers should know there is no time limit or "maximum age" limit to be eligible for VA loans. Lenders are barred from discriminating on the basis of age.
Do you know the circumstances where you are allowed to sell the home and have the seller assume the VA mortgage?
VA appraisal and VA inspection are terms often used interchangeably, but there are important distinctions between these crucial elements of the home buying process.
It's easy to forget that a house in the suburbs is not the only option a first-time homebuyer has with a VA home loan. Learn what other land purchases a VA loan can buy.
Private and shared wells, cisterns and springs are common, and these properties can still be purchased with VA loans with a few additional requirements.
To apply for a VA loan, first look for a lender that specializes in this benefit program.
Bad credit can make the process of getting a VA loan difficult, but it doesn't mean you're not eligible. Here we discuss getting a VA loan with bad credit.
VA Loan entitlement comes in two forms (basic VA loan entitlement, and bonus entitlement). Bonus entitlement can be used with any remaining VA loan basic entitlement or on its own.
One of the most common questions we receive about the VA appraisal pertains to the expiration date and appraisal reuse.
Do VA Loan rules require a borrower to have an honorable discharge in order to qualify for the program? In this post we look at the honorable discharge myth.
VA loans to individual borrowers are simpler than the requirements for VA loans to two or more borrowers. Read here about the different rules for borrowers.
The Department of Veterans Affairs will not guaranty loans that restrict the borrower’s ability to sell or dispose of the property.
VA loan rules have no prohibition against a borrower owning another property purchased with a non-VA loan while trying to apply for a new-purchase VA mortgage or refinance loan.
“I just bought a home using a VA Loan and just found out that the electrical circuits are not grounded. Is this something that should have been discovered at the time of the appraisal?”
If you want lower monthly payments and a lower interest rate on an existing VA home loan, the VA Interest Rate Reduction Refinancing Loan is just for you.
There are a variety of refinance options available under the VA loan program, but only with one the "no credit check" and "no appraisal" option is the VA Interest Rate Reduction Refinance Loan.
Title insurance is not mandatory under the VA loan program. But VA loan rules do permit lenders to require such insurance.
The law now permits a waiver based on a pre-discharge review of existing medical evidence that results in issuance of a memorandum rating by VA.
Part of the cost of a VA guaranteed home loan is the payment of a VA loan funding fee. Some borrowers are exempt from the funding fee and some get it refunded.
In a sense, yes, there’s a commuter rule. But the VA does not explicitly describe distance requirements, leaving lenders to calculate commuter expenses on their own.
Any property without a fixed, permanent foundation, including boats and recreational vehicles, cannot be approved for a VA guaranteed home loan because lack of a permanent foundation.
Self-employed veterans can still be eligible to obtain VA home loans. Self-employment income gives lenders pause only because it can seem less dependable than a salary.
VA borrowers have a refinancing option known as the Interest Rate Reduction Refinancing Loan or IRRRL for short.
While it is possible to hold two active VA home loans at the same time, as a general rule you must intend to occupy the most recently purchased home as your primary residence.
Condos cannot be included on the list of VA-approved projects if the owner's association bylaws for that condo include the right of first refusal clause.
If you're interested in buying a particular home with a VA-insured loan, that property must meet a set of minimum standards, called VA Minimum Property Requirements, or MPRs for short.
VA loans have a variety of applications. Did you know you can apply for a VA home loan for properties with up to four units? Learn how in this article.
Lenders are free to set requirements for escrow accounts for payment of property taxes and/or other costs required as part of a VA loan.
The VA does not have a strict guideline for a waiting period, or seasoning period, after a short sale. However, after foreclosure, the VA encourages a two-year seasoning period.
Termite infestations are very difficult to spot unless there is obvious damage. Fortunately, VA loan rules are designed to protect the buyer and the property the VA borrower wants to purchase.
For married couples looking for a VA home loan, when both are in the military, there are a variety of options when it comes to using VA insured loan benefits.
If you're new to the VA loan process, you'll learn you must pay both the initial appraisal and any required home inspection.
When you buy a home with a VA mortgage, there are associated fees and expenses including VA appraisal fees, and the VA loan funding fee. Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee.
VA borrowers eligible for a no-down payment VA loan can save money up front, but some buyers may choose to make a down payment to reduce the cost of the loan and pay a smaller VA loan funding fee.
When a VA borrower starts having trouble making VA mortgage loan payments, sometimes the only alternative to foreclosure is a short sale--a transaction where the borrower agrees to sell for less than the property is worth.
Property to be purchased with a VA home loan must meet a list of Department of Veterans Affairs minimum property requirements. They cover a wide range of issues from accessibility to health and safety.
The VA has strict requirements for VA loan applicants about disclosing income, residency and other data necessary to approve a VA loan.
VA homeowners who are looking to sell their property can market it to any potential buyer and accept any kind of financing.
There are fees the VA does not allow the buyer to pay. The VA also prohibits a real estate agent from charging the buyer a commission.
Some veterans who take advantage of their VA loan benefit don't think about using it again, but there are several circumstances where a borrower can get their VA home loan eligibility restored.