When you are in the market for a home, you might come across a few HUD homes. This means HUD has executed foreclosure proceedings and taken possession of the home. In essence, it means the previous owner stopped making their payments and the bank had to foreclose on the property.Get Matched with a Lender, Click Here. Buying a HUD Home Anyone that qualifies with either cash in hand or has … [Read more...]

Would it surprise you to know that the VA doesn’t have DTI limits? That’s right, they don’t have a maximum debt-to-income ratio that veterans must meet. The VA chooses to focus on disposable income rather than the debt ratio. They feel that if a borrower has enough disposable income each month to cover the cost of living for each family member, they are less likely to default on their VA … [Read more...]

Technically, the VA doesn’t require borrowers to have a home inspection, but they do highly recommend it. If you know that the home passes the inspection, chances are you’ll have good luck with the VA appraisal, which is somewhat similar to a VA inspection.Compare Offers from Several Mortgage Lenders.The VA appraisal has certain requirements it must meet in order for the borrower to secure … [Read more...]

Underwriting is a process that doesn’t happen overnight. VA home loans and almost any other type of loan, average between 30 and 45 days for underwriting. While it seems like a lot, there’s a good reason for it.Compare Offers from Several Mortgage Lenders.What you need to know is how you can speed the process along to get your loan to the closing table faster. Why Does it Take So … [Read more...]

Believe it or not, the prepayment penalty is still around. Luckily, it’s not a part of the VA loan program, though. You are free to pay your VA loan off whenever you want before the maturity date. You never have to worry about paying any type of penalty for doing so.Get Matched with a Lender, Click Here. What is a Prepayment Penalty? In case you aren’t familiar, a prepayment penalty is a … [Read more...]