Active-duty military members can benefit by using a VA loan in many ways. This program allows you to finance the entire purchase price of a house, which means you don’t have to make a down payment unless you want to. As a government-backed mortgage program, VA loans have specific rules and requirements, especially when it… Continue reading Active-Duty Military Need a Statement of Service for a VA Loan
Author: Marcus Marion, CMA™
Breaking: VA Will Change Rules for Agent Commissions to Aid Buyers
In the past, the official VA loan guidelines prohibited home buyers from paying real estate agent commissions. It was customary for the seller to pay for both the buyer and listing agent commissions, using funds generated from the sale of the home. Now, the Department of Veterans Affairs has announced it will revise that rule,… Continue reading Breaking: VA Will Change Rules for Agent Commissions to Aid Buyers
Benefits of Using a Non-Military Spouse’s Income on a VA Loan
“Can I use my spouse’s income when applying for a VA home loan, even if he or she has not served in the military?” This is a common question among military members and veterans who want to use the VA loan program to buy a house. And it’s easy to understand why. Bringing a spouse’s… Continue reading Benefits of Using a Non-Military Spouse’s Income on a VA Loan
A Borrower’s Guide to the VA Construction Loan
The VA home loan program allows eligible military members and veterans to buy a home with no down payment. But that’s not the only way to achieve the dream of homeownership. Borrowers can also use a VA loan to build a house from scratch, which offers its own unique set of benefits. This guide explains… Continue reading A Borrower’s Guide to the VA Construction Loan
How to Buy a Condo Unit with a VA Mortgage Loan
Many military members and veterans eligible for VA loans want to know if they can buy a condo with a VA-backed mortgage loan. The short answer is yes. This program allows you to purchase various property types, from regular detached homes to condos to duplexes. When purchasing a condo, you must make sure the project… Continue reading How to Buy a Condo Unit with a VA Mortgage Loan
How Credit Scores Affect Mortgage Rates on a VA Loan
The Department of Veterans Affairs does not require a minimum credit score for the VA home loan program. However, having a good score could help you qualify for a mortgage loan and secure a lower interest rate. This guide explains what credit scores are, how they can affect the VA loan mortgage rates on a… Continue reading How Credit Scores Affect Mortgage Rates on a VA Loan
How Much Can I Borrow When Using a VA Loan to Buy a House?
Of all the VA loans questions people ask about the VA home loan program, one question tends to arise: How much can I borrow when utilizing a VA loan to buy a house? There is no standardized answer to this question because every borrower is different. Individual home buyers qualify for various loan amounts based… Continue reading How Much Can I Borrow When Using a VA Loan to Buy a House?
The VA Cash-Out Refinancing Process Explained
VA loans offer home buyers many benefits, such as a house with no down payment. However, current homeowners can also benefit from this program. For instance, the VA cash out refinance loan allows eligible homeowners (military members and veterans) to convert some of their home equity into cash. These funds can be used for everything… Continue reading The VA Cash-Out Refinancing Process Explained
The Pros and Cons of 15-Year vs 30-year VA loans
Home buyers who use the VA home loan program to buy a house are often surprised to learn that there’s not just one type of VA-backed mortgage loan. You have several choices to make when applying for one of these mortgages. One of those choices has to do with the length of the repayment term. … Continue reading The Pros and Cons of 15-Year vs 30-year VA loans
10 Important Quotes from the Official VA Loan Buyer’s Guide
The Department of Veterans Affairs publishes a policy guide called the “Pamphlet 26-7” as the official VA loan handbook for mortgage lenders. Despite its “pamphlet” name, this guide weighs over 600 pages. However, they also publish a slimmer, 52-page handbook for home buyers. It’s called the “VA Home Loan Guaranty Buyer’s Guide,” you can find… Continue reading 10 Important Quotes from the Official VA Loan Buyer’s Guide