Homeownership has long been a part of the American dream, and as the National Association of Realtors points out, it offers significant benefits to both individuals and society. Research indicates that owning a home allows individuals to build wealth and status and improves health outcomes. It also tends to spur greater participation in civic activities, increase volunteering, improve the educational performance of children, reduce dependence on welfare, and decrease crime rates. With so many positive effects, it is no wonder that the government works to promote homeownership with government-backed loan products like FHA loans and VA loans. Having trouble deciding between the two? Exploring the difference between FHA and VA loans can help you decide. [Read more…] about The Difference Between FHA and VA Loans

Have you always dreamed of building the perfect home, designed to your own unique specifications? Is having a say in every detail that shapes your home important to you? If you are a service member or veteran, you don’t have to choose between the advantages offered by using a VA loan and securing the custom-built home that you crave. VA construction loans make it possible to use your housing benefits to finance both the construction and the purchase of a home. [Read more…] about VA Construction Loans 101

There are a few things related to VA loans and foreclosures that everyone using a loan guaranteed by the U.S. Department of Veterans Affairs (VA) should know. Whether your home is at risk of foreclosure or you’re interested in buying a foreclosed home, we have the information you need. [Read more…] about VA Loans and Foreclosures

While the U.S. Department of Veterans Affairs (VA) provides a financial guarantee that allows lenders to offer the favorable terms that make VA loans so attractive, it does not originate the loans. Private, VA-approved lenders do. That means that anyone interested in using a VA loan to finance a home purchase or refinance their existing mortgage will want to start the process by learning how to find the best lender for VA loans. [Read more…] about How to Find the Best Lender for VA Loans

The U.S. Department of Veterans Affairs (VA) doesn’t place a hard limit on the size of a VA loan. However, there is a limit on how much the organization will guarantee. If you are hoping to purchase a pricey home with a VA loan, understanding the VA jumbo loan guidelines may be key to capitalizing on your housing benefits. [Read more…] about VA Jumbo Loan Guidelines

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?