5 Steps To Get You Started With A VA Mortgage
The entire process of securing a VA Mortgage explained: Read the rest of this special report here (pdf): VA Mortgage Special Report
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FHA 203k Loan – The Perfect Way to Refurbish a Home in Wisconsin Illinois Minnesota Florida
Many people that want to purchase a home often find themselves in a dilemma. They locate a house in a great location and at a price well below their estimated budget. However, the property is in need of some renovations in order to make it modern and more comfortable. These types of simple renovations often cost upwards of $20,000 or more and most people just don’t have the funds to carry out this transaction. Thanks to the FHA 203K loan this problem may be a thing of the past. Wisconsin FHA Loans Minnesota FHA Loans Illinois FHA Loans Florida FHA Loans
Steps for Handling Bank Accounts Prior to Home Purchase
Mortgage underwriting has some very specific rules. When it comes to documenting down payments and savings accounts these rules are enforced heavily. Any transaction has to be proven with proper documents. Sometimes this process can be tough for the borrower as well as the loan officer. Here is a perfect example. Years ago I was helping a couple secure an FHA loan to buy a home. They decided to use their own money for the down payment rather than use a gift from their parents. The money they were using came from their tax return refund. Here is what happened.
What is a VA Interest Rate Reduction Refinancing Loan (VA IRRRL)?
The VA Interest Rate Reduction Refinancing Loan, also known as the VA IRRRL, is a condensed version of a basic refinance loan. The primary purpose of this loan is to lower the interest rate and nothing else. This type of loan does not allow the borrower to tap into the equity of the home and get cash at closing. The main idea is to lower