For those not familiar with a short sale, it’s a common practice today when home owners need to sell their property but the mortgage loan on the property is higher than the price they can get from the person buying their house. In this case the current bank that has the loan on the property [...]
November 2009
VA loans are currently the most liberal loans out there in terms of providing borrowers cash-out on refinances all the way up to 100% of the property’s value. Also remember, if you are eligible for a VA loans, you can refinance your conventional loan into a VA loan. Perhaps you have an adjustable rate loan [...]
Here is a quick overview of how your income will be analyzed when you apply and are qualified for a VA Loan: Wage earners 2 year history required of income Commission income As the VA lender we will average your last two years of federal tax returns to count commission income. Make sure you check [...]
There are some debt obligations that are often overlooked when you apply for a VA loan. When I say debt obligations, I’m speaking of only the month payments that will be counted as debt in your qualifying ratios for VA loan. More common items counted as debt are car payments, credit cards and student loans. But [...]
VA still offers a great way for borrowers who have VA loans to drop the interest rate on their home loan without much hassle. This is called the VA IRRRL Loan, also known as the VA Streamline refinance. There have been some changes to this loan in many states because of falling home values. Traditionally, [...]
I’d like to correct one of my earlier posts with more details emerging about the home buyer tax credit. Details are below. There are two new huge improvements to the credit I’d like to point out. First, the income cap for all new home buyers qualifying has been raised for $125,000 for individuals and $225,000 for [...]
