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VA loans are available to veterans, service members, and other eligible borrowers through a program established by the U.S. Department of Veterans Affairs (VA). The VA sets the standards for qualifying, lays out the terms for the loans offered by the program, and guarantees a portion of every VA loan. However, it doesn’t actually make the loans. It leaves that to private lenders. How does that work? As Investopedia explains, the aspiring borrower shares a Certificate of Eligibility from the VA with the lender as part of their loan application. Then, the borrower must also meet the underwriting requirements set by the lender. Even with the double dose of requirements, VA loans tend to be easier to qualify for and incredibly favorable for borrowers. However, that mix can make it a bit tough to pinpoint exactly what VA home loan credit requirements are. [Read more…] about VA Home Loan Credit Requirements

When VA loans are under discussion, there’s often lots of talk about the many things that you won’t have to pay for if you use this form of financing to purchase a home. However, you may want to give some thought to something that most borrowers who use one of these loans will need to pay: the funding fee for VA loans. [Read more…] about The Funding Fee for VA Loans

The chance to snag a bargain can be a siren’s call that lures would-be homeowners to consider purchasing foreclosed properties. As MillionAcres notes, finding a foreclosure that suits your needs can be a smart way to get a home that’s larger or located in an area that you wouldn’t otherwise be able to afford. However, it often comes with hassles that don’t always play nice with all forms of financing. It can also mean buying a home in as-is condition. Can you buy a foreclosure with a VA loan?

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VA home loans are available thanks to a program established by the U.S. Department of Veterans Affairs (VA), but the VA doesn’t hand out the actual loans. As Investopedia explains, the department sets qualifying standards and terms for these mortgages. It also stands behind the loans by insuring a portion of each VA loan. However, it doesn’t actually provide the financing. Instead, it leaves that task to private lenders. While it may seem complicated, it’s a process that’s worked effectively for decades. What are the benefits of a VA mortgage loan? [Read more…] about Benefits of a VA Mortgage Loan

With a VA home loan, you get a fantastic chance to purchase a home using a home loan with competitive terms and relaxed qualifying for borrowers. VA loan prequalification isn’t an essential step on the journey, but it can be a handy tool if you use it wisely. [Read more…] about VA Loan Prequalification

In the matter of FHA vs. VA loans, which loan is the right choice for you? While FHA loans and VA loans are both government-backed loans, there are distinct differences between them. If you’re interested in using one of these loans to purchase a home, you’ll want to explore the ins and outs of both programs so that you can choose the one that’s best for your specific situation. [Read more…] about FHA vs. VA Loans

When you’re buying a car, a couch, or some other pricy item, you probably shop around a bit and compare prices to make sure that you’re getting the best deal. You might even try your hand at haggling with the seller to see if they’ll sweeten the offer. Though you may not think of it this way, a home loan is also a product. While you might not be able to drive it or lounge on it while you watch television, you can certainly do a bit of comparison shopping before signing on the dotted line. In fact, doing so can result in substantial savings. What if you’ve decided to use a loan from the U.S. Department of Veterans Affairs’ home loan program? Then, you’ll want to learn how to compare VA mortgage lenders. [Read more…] about How to Compare VA Mortgage Lenders