Veterans have the chance to secure 100% financing for their home loan using their VA benefit. The loan program is flexible and able to provide you with the chance to buy a home. Unfortunately, the VA loan is also one of the most misunderstood loans on both the buyer and seller’s side. Keep reading to […]
How to Structure the VA IRRRL Refinance
If you have a VA loan now, you may be eligible to refinance it with the VA IRRRL program. This refinance loan allows you to refinance your current VA loan with little verification. Any VA lender can offer you the loan, too, you don’t have to use your current VA lender. Compare Offers from Several […]
Is a New Certificate of Eligibility (COE) Needed for an IRRRL Refinance?
If you are a veteran, you may have the benefit of the VA IRRRL program. Otherwise known as the Interest Rate Reduction Refinance Loan, it allows veterans to refinance a current VA loan easily. Unlike when you took out your original VA loan, you won’t need to verify your income, credit score, or home value. […]
How to Refinance a VA Loan Without an Appraisal
Did you know you can refinance your VA loan without an appraisal? It sounds crazy, but it’s true. The VA IRRRL or Interest Rate Reduction Refinance Loan makes it possible. In fact, you don’t even need proof of your income, assets, or credit score! Looking for Current Mortgage Interest Rates? Click Here. The VA bases […]
Consequences of Defaulting on a VA Loan
Defaulting on any loan has negative consequences, but not paying a VA loan on time has serious implications. Just like any loan, your credit score will decrease quite dramatically. Whether you give the home up in a short sale or you go through a complete foreclosure, your credit score will suffer. In general, you can […]
Can You Use the VA IRRRL Without Clear CAIVRS?
The VA IRRRL program has the reputation of being easy to qualify to obtain and it is in most cases. The VA is very lenient with their requirements for this program. You don’t need an appraisal or the lender to pull your credit. You don’t even need to verify your income or employment history. In […]
What Factors Affect Your FICO Credit Scores?
FICO credit scores reach as high as 850, but there are very few people able to achieve that score. In order to understand your credit score, you need to understand the factors that affect it. Whether this gives you the chance to reach that score of 850 or just better your score from where it […]
Student Loans and VA Loan Eligibility
Many things come into play when you apply for a VA loan, including your debts. Certain debts are looked at differently than others, as is the case for student loans. If you are still paying back that college education, you should know how those payments will affect your VA loan eligibility. Calculating your Debt-to-Income Ratio […]
How to Obtain a Certificate of Eligibility for a VA Loan
In order to qualify for a VA loan, you must prove that you are eligible based on your time of service. The only way to officially prove this is with a Certificate of Eligibility, which you receive directly from the VA. There are several ways for you to obtain this necessary piece of paper in […]