Articles and news about VA loans and HUD requirements. VA loans are a great way to buy a home with no down payment.

Monthly Archives: March 2014

VA Cash Out Refinancing Loan Purposes: A Reader Question

VA Cash Out Refinancing Loan Purposes: A Reader Question

A reader asks, “I am interested in the Cash-out Refinance Loan. I’m a Veteran but never used VA Loan. I’m a homeowner still paying mortgage. I understand that I can apply for the VA’s Cash-out Refinance Loan to take care...

VA Loan Reader Questions: Home Loan Approval and Short Sale

VA Loan Reader Questions: Home Loan Approval and Short Sale

A reader asks this question about short sales, “My son is now medically retired from the Army. While active, he was stationed in WA where they purchased a home with a VA loan. After three years he was transferred to...

VA Appraisal Basics

VA Appraisal Basics

VA loan rules for appraisals are found in the VA Lender’s Handbook Chapter 10, which explains a great deal about the process and what’s required. VA appraisals can only be carried out for VA home loans on properties that are...

VA Loan Reader Questions: VA Loans For Second Homes

VA Loan Reader Questions: VA Loans For Second Homes

A reader asks, “Can the veteran get another certificate of eligibility to use to purchase another home in the state of the new job? Or does the veteran need to wait to sell the other home first before trying to...

VA Loan Reader Questions: Pest Inspections

VA Loan Reader Questions: Pest Inspections

A reader asks, “I am refinancing my VA loan (not IRRRL). The rules are pretty clear for a purchase, but who pays for the pest inspection on a VA refinance?” VA refinance loans have certain expenses and fees the same...

VA Streamline Refinance Rules: Mortgage Payment Decreases

VA Streamline Refinance Rules: Mortgage Payment Decreases

The VA Streamline Refinance loan, also known as a VA Interest Rate Reduction Refinance Loan or IRRRL, is an important benefit for those who have existing VA mortgages. This refinance option has no VA-required credit check or VA required appraisal,...

A VA Loan Rule For Income and Down Payments You Should Know

A VA Loan Rule For Income and Down Payments You Should Know

VA loans require the lender to verify income and employment for loan approval. There are also some situations where a borrower will qualify for a VA home loan dependent on the sale of a current piece of real estate–the sale...

VA Loan Rules For Employment: Frequent Changes In Employers

VA Loan Rules For Employment: Frequent Changes In Employers

VA loan rules require the lender to verify a loan applicant’s current employment, employment history, and the likelihood that current income will continue. These verifications are a typical part of the home loan approval process, but some borrowers may feel...

VA Loan Reader Questions: Joint Loans

VA Loan Reader Questions: Joint Loans

A reader asks, “I served in the Navy as a medical corpsman between 1965 and 1969, with a combat tour with the US Marines in Vietnam in 1968. I am semi-retired — a low income earner and disabled. My wife,...

VA Loan Appraisal Requirements: A Reader Question

VA Loan Appraisal Requirements: A Reader Question

A reader asks, “I am in the middle of the loan process trying to buy an 80 year old home. The VA Appraiser has told the bank that this house that never had rails around it must have them installed...