When you purchase a house with a VA Loan, you will of course need to have the house appraised by an VA appraiser prior to having the loan funded and closing. The number one reason for the appraisal is so the VA lender can be sure the value of the property. But in additional to the home’s value, the VA [...]
September 2009
To apply for a VA Loan and get approved, the VA Loan guidelines don’t technically require that you have cash reserves in your bank account post closing (as conventional loans do), but it can help significantly as a compensating factor in getting you qualified. When a lender begins to approve you for a VA Loan, one of the steps [...]
A nice feature of a VA Loan is that you can purchase an owner-occupied 2-4 unit property and get 100% financing. Yes you could potentially buy a 4 unit property, live in 1 unit and rent the others and get 100% financing. There is one major catch though; you have to have prior landlord experience [...]
Income and credit are the two biggest determining factors when qualifying for a VA Loan, so I wanted to go over some important issues with income for both active duty military and veterans. Active Duty Income Items to Remember Active duty military members have fairly standard pay from their LES statements so it is easier [...]
VA Loans are different from other loans such as FHA and conventional loans in that it is required that you have a termite clearance in order for the loan to close. With FHA and conventional loans you only need a termite clearance if the box was checked in the purchase contract that a termite report [...]
If you are currently active military and applying for a VA Loan, your enlistment period has to continue for at least 12 more months or you will need to provide the following documentation discussed below. The VA Loan underwriter will check your latest LES at the top to see how much time is left in your [...]
