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: January 2015

Can I Have Two VA Loans at the Same Time?

Can I Have Two VA Loans at the Same Time?

Recently a question came in whether it's possible to have two VA home loans at the same time. While the answer depends on a great many things including the nature of the second loan, how much VA entitlement remains and...

VA Loans: The Rules On Discount Points

VA Loans: The Rules On Discount Points

Discount points are a way to lower the interest rate on a home loan. When the borrower purchases a discount point or points on a VA home loan, they are paying to reduce the interest rate over the lifetime of...

Do VA Loans Require an Escrow Account?

Do VA Loans Require an Escrow Account?

When a VA borrower applies for a VA mortgage and closes the deal, they're responsible for more than just making their monthly mortgage payments on the VA loan. There are property taxes to pay, hazard insurance premiums and other items that...

VA Loan Applications: Verification of Income

VA Loan Applications: Verification of Income

VA loan requirements include verification of income. Borrowers must show stable, reliable income that is likely to continue. The VA generally asks for at least two years worth of documentation showing such income and employment. But some borrowers can't show...

Can I Use a VA Loan to Consolidate My Debt?

Can I Use a VA Loan to Consolidate My Debt?

Several recent questions from readers have raised the issue of what VA loans can and cannot be used for; on several occasions we've gotten queries about whether it's possible to use a VA home loan as a debt consolidation tool....

The VA Loan Escape Clause: A Reader Question

The VA Loan Escape Clause: A Reader Question

A reader asks, “If an appraisal comes back lower than the contracted price, is the seller required to sign documentation allowing the buyer to cancel the contract?” Borrowers cannot, under the rules and regulations of the VA loan program, be...

VA Loan Rules on Ventless Fireplaces

VA Loan Rules on Ventless Fireplaces

When a VA borrower goes house hunting, they'll find a wide range of options, including swimming pools and fireplaces. When a VA loan applicant finds a home that has a ventless units, there are VA requirements that must be met...

VA Loans: Property Tax and Insurance Requirements

VA Loans: Property Tax and Insurance Requirements

When buying a home with a VA insured loan, borrowers learn that the Department of Veterans Affairs has a set of requirements which include "sufficient hazard insurance" and payment of all property taxes. The VA loan program, like FHA loans,...

VA Loan Assumption

VA Loan Assumption

One of the attractive things about VA home loans is that they are assumable--a veteran can "sell" the home by allowing a third party to assume the VA loan payments and responsibility for the mortgage. According to the Department of...

VA Loans and Condo Project Approval Procedures

VA Loans and Condo Project Approval Procedures

We frequently get questions about VA condo loans. One commonly asked question involves the details of the VA condo approval process. If a borrower wants to purchase a condo unit with a VA guaranteed loan, the project must be VA...