Mortgage lender overlays are additional requirements on top of the published requirement by a loan program. The government-backed programs, FHA, VA, and USDA are often the most common programs that have lender overlays. However, it’s not unheard of for lenders to make the conventional loan guidelines a little stricter too.Get Matched with a Lender, Click Here.So what lender overlays are … [Read more...]
How to Reuse Your VA Loan Benefits
You bought a home with your VA loan benefits. Now what? Are they used up forever? Can you reuse them? We help you understand the way your VA loan benefits work below.Compare Offers from Several Mortgage Lenders. Basic Entitlement Eligible veterans, which are those with an honorable discharge and adequate time served in the military, are eligible to receive basic entitlement for a home loan. … [Read more...]
Mortgage Options for First-Time Homebuyers With Bad Credit
Are you a first-time homebuyer with less than perfect credit? You probably think you can’t get a home loan because of it. We have good news, though. There are plenty of ways to get a mortgage even if your credit is less than perfect.Compare Offers from Several Mortgage Lenders. FHA Loans for Borrowers With Bad Credit You may have heard of FHA loans being called the ‘first-time homebuyer’s … [Read more...]
What is the Process for Restoring VA Entitlement?
As a veteran, you are provided with a specific amount of VA entitlement. You can use this entitlement to buy a home with no down payment. Today, the maximum amount a veteran can borrow without making a down payment is $453,100. Once you use it, though, it’s gone. The only way to reuse it would be to pay off the loan in full and sell the home.Compare Offers from Several Mortgage … [Read more...]
Can You Refinance an Existing Mortgage Through the VA?
Did you pass up your opportunity to use your VA home loan benefit when you bought your home? Guess what? You can still use it down the road. If you are ready to refinance, you can do so right into a VA loan. You won’t get the benefit of the VA IRRRL program that current VA borrowers get, but you can use the VA cash-out option.Compare Offers from Several Mortgage Lenders.Keep reading to … [Read more...]
