Admin answers:

There really isn’t a “best” VA lender. You want to go with a broker who can shop around to find you the best rate and terms for your VA loan.
You also want a broker who will walk you through the entire process first and explain all of your options so you know what to expect. We can refer you to lenders licensed in your state. Fill out the form on the left and don’t forget to ask about the free closing cost gift funds!

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Mary asks…

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Nope, VA Loans are simpler than most loans. Fill out the form on the left and we’ll refer you to a licensed lender in your state. Don’t forget to ask about Gift Funds!

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Absolutely. That loan is subsidized by the tax payers, it is for a home for you to live in, not an investment.

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Its usually only good for a few months but now any veteran can go get one the same day our request one by mail. Then just find a lender that will take it. If you are getting ready to apply for a mortgage, let us know, and we can refer you to VA lenders who will get your COE for free of charge. Too easy….

Admin answers:

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. There is no maximum VA loan but lenders will generally limit VA loans to $417,000. This is because lenders sell VA loans in the secondary market, which currently places a $417,000 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no downpayment financing. A veteran’s basic entitlement is $36,000 (or up to $104,250 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran’s available entitlement without a downpayment, provided the veteran is income and credit qualified and the property appraises for the asking price.

Admin answers:

Sometimes it makes sense to spend a little time up front getting your credit straightened out and then getting a nice easy loan. People don’t always want to hear that becasue they go shopping before they’re ready. We can refer you to profession credit repair specialists who can help you have a squeaky clean credit report in 90 days or so. Then we can refer you to one of our preferred lenders who will be able to get you the best terms available in the marketplace.

Admin answers:

Perfect- No, Solid Yes. See the above answer. It pays to get your credit in order prior to getting a VA loan

Admin answers:

A copy of DD-214 (the one where they say, “sign this and you’re a civilian!”) or whatever it is that certifies eligible active service . Honorable or General discharge are required if you’re out, not undesirable (or worse). If you’ve got 10% or greater disability, VA funding fees are waived. You can have more than one VA loan going, but the aggregate limit is $417,000 or less (current conforming loan limit- which can vary by state or county). The VA loan is unique in its ability to roll up to 3% closing costs into the loan, making things like “$1 down payment” possible.

Admin answers:

VA streamlined mortgage refinance would look at your credit report to see if there are things that would disqualify you for the mortgage loan you would apply for. Even though the VA seldom use the credit scores for evaluation they are indeed looked at.

You might still refinance your current mortgage, you would need to contact a VA mortgage lender, explain to them you would want a mortgage only refinance. This type mortgage would cause the lender to place more weight on the mortgage payments you have payed each month in the past two years. You may even have 1 or 2 30 day late payments.

If you have not missed a payment in 2 years you would have more weight the longer you have gone without missing a mortgage payment.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

Admin answers:

From: http://www.benefits.va.gov/homeloans/elig2.asp

Gulf War – Service during period 8/2/1990 to date yet to be determined

If you served on active duty during the Gulf War, you must have:

• Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, or
• Completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, or
• Been discharged with less than 90 days of service for a service-connected disability.  Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.

Admin answers:

The sellers do not have to pay your closing costs, however they are permitted to contribute up to 6% if they wish. Just like with any loan however, the seller will have their own closing cost to pay (non-allowables that the veteran cannot pay). These include things like processing fees, loan origination, admin, doc fees, commission, termite inspection, etc. The seller however is not required to pay fees that will exceed 1% of the purchase price. Hope this helps

Admin answers:

I am so sorry to hear this kind of thing happening to our veterans that served our country. It is horrible and I am very sad for you. I reviewed the guidelines and according to the VA regulations regarding entitlements for home loans it does not appear that your family member would be able to get another VA home loan. It would be a good idea to contact the Veterans Administration directly and inquire about obtaining another “certificate of eligibility”, especially if there is no outstanding deficit judgment. Hope this helps!
FYI: if veterans have financial problems they can call the VA for help prior to the act of foreclosure or bankruptcy.

Admin answers:

Rates are always the same and the appraisal is done by either a certified FHA or VA appraiser, but the valuation calculation is done the same way.

If you can get a VA mortgage, get a VA.

VA is better than an FHA b/c you don’t pay PMI with a VA or a down payment.

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It really depends on your wife’s credit score. With FHA if she has over a 620, normally that’s not an issue.

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You can sell your house anytime you want to. VA is just a mortgage financial agency to help veterans buy a home. No strings attached.

