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10 Advantages of VA loans

If you’re a veteran or active military member trying to buy a home, the VA home loan is one of the best programs available to you. Veterans don’t need a down payment and the program has flexible underwriting guidelines. The VA makes it easy for veterans to buy the home of their dreams. Top VA […]

Army Ranger School Opening For Women

The contributions women have made to the American military over the course of this nation’s history are undeniably substantial. Despite being largely overlooked and often marginalized, innumerable examples exist of female military members demonstrating the same patriotic bravery and dedication to service as their male counterparts. It was Margaret Corbin, who defended Fort Washington with […]

What is Consideration (Earnest Money Deposit or Good Faith Deposit)?

The majority of VA loans call for an earnest money deposit. Although no set guidelines exist for the total amount dictated in an EMD, commonly the deposit will be for a total of two percent of the property’s sale price. Generally, this sum is called for following the initial agreement of sale between the buyer […]

Is my loan limit only $36,000?

The Department of Veterans Affairs has not established a maximum for the amount a borrower can use to finance their home. Although, it is important to understand that a limit does exist on the total amount of assumable liability that the VA can take on. This impacts how much a lender will be willing to […]

Applying for a VA Home Loan if You’re Active-Duty

Active-duty service member in the U.S. military, are eligible to receive the VA home loan. In comparison to conventional loans, military members are much better off pursuing a VA loan. This loan offers no money down, easier qualifying standards, no set credit requirement, a reduced funding fee and no mortgage insurance required, among numerous other benefits. […]

Can I Add the Funding Fee to my Loan?

Since 1944, the VA Home Loan Program has financed home purchases for over 18 million veterans. Because the Department of Veterans Affairs minimizes lender-risk by insuring the loans, financing is more readily available. Eight out of ten veterans are unable to qualify for conventional loans; because the program largely mitigates investors from the burden of […]

What are the Differences Between Conventional Loans and VA Loans?

Buying a home is one of the most important decisions a person will make over the course of their life. Although the foreclosure rate rose drastically in the mid-2000s, and the number of younger Americans buying a home has steadily declined in recent years, the American rate of homeownership remains at roughly 65 percent. Despite […]

Interest Only VA Loans

VA Home Loan Centers does not recommend, nor guarantee interest only mortgages. Interest only loans are shorter term adjustable rate mortgages where a borrower is not required to make payment on the principal loan amount. An amortized loan calls for the mortgage holder to make payments for both the interest and the principal every payment period. […]

What is CAIVRS?

In order to secure approval for a loan, an applicant must pass a CAIVRS screening. An acronym for the Credit Alert Interactive Voice Response System, CAIVRS is a database that contains the applicant’s federal delinquency history, created by the federal government. Used to track debtors with overdue payments by authorized employees, CAIVRS reports are compiled […]

Housing Adaptation Grants

22,676 United States Military veterans are living in this country today. That number continues to increase; some 200,000 active duty personnel make the transition into civilian life yearly, according to the Department of Veterans Affairs. For many, the time of transition is incredibly challenging, veterans are exposed to unemployment, homelessness and PTSD at far greater […]

Veteran Disability Exemptions by State

Five-and-a-half million veterans are currently living with a disability. Of those, three-and-a-half million veterans sustained their injury as a result of their military service. 2.9 Million are receiving disability compensation from the government, representing a larger than $36 billion a year expenditure. As a result of 12 years of a continuous wartime, the number of […]

Homeownership Trends among Young People

Only 16 years ago the number of Americans less than 35 years old burdened by student loan payments was only 23.3 percent. At the time, those with student debt carried an average balance of a paltry $10,000. Today, the same demographic has seen an exponential increase in student debt. 42 percent of young people now […]

Veteran Employment Obstacles

Since 9/11 the total number of disabled veterans increased by 25 percent. 2.9 million former military members suffer from a service related disability. A far greater sum when viewed through the scope that the toll combat takes often falls outside of physical injury. In 2012, according to The Department of Veterans Affairs, 30 percent of […]

Can I use a VA Loan for Vacant Land?

The VA Home Loan is incredibly beneficial to qualified military members. Since congress originally created the GI Bill, the VA loan program has facilitated mortgages for some 18 million-service members who in many cases would not have otherwise qualified for a loan. Today the popularity of the loan continues to increase. This past year mortgages […]

Armed Forces

John F Kennedy once said “A young man who does not have what it takes to perform military service is not likely to have what it takes to make a living. Today’s military rejects include tomorrow’s hard-core unemployed.” While times have changed and President Kennedy’s ideals about non-military members may no longer hold the same […]

Can I have two VA loans?

The unofficial slogan of VA Home Loan Centers is “if you are up to date on your payments, following a short sale, we will get you in a home tomorrow.” Under many circumstances, following a bankruptcy, foreclosure or short sale, a military member may qualify for a second VA loan. Veterans can use their home […]

Apply For A VA Loan To Achieve The American Dream

The “American Dream” of homeownership has remained the constant aspiration of Americans throughout the years. Even as demographics shift, young Americans aged 18-34 still maintain the same desire for homeownership as previous generations did. In a recent survey of young people, 84 percent of respondents stated intent to someday buy home. Despite this aspiration, a […]

Residual Income & DTI

Among the multiple underwriting requirements taken into account by your VA lender is residual income. This requirement factors into your eligibility when applying for a home loan because it aids in assessing the probability that you will be able to pay back the loan amount.The Department of Veteran Affairs residual income minimum requirement is generally […]

Selling Your home after a PCS

Yearly, some 700,000 active duty service members are given Permanent Change of Station orders. Taking into account the frequency in which reassignment occurs: every two to four years, home buying can be particularly difficult for active duty personnel. It’s hard to settle down with the fear of relocation looming over you. Even more daunting is […]

What is a Lien

So you’ve received a lien against your property, what does that mean and what should you do? Essentially, a lien is a form of collateral used against a borrower in an effort to either recoup a debt or discourage future payment defaults. Liens are established through voluntary contracts or by legal judgments. For the latter, […]

HOA Foreclosures

Homeowners Associations are generally non-profit organizations created by a specific community, wherein distinct property owners act as a governing body for households in a designated area. Examples of where homeowners associations operate include townhouses, condominiums and homes on certain streets or in an entire neighborhood. The purpose of a Homeowners Association is to establish general […]

What is the Automated Underwriting System

Human error is prominent, loan officers are no exception. Underwriting guidelines require a multitude of information to be processed. Overlooking a specific credit requirement is not necessarily a rarity. In recent years, the use of automated programs to determine underwriting guidelines for mortgage loans has become the industry standard. The overwhelming majority of lenders have […]

Veteran Home Ownership & the VA Loan

In the past six years, lower income Americans and those without ideal credit have found purchasing a home increasingly more difficult. Despite the post 2008 obstacles the civilian population has faced when it comes to buying a home, members of the military have seen an increase in home ownership. In 2013, Veterans made up nearly […]

Assumability Of VA Loans (home loan use)

What is an Assumable Loan? A mortgage loan that is assumable allows a new home buyer to inherit the seller’s loan upon the purchase of the home without the terms of the loan obligation being altered. An example of this would be: Mr. X sells their home (with assumable loan) to Mrs. Y. After the […]