VA Loan Blog

VA Loan Costs and Rates: Seller-paid Closing Costs & Concessions

Justin Bath, iFreedom Direct — Sat, 25 Feb 2012 10:56:57 +0000

VA loans are unique in that they can be obtained with very little or no cash from the borrower. Seller-paid closing costs and concessions help make low- and no-cost closing possible for veterans. It’s important to understand the difference between closing costs and concessions. The following allowable closing costs, if paid by the seller, do [...]

VA Helping Vets Avoid Foreclosure

ho-lin — Fri, 24 Feb 2012 22:43:22 +0000

The Department of Veterans Affairs is reminding servicemembers and veterans that if they’re having difficulties paying their mortgage, whether they have a VA loan or not, that VA assistance is available. There is a national toll-free number for anyone who needs help: 1-877-827-3702. This number connects with VA loan specialists who will provide information about the [...]

In the News: 30-Year Mortgage Rate Rises

ho-lin — Fri, 24 Feb 2012 00:41:29 +0000

On the heels of our analysis of mortgage rates yesterday comes today’s news that mortgage rates have risen (albeit slightly) — see the article below for more details. How will this affect VA loans? If you have questions about this or any related topics, leave a comment and our VA loan experts will get back [...]

VA Loan Eligibility and Prequalification: 3 Ways to Obtain the Certificate of Eligibility

Justin Bath, iFreedom Direct — Wed, 22 Feb 2012 23:27:41 +0000

You may be eligible for a VA-guaranteed home loan if you are in one of these four groups: Veterans Active duty servicemembers Reservists/National Guard Surviving spouses Proving to a VA-approved lender that you are eligible for a military home loan requires a Certificate of Eligibility (COE). Depending on the eligibility category you are in, a [...]

In the News: Lower Mortgage Rates?

ho-lin — Wed, 22 Feb 2012 19:34:22 +0000

The Wall Street Journal has a piece today that brings an interesting perspective to current mortgage interest rates, which already rank among the lowest on record. But should they be even lower? The reason, according to the Journal: The effort by the Federal Reserve and others to boost housing depends on the mechanics of the [...]

VA Loan Basic Training: Lender and VA Guidelines Can Differ

Justin Bath, iFreedom Direct — Tue, 21 Feb 2012 19:31:07 +0000

Sometimes the VA and lender qualifying guidelines can differ. The difference can be attributed to the roles the VA and lenders play in the military home loan program: The VA guarantees a portion of each loan The VA-approved lender originates and funds the loan In order to provide its guarantee, the VA requires certain guidelines [...]

VA Loan Resources: Starting the Loan Application Process

ho-lin — Sun, 19 Feb 2012 10:51:54 +0000

So you’ve determined that you’re eligible for a VA home loan (and if you haven’t, here’s how you can determine your eligibility) — what’s the next step? It can be broken down into six steps: 1. Find a VA approved lender 2. Pre-qualifying for a loan 3. Select your home 4. Draw up the purchase [...]

Ask the VA Loan Expert: Streamline Refinance

Justin Bath, iFreedom Direct — Sat, 18 Feb 2012 10:45:30 +0000

Streamlining a refinanced home loan through the U.S. Department of Veterans Affairs offers service members numerous financial benefits. The VA streamline option for refinanced home loans allows the home owner to refinance an existing loan without incurring any out of pocket expenses. In addition, all pre-paids and closing costs are included into the new loan [...]

In the News: VA Participates in Settlement with Mortgage Banks

ho-lin — Sat, 18 Feb 2012 00:12:12 +0000

From the U.S. Dept. of Veterans Affairs: The Department of Veterans Affairs announced its participation in the largest state-federal legal settlement in history that deals with problems within the mortgage industry. “Through this historic settlement, VA has ensured that Veterans, Servicemembers, and National Guard and Reserve members will continue to receive every possible opportunity to [...]

In the News: States with the Most Foreclosures

ho-lin — Thu, 16 Feb 2012 10:52:32 +0000

If you’re looking to commit to a VA loan or a regular home loan, it’s all about location, location, location, as they say. Given that, here’s one red flag to look at in the process: which states are struggling with foreclosures right now? According to a list by 24/7 Wall St., eleven states top the [...]