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You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov – these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes. Once you find a grant where you can qualify, apply for it at Grants.gov

Even if you buy books on “how to get grants” or list that supposedly has information on grants — all of them are mere rehash of what CFDA has, albeit packaged differently.

Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. Minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.

Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs.

And of course, look around here at USMHAF.org for information on Military Housing Assistance.

Admin answers:

The only benefits you are eligible for is VA venefits. One of the postings mention medical, this is not medical care at a on-base facility, it would be at a VA hospital. There may be specific requirements even so to receive that care. The most used VA benefits would be education. Your best bet is to contact the VA. If you were a resident of a specific state the entire time you served, you may be eligible for benefits there. For example, military veterans during certain timeframes are eligible to go to any state school in Massachusetts, however you must have been a resident there during your service. You cannot just move there to take advantage of the program. Just google for the VA and contact an advisor there.
One thing to note, if you are currently in the IRRRL program, where you are still eligible for call-up (you should know if you are), you do receive some benefits, like being able to stay at base lodging. I have only seen one person ever using these benefits in my career. It was an individual listed on their ID as a 2LT with an indefinite red reserve ID card. They had it for at least ten years (was the ID card that was phased out about 1994), and she did not look like she would be even able to serve if she was called up.

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Unless he was a RETIREE and elected to enroll in SBP then upon his death all payments cease.

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Not according to the AKO webpage.

Only Active Duty, national guard, reserve, civilian and retired personelle may register.

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John -
You should have no problem, even with the car inquiries. A mortgage inquiry will not hurt your credit score.  Ask us for referrals (in the form to the left) to a good mortgage lender and go make the application.

Admin answers:

The typical obstacle with the VA loan is the appraisal/inspection. I know it says that VA does not require an inspection, but the VA appraisal is an inspection too. Some sellers do not want to deal with all the picky stuff that VA/FHA want to make a home qualify, and some of it is a bit picky. It is hard to beat the VA deal, stick it out there and get yourself a great house.

Admin answers:

That is the amount of your entitlement. The maximum entitlement for VA loans up to $144,000 is $36,000. It is the amount the VA promises will be paid to the lender if you default on your loan.

Admin answers:

First I would like to thank you husband for his service. You can finance 100% there is a fee but that is rolled into your mortgage, rates are representative of what is out there, and no you do not have to carry PMI insurance. Yes not all banks and or realtors will deal with it, if you fill out the form to the left, we will refer you to a pre-screened VA lender. First you will need your eligibility statement and the usual paperwork as in income for 2 years, credit check etc. (You will have to be in the 620 range or above) You will also need some good faith money (which is returned at closing) and closing costs, if you cannot get the seller to pay, you will also need to pay for 1 years insurance on the property, have an inspection, pest inspection and appraisal done, these costs are yours. No pealing paint, furnace plumbing and electric in working order basically the home is in move in condition. You also have need to meet the income to debt ratio which is no different than any other mortgage.

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I’ve seen as fast as a few days to a couple of weeks if there are no eligibility issues.

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Yes you can. Contact your VA to receive your certificate. Co signer doesn’t matter, his cert is the only one committed. Yours is free. Or alternately, our pre-screened lenders can obtain it for you during the application process.

Admin answers:

Not so hard to fix! Go to
http://www.archives.gov/veterans/military-service-records/

and request copies online of what you need. You will have to send them a signed request for certain items, but this is a great way to expedite matters.

Good luck!

Admin answers:

If you bid at the foreclosure sale, that part of the process is between you and the court. The VA doesn’t have anything to do with it. You’re better off dealing with the VA once they own the property and you are negotiating to buy it from them directly.

Most court let you pay a deposit towards the full bid once you win the auction — maybe 10% of the bid — with the balance due in X number of days. If you only paid the deposit, you could just not pay the rest. You would lose that deposit, but if losing the deposit would result in a significantly lower loss to you, it may be worth it to just take it on the chin and walk away. If you paid in the full bid at the sale, you are probably SOL. As a last resort, you could file a motion with the court to vacate the sale, laying out all the problems with the property, and hope the judge rules in your favor. It’s unlikely you would win, but worth a shot. Good luck.

Admin answers:

Right now…the banks are flooded with paperwork on these neglected homes. Normally, it might not take more than a 2-3 weeks, but in this climate there really is no telling.

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Ask the Commissioner of Revenue in the county where the house is located or we can connect you with pre-screened  real estate agent.

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Remember its still a loan that you must be approved for it just backed by the FED. Most lenders will require at least 24-36 months before you will be eligible for a VA loan.