The VA Streamline Refinance has very few requirements, making it easy for almost every veteran that has a VA loan to refinance. The benefit of this loan is the fact that you can lower your interest rate and monthly payment, enabling you to save money every month. Unfortunately, though, there are ways that you can […]
How Does the VA Loan Guaranty Work?
The VA Loan Guaranty is something that works to your benefit as a veteran because it gives lenders more confidence in the loans they provide. A truth about VA loans that you might not know is that the VA does not fund the loans – the lender does this part. So the VA has a […]
Reduce Your VA Loan Rates Through IRRRL
The purpose of any loan refinancing is to secure a lower rate making the loan easier to repay. And that is what you’ll achieve when you refinance your existing loan with the U.S. Department of Veterans Affairs (VA) through the IRRRL. What is IRRRL? It is formally known as the VA Interest Rate Reduction Refinance Loan, […]
What are the VA IRRRL Credit Requirements?
It is normal to ask what the credit requirements are when you apply for a loan because it seems like every lender wants to know what your credit score is before talking to you. The VA IRRRL program might be one of the only programs that does not care about your credit score and most […]
When is a VA Funding Fee Exemption Allowed?
No one wants to hear the word “fee” when they apply for a mortgage, but for VA borrowers that is the reality. The VA funding fee helps to fund the VA so they can continue to offer this program to future military personnel. What many people do not realize is that 33% of veterans are […]
What are the VA Loan Pest Inspection Requirements?
Buying an existing home, no matter how old, should have you concerned about termite infestation. This is why the VA requires a loan pest inspection in many areas. It is an act that protects the buyer, lender, and the VA in the long run as pest infestation can be very detrimental to the value of […]
What are the Steps in the VA Loan Appraisal Process?
The VA loan appraisal process is slightly different from other appraisal processes. Of course, the end result is the same – you get a value for the home you wish to purchase which must be equal to or greater than the purchase price you agreed to pay. Other than that, though, there are a few […]
How do VA Loans for New Home Construction Work?
New home construction allows you to build your home to your exact specifications, but if you are a veteran, you might be disappointed to learn that VA loans are not often used for new construction. The good news is that construction loans work in two phases – the second phase is when your VA entitlement […]
Reservists and National Guard VA Loan Requirements
Veterans each have certain entitlements that they receive as part of the benefits of giving themselves to the service. Depending on the branch you serve, though, your benefits may differ. One of the largest differences is in regards to Reservists and National Guard participants. These veterans serve our country, but in a different way, so […]