A condo isn’t a house or an apartment, but it shares traits with both. With a condo, you own your unit, but you share ownership of the land, building, and common areas with your neighbors. Because of this, you won’t need to worry about outdoor maintenance and you may have access to special amenities, like a gym or swimming pool. Condos offer many benefits that busy people can appreciate, so it’s no wonder that many service members and veterans are interested in using the housing benefits that they’ve earned with their service to fund the purchase of a condo. But is that possible? Can you buy a condo with a VA loan? What will you need to keep in mind? [Read more…] about Can You Buy a Condo with a VA Loan?
The U.S. Department of Veterans Affairs’ home loan program got its start as part of the Servicemen’s Readjustment Act of 1944, which is often referred to as the GI Bill. In the nearly 75 years since its inception, it has adjusted and expanded to meet the changing needs of those who serve. Along the way, it’s guaranteed more than 20 million home loans, according to the Army Times. The VA funding fee is part of what makes this success possible. What is a VA funding fee? [Read more…] about What Is a VA Funding Fee?
Players embarking on an escape room adventure must use clues, hints, and problem-solving strategies to unravel a mystery in order to win their freedom before the timer runs out. While it does require some serious effort and mental energy to successfully break free, there’s no real risk involved. It’s a fun game, so it doesn’t matter if you win or lose. In the real world, escaping a contract generally comes with consequences. For example, walking away from a real estate purchase agreement often means the prospective homebuyers must forfeit any earnest money that they’ve paid out. However, thanks to the VA loan escape clause, buyers using a VA loan may be able to walk away from a contract without penalty. How does this work? [Read more…] about The VA Loan Escape Clause
What would you do with more cash in your pocket? Would you make improvements to your home or perhaps purchase a second home or investment property? Are you interested in going back to school or launching a business? Do you want to build up your investment portfolio or pay off high-interest credit card debt? If you have sufficient equity in your home, accessing it can provide you with the funds that you need to make your dreams come true. That’s why many homeowners turn to cash-out refinance loans like the VA cash-out refinance loan. Could this be a smart strategy for you? [Read more…] about Exploring a VA Cash-Out Refinance
When people discuss the many advantages of the mortgages offered by the U.S. Department of Veterans Affairs’ home loan program, they tend to focus on the competitive interest rates or the fact that a down payment isn’t required. However, the benefits of VA loans don’t stop there. Assumability is an advantage that often gets overlooked, but it’s one that smart borrowers will consider. So what does it mean when a home loan is assumable? Are VA loans assumable? Why should you care? [Read more…] about Are VA Loans Assumable?
When a mortgage lender is considering extending a VA loan, the borrower isn’t the only one that must pass muster. The property must also meet certain standards, and it’s the VA appraiser’s job to verify that it does. What does a VA appraiser look for? Whether you’re a buyer eager to utilize a VA loan to purchase your dream home or a seller interested in closing the deal with someone who is relying on this form of funding, it’s only natural to wonder what the appraiser considers when completing their evaluation. [Read more…] about What Does a VA Appraiser Look For?
VA loans are a popular form of financing for eligible borrowers who are eager to buy a home, make repairs, or refinance an existing loan. Guaranteed by the U.S. Department of Veterans Affairs (VA) and issued by approved lenders, these loans come with incredibly favorable terms that help to place homeownership within easier reach. However, today’s homebuyers are not the first to utilize these loans. The history of VA loans is a proud one that extends across generations, stretching back nearly 75 years. [Read more…] about The History of VA Loans
When it comes to selecting a home loan, there is a wide range of possibilities to consider. Each of these loan programs come with their own mix of benefits and drawbacks, so savvy borrowers will take some time to educate themselves about both the good points and the less desirable aspects of each type of loan before making their choice. Are you wondering if a VA loan is the best way to finance your home purchase? If so, you’ll want to explore the pros and cons of VA loans. [Read more…] about The Pros and Cons of VA Loans
Is purchasing a house while serving in the military a smart idea? At first glance, many people assume the answer is no because military life typically requires frequent relocations. However, a closer look makes it clear that homeownership can be a rewarding experience for people who are on active duty. For some service members, renting is the best option. For others, buying a house in the military makes the most sense. Ultimately, it’s a personal decision that depends on your wants, needs, and circumstances. [Read more…] about Buying a House in the Military
Are you busy plowing through the multitude of advice available regarding what you should do to improve your chances of securing the mortgage that you need to buy your dream home? You’re probably finding plenty of information about your FICO credit score, why it matters, and how to improve it. However, your credit score isn’t the only number that lenders care about. Knowing how to calculate debt-to-income ratio and what it says about your financial health can help you make smart decisions that will put you in a better position when you’re ready to apply for a mortgage. [Read more…] about How to Calculate Debt-to-Income Ratio