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Foreclosure and VA Loan Entitlement: VA Loan Reader Questions
A reader asks, I am confused on entitlement rules. I had a VA foreclosure due to a chapter 7 bankruptcy three years ago. I am sure I will probably owe money toward my entitlement but how would I find out if I do owe the VA money?”
“I read that you have to pay back the debt to the VA before they will restore full entitlement but does that mean I can use what is left of my entitlement without paying what I may owe?
VA Issues Guidance For Principal Reduction On VA Home Loans
The Department of Veterans Affairs has issued some guidance for lenders about principal reduction for VA mortgages. Borrowers who get into trouble with conventional or FHA home loans often wind up discussing foreclosure avoidance options that include principal reduction —...
VA Appraisals and Reconsideration of Value
When a VA loan applicant wants to buy a home, gets a contract sales price, and a VA assigned fee appraiser looks at the property, the results of that appraisal may not correspond with the asking price of the house....
Home Inspections and Asbestos
In previous blog posts, we've discussed the difference between a VA appraisal, which is required for the sale of a home to move forward, and a home inspection which is an option the borrower should choose (but is not required...
VA Rules on Minimum Property Requirements
In our last post we discussed situations where the Department of Veterans Affairs might waive its minimum property requirements. But some requirements cannot be waived because the directly affect the health or safety of anyone who might live in the home....
Are Electronic Signatures Permitted For VA Home Loans?
Sometimes it takes a while for concepts to catch on. The use of electronic signatures is one such concept that has taken a while to filter in to the mainstream. There are many who have initiated or closed their VA home...
VA Loan Appraisal Fees – How Much Does a VA Home Appraisal Cost?
VA loans require one very important step to move forward. When a buyer finds a home they want to purchase with a VA mortgage, they must have a VA assigned appraiser look at the home to establish fair market value. The...
VA Loan Assumption and the Novation
In our last blog post we discussed VA home loan assumption and why a veteran selling his or her home should think carefully when considering such a move. There’s a serious issue VA mortgage holders should be aware of when arranging...
VA Loans and the Rules on Manufactured Homes
There have been a lot of questions and blog posts lately about VA loans for manufactured homes. In some circles, the mobile home isn’t as understood as a real estate transaction as “typical” VA home loans are; often the standards...
VA Rules for Property Appraisal
In my last post, I wrote about VA property appraisals and the requirements the VA puts on appraisers. I mentioned the VA’s “no accommodation” rule, which states VA property appraisals cannot include practices that accommodate the sale price of...
How Can I Buy a VA REO Home?
The Department of Veterans Affairs offers foreclosed homes, also known as REO homes, for sale to veterans and civilians alike. Since the VA insures mortgages under the VA loan program, if the property goes into default and foreclosure, the VA...