-
06/11/2010 by nbokc
Converting from a conventional loan to a VA
Eligible veterans who currently have a conventional loan can still look at refinancing into a VA loan. This is not the same as the VA streamline refinance mentioned elsewhere. If the circumstances are favorable the borrower can us
-
06/11/2010 by nbokc
Debt to Income Ratios
The VA uses "Debt to Income" ratios to help assess whether a borrower can afford to repay the loan. Most loans out there today will use some form of this, but the VA also takes additional items into consideration regarding repayment. For instance, the squ
-
06/11/2010 by nbokc
Have you Certificate of Eligibility Ready!
Most veterans already know if they are eligible for a VA loan. But you want to make sure you are ready to prove it to your lender before you enter into a sales contract for a house. The first step is obtaining your certificate of eligibility.
-
06/11/2010 by nbokc
How a VA Loan Can Protect You
The VA helps protect you with its loan. Here's how:Homes that were completed less than a year before purchase with VA financing must be inspected during construction by the VA and must meet VA quality requirements. This also means the
-
06/11/2010 by nbokc
How to get a copy of your DD-214
If you already have a VA loan and are just looking to take adavantage of a lower interest rate with a streamlined refinance, then you do not need to provide a copy of your DD-214If you are discharged from the military you will need a copy of your
-
26/04/2011 by nbokc
Previous VA Loan Foreclosure
If you had a previous VA loan foreclosed upon, you may still qualify for a new VA loan even if you have not repaid the old loan. Currently, the foreclosure has to have occurred more than 2 years ago. The amount you qualify fo
-
06/11/2010 by nbokc
Selling a VA Home
When it is time to sell your house that has a VA loan associated with it, you primarily have two choices. The first is to have the new owners "assume" the loan. That means take over the payments with minimal costs involved. However, there are some signifi
-
06/11/2010 by nbokc
VA approved appraisal
On the purchase of a new house the VA will require an appraisal done by a VA approved appraiser, ordered by the lender.The appraiser will issue a report called the Certificate of Reasonable Value.The certificate of reasonable value (known
-
06/11/2010 by nbokc
VA Funding Fee
The VA funding fee is currently set at 2.15% on a no down payment loan for a first-time use. This low amount is used to help first time buyers get into a home with a relatively low funding fee premium. The borrower is expected to use this opportunity to b
-
06/11/2010 by nbokc
VA Jumbo
VA jumbo loans are something not many people know about. While everyone can get a 100% VA loan up to $417,000 there are situations where you can go above that loan amount.The most common way is if you have some sort of down payment. If you have 5%
-
06/11/2010 by nbokc
VA Loan Basics
Who is eligible for a VA loan?Generally the first step towards obtaining a VA loan is to obtain your Certificate of Eligibility.Guidelines to qualify for a Certificate of Eligibility: Ac
-
06/11/2010 by nbokc
VA Loan Closing Costs
The veteran can pay for all reasonable and customary fees for any and all of the "Itemized Fees and Charges" distinguished by VA. The lender is allowed to charge a 1%* origination fee and a reasonable amount of discount points. Lenders vary greatly
-
06/11/2010 by nbokc
VA Loans and bad payment history
The VA primarily is looking at the last 12 months payment histories. If a borrower with less than perfect credit can keep everything in order for the preceding 12 months then the odds of loan approval can increase dramatically.If you are looking to bu
-
06/11/2010 by nbokc
VA Loans and Bankruptcy
If you had a bankruptcy in the past you may still be eligible for a VA loan. If you are already in a VA loan you are eligible to do the streamline refinance at any time as long as you are current on your mortgage.If you are trying to purchase a ne
-
06/11/2010 by nbokc
VA Loans and Investment Properties
The VA created the home loan program with the intention of helping veterans get into their first home. They never intended for it to become a vehicle to help with the purchase of investment properties. This also affects people wanting to buy a second home
-
06/11/2010 by nbokc
VA Mortgage Document Checklist
Before you start the loan process, you'll want to have some information available for all loan applicants. Street address that cover the past two years Names and addresses of your employers over past two years Your cur
-
06/11/2010 by nbokc
VA Purchase Loan
What are the benefits of a VA loan vs. a conventional loan?You can get 100% financing with no mortgage insurance. This alone can save hundreds of dollars a month. You can get approved with flawed credit a lot of times. If rates im
-
06/11/2010 by nbokc
VA Refinance
What is a VA Streamline Refinance (IRRRL)?An IRRRL is the VA's Interest Rate Reduction Refinancing Loan. It is also referred to as a a VA Streamline Refinance . This is a type of loan that refinances your existing VA mortgage into
Call us for Help
(818) 293-7616
(818) 293-7616
