It might surprise you to learn that the VA doesn’t set VA loan interest rates. The VA plays a very removed role in your loan process. They guarantee the loan for lenders, but they don’t play a role in underwriting, funding, or even the interest rates. Compare Offers from Several Mortgage Lenders. So who sets […]
The Top Five Mortgage Mistakes First-Time Homebuyers Make
First-time homebuyers are in a unique situation. First, you’ve never had a mortgage before, you so may not know what to look for or expect. Second, you don’t have a home with equity to sell to help you with the down payment. Compare Offers from Several Mortgage Lenders. It’s easy to see how first-time homebuyers […]
FICO Scores and Mortgage Lenders – What do They Use?
If you are like most people, you probably think there is one FICO credit score and it’s the same for all lenders. This isn’t the case, though. You actually have three different FICO scores. You have a Trans Union, Equifax, and Experian credit score. Compare Offers from Several Mortgage Lenders. So how do lenders look […]
Do you Need Clear CAIVRS for VA Loan?
Did you know that lenders check more than your credit when they qualify you for a VA loan? They also check CAIVRS or the Credit Alert Interactive Voice Response System. Only government lenders must use this system. Compare Offers from Several Mortgage Lenders. Learn what it means to have clear CAIVRS and how it can […]
Understanding the VA Disability Rates
If you served in the military and suffered a disability during or because of your service, you may be eligible for disability pay from the VA. Each veteran will receive a different amount based on their disability rating. Your disability can be physical or mental and qualify you for disability benefits. Looking for Current Mortgage […]
Home Loans for Disabled Veterans With Bad Credit
If you are a disabled veteran that has bad credit, you may think your chances of securing a home loan are minimal. We have good news for you though; you have a very plausible option in the VA home loan. Disabled veterans have the same rights as non-disabled veterans, which means you could be a […]
Does Getting the Closing Disclosure Mean you are Clear to Close?
You’ll go through many steps when you apply for a mortgage, but perhaps the most exciting step is when you receive the Closing Disclosure. Receiving this document means that you are that much closer to being able to close the loan. Looking for Current Mortgage Interest Rates? Click Here. What is the Closing Disclosure? The […]
Do You Need a Septic Inspection for a VA Loan?
In order to use VA financing on your property, it must meet the VA guidelines. The VA has what they call Minimum Property Guidelines to ensure that a home is safe, sound, and secure. Looking for Current Mortgage Interest Rates? Click Here. Does the VA require a septic inspection, though? Technically, the VA doesn’t require […]
What Refinance Options do Self-Employed Veterans Have?
If you are a self-employed veteran, you have the same refinance options as a regularly employed veteran. The difference is in the documentation you may need to provide lenders. Self-employed borrowers typically pose a higher risk to lenders, which makes them require more/different documentation to ensure that you are a good risk. Looking for Current […]
How to Refinance a VA Loan With Credit Issues
When interest rates fall, you want to refinance your loan, but if you have bad credit, it may not be an option. Luckily, if you have a VA loan, there is a way around it. What you may not know is that the VA has a program that doesn’t require the lender to verify your […]