VA homeloan

Who Can Qualify for a VA Loan?

  VA loans, or loans through the Veteran’s Administration, are special loan programs for veterans that require qualification. If you are looking at VA loans, you have probably heard of some of the great benefits: you can buy a home with no money down, you do not need monthly mortgage insurance (rather, there is just need a one-time funding fee built into the loan), and you get a competitive interest rate with low closing costs. It is probably one of the best loans out there and was designed for those who have served our country. Do You Qualify? If you have been in the Armed Forces, such as the Army, Navy, Air Force, Coast Guard, Marines, National Guard, or their reserves, you could be eligible. The VA loan program is inclusive of both active duty and qualified veterans. If you are already a veteran and have been honorably discharged, in…

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What Mortgage Programs Are Available to Veterans?

If you’re a veteran or a disabled veteran, what special programs for buying a home are available to you? If you served your country, you can take advantage of the Veterans Administration Loan Program that allows you to get 0% down on a home loan. In addition, there are other benefits with a VA loan, which will be described below. Funding Fee When setting up a Veterans Administration loan, a funding fee is attached to the mortgage. VA loans do not require mortgage insurance, as with typical mortgages when you put less than 20% down. However, there is a one-time funding fee that is added back into the mortgage. The amount of the funding fee depends on whether you were active duty, or served in the National Guard. However, if you are a considered a disabled veteran, this funding fee is waived and can save you money up front. Real…

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How Soon Can I Buy a House After a Foreclosure?

In my last article, we discussed how soon you can buy a home after a bankruptcy or short sale, and the standard time frames in which you must wait before re-applying for a home loan. Today we will go over deed-in-lieu of foreclosure and foreclosures, and your waiting periods in their wake. Buying After Deed in Lieu of Foreclosure A Deed-in-Lieu of Foreclosure may happen when a homeowner realizes they aren’t financially stable enough to keep their house, and subsequently offers to deed their property to the lender. If the lender accepts, they in return forgive the homeowner’s debt and waive the right to pursue them for further payments. This situation is rare, but not unheard of. If you find yourself in this way, and would like to apply for a conventional home loan, you will need to wait four to seven years depending on your specific case. You may find…

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How Soon Can I Buy a House After a Bankruptcy or Short sale?

Since the financial crisis of 2007, it seems like everyone knows at least one person who’s pocketbook was hit hard resulting in the loss of their house, or the need to file for bankruptcy. Maybe that person is you. You’ve been through some tough times lately; You’re not alone. Now that you are getting back on your feet, you may be asking yourself, “When can I buy a house again?” Let’s discuss your options for buying a new home after bankruptcy or short sale. Buying a New Home After a Bankruptcy The definition of filing for bankruptcy is the legal proceeding in which an individual is unable to pay their outstanding debts. There are two types of bankruptcy; Chapter 7 and Chapter 13. Chapter 7 bankruptcy occurs when an individual files a petition, their assets are evaluated and used to pay back some of his or her outstanding debt, and…

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Down Payments and Gifts: Part 1

Whether it’s in a jar labeled “Future Home” or in a special account at the bank, you’ve been saving your pennies for a down payment. Go you! But how much do you have versus how much do you need? Are grandma and grandpa giving you a chunk of change for your graduation towards the down payment too? Before answering these questions, let’s take one small step back in order to define some terms. What is a down payment? The definition of a down payment is the initial payment made when something is bought on credit. For our purposes, that something is a house. The money you use for a down payment is the foundation for the equity you’ll build in your home over time as you make mortgage payments. Equity is the total amount of money you’ve paid towards owning your home. For example, if you made a $15,000 down…

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