Do reservists qualify for VA loans? Over the years, the home loan program run by the U.S. Department of Veterans Affairs (VA) has helped numerous active-duty service members and veterans become homeowners. Many people are aware that the program’s home loan guaranty benefit is one that is earned through service. However, the fact that different types of service count isn’t as widely known. As a result, many people who could potentially use a VA loan – including some reservists – don’t realize that they’re eligible. Read More »
Do VA Loans Require Escrow Accounts?
Do VA loans require escrow accounts? The answer is both yes and no. If you’re feeling confused, don’t panic. This isn’t a trick question or a deep, philosophical debate. When you step back and take a look at the full picture, the duality of the answer makes perfect sense. Read More »
Pest Inspections for VA Loans
Termites strike fear into the hearts of property owners for good reason. While these pests are small in size, their destructive power is huge. According to the U.S. Environmental Protection Agency, termites cause billions of dollars worth of property damage each year. And according to American Pest, the average cost to repair termite damage is $3,300. With numbers like that, it’s no wonder that homebuyers need to think carefully about scheduling a pest inspection before purchasing property. In fact, many lenders and loan programs insist on these inspections. What do you need to know about pest inspections for VA loans? Read More »
VA Loan Refinancing Options
It’s easy to understand the appeal of VA loans. As Military.com reports, these loans allow qualified borrowers to purchase a home with 100-percent financing, competitive interest rates, relaxed credit requirements, no private mortgage insurance, and limited closing costs. But what if interest rates have dropped substantially since you got your VA loan? Or what if you’re already a homeowner but you wish that you’d used a VA loan? You’re in luck. Qualified borrowers eager to redo their mortgage can choose between two VA loan refinancing options. Read More »
Do VA Loans Have PMI?
If you’re new to the world of real estate, you’ll quickly learn that there are many new terms to understand: amortization, equity, principal, private mortgage insurance, etc. When private mortgage insurance (PMI) is discussed, it’s often in the context of avoidance. For obvious reasons, most homebuyers wish to bypass PMI if possible. Because we specialize in loans backed by the Department of Veterans’ Affairs (VA), many homebuyers come to us asking, “Do VA loans have PMI?” They’re typically delighted with the answer. Read More »
How to Assume a VA Loan
Why would you want to know how to assume a VA loan? Assuming a VA loan could be a fantastic way to snag a home loan with amazing terms without a lot of fuss, saving you time and a significant amount of money when it comes to interest rates and closing costs. VA loans are famous for their favorable terms, but they’re typically only available to those who have earned their access to the program through military service. That said, assuming a VA loan is different from taking one out. And you don’t have to be a service member or veteran to assume a VA loan – civilians with the right qualifications are eligible. Read More »
VA Loans for Manufactured Homes
Is a manufactured home your idea of the perfect place to hang your hat? If you’re hoping to purchase a manufactured home with a loan from the U.S. Department of Veterans Affairs’ home loan program, then you’re in luck. There are VA loans for manufactured homes. What do you need to know to utilize a VA loan to purchase a manufactured home? Read More »
Updates to VA Loan Limits
If you’re searching for evidence that it’s possible to make a good thing even better, take a look at the U.S. Department of Veteran Affairs’ VA loan program. Created with the goal of helping veterans become homeowners, this popular loan program has long offered qualifying borrowers some amazing advantages. Now, the new updates to VA loan limits (courtesy of the Blue Water Navy Vietnam Veterans Act of 2019) are creating even more opportunities for would-be homebuyers. Read More »
VA Loans and Short Sales
What do you need to know about VA loans and short sales? That depends. Are you an eligible service member or veteran planning to use your entitlement to purchase a home with a VA loan? Or, are you a homeowner who used a VA loan to purchase a home and is wondering about the consequences of a short sale? Whether you’re buying, selling, or interested in buying again after a prior short sale, it’s smart to explore the possibilities. Read More »
How Much Is the VA Funding Fee?
With no need for a down payment, limits on closing costs, and no requirements for mortgage insurance, VA loans are an appealing option when you’re purchasing a home. That’s especially true if you don’t want to invest a lot of cash at the start. However, using a VA loan does incur a funding fee. Why does this fee exist? How does it work? How much is the VA funding fee? Read More »
