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

Tag Archives: VA home loan rules

VA Issues Guidance For Principal Reduction On VA Home Loans

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 Loan Fees: Who Pays?

VA Loan Fees: Who Pays?

There are many VA loan fees involved when it comes to purchasing a home with your VA benefits. VA appraisals are mandatory as part of the loan approval process, but the home inspection process is not, it’s an optional part...

Can I Purchase a Boat or RV With My VA Loan Benefits?

Can I Purchase a Boat or RV With My VA Loan Benefits?

One common question about VA home loans involves the purchase of properties other than suburban homes. VA loan benefits allow buyers to purchase a condo, mixed-use property, multi-family units, manufactured or modular homes and many other options. Not all lenders...

VA Certificate of Eligibility: Your Options For Getting One

VA Certificate of Eligibility: Your Options For Getting One

The first step in using your VA home loan benefit is to apply for a VA Certificate Of Eligibility. The certificate of eligibility tells your lender that you’re eligible to use the VA loan program, how much VA loan entitlement...

VA Home Loans, Rental Income and Occupancy Rules: A Reader Question

VA Home Loans, Rental Income and Occupancy Rules: A Reader Question

A reader asks, “Can a borrower purchase a new home using his current VA benefit and rent out his existing home (which VA benefit was not used to purchase) ? Can you exclude the previous mortgage payment with rental agreement...

VA Loan Income Rules and the Post 9/11 GI Bill

VA Loan Income Rules and the Post 9/11 GI Bill

A reader asks, “I’m currently in the IRR. I served in the Army Reserve for 6 years and my husband is currently active duty. I am using my Post 9/11 G.I. Bill and getting BAH payments. That is besides the...

VA Extends Relocation Assistance For Short Sale, Deed-In-Lieu

VA Extends Relocation Assistance For Short Sale, Deed-In-Lieu

Back in 2011, the Department of Veterans Affairs issued VA Circular 26-11-1, which announced the availability of relocation assistance funds to VA borrowers who were involved with short sales or deed-in-lieu of foreclosure transactions. According to the VA circular, “VA...

VA Loan Certificate of Eligibility Corrections: A Reader Question

VA Loan Certificate of Eligibility Corrections: A Reader Question

A reader asks, “I purchased a home in the early 80s through the VA, it went into default but it was paid off before I was able to leave active duty.” “They have one COE that says that all restoration...

VA Streamline Refinancing Rules: A Reader Question

VA Streamline Refinancing Rules: A Reader Question

A reader asks, “What is required to refinance a VA IRRRL if the veteran is self employed but your spouse (non veteran) is employed?” This is an interesting question. VA Interest Rate Reduction Refinancing Loans, also known as VA IRRRLs,...

Are You Ready For A VA Home Loan? VA Loan Basics

Are You Ready For A VA Home Loan? VA Loan Basics

If you’re new to the VA loan program and are considering the purchase of a new home with your VA benefits, there are several questions that are good to ask yourself as you get ready for the planning process. Below...