So how long does it take to get a mortgage? From shopping for homes to closing on a mortgage, the amount of time spent on the loan process is going to depend on a number of things: first of all, it’s going to depend on how long it takes you...
VA mortgage rates are typically lower than FHA or conventional mortgage rates. This is one of the benefits of the VA home loan program. If you’re a veteran of the US military or an active-duty servicemember, you could qualify for a home loan guaranteed by the Department of Veterans Affairs...
When searching for VA approved condos, there is something to keep in mind. You’re entering into the world of HOA, a.k.a. the Homeowners Association. The benefits of such an association come with both pros and cons, but sometimes a new homeowner forgets to factor in these monthly costs. HOA fees...
What are no income verification loans and why are they harder to get? With most lenders and home loan programs, income verification is a must. It is nearly impossible to be approved for a home loan if you can’t verify how much money you make every month and prove that...
No matter what your political affiliation is, the fact of the matter is that with Trump being elected as the new president of the United States, current mortgage rates have gone up. In fact, they have gone up very quickly and steeply. We’d like to say they will go down...
VA residual income is whatever net income you have left over after paying your usual monthly payments. These payments include taxes, mortgage, car payments, credit cards, utilities, student loans, etc. Though residual income is not a make-or-break VA loan requirement, it is advised that veteran families have a certain amount...
You’ve been approved for a VA loan, you’ve picked out the perfect house, and it’s time to start moving in! But before you close on your loan, your house will need to be appraised. The VA appraisal is one of the VA loan requirements when purchasing a home with a...
In today’s blog post we are going to discuss pre-approval vs. pre-qualification. Unfortunately, many buyers think that pre-qualifying for a loan means they are pre-approved, but this is not the case. In fact, the two terms are very different, and failing one means you don’t get the home loan you...
Even if you qualify for a VA home loan, that doesn’t mean that house you’ve been eyeing qualifies. It first must meet several VA minimum property requirements (MPRs). These VA loan house requirements may seem like a hassle to check off, and it could be very frustrating to have to...
What are the VA allowable fees when purchasing or refinancing your home? VA home loans come with many benefits that you just can’t get with any other loan, and one of the best benefits beyond low interest rates is that several fees normally charged with other loans are not allowable...
Excluding the unforeseeable bumps in your financial road, you can predict how much you will spend each month on debt, housing, food, utilities, and even occasional wants. If the amount you spend on debt payments each month gets too high, you may find yourself in a position where you are...
Many veterans ask the question, “Can I use a VA loan to buy land?” The answer to this question is no, you cannot use a VA home loan to purchase vacant land. VA home loans can only be used to purchase an “existing dwelling,” and the VA handbook forbids borrowers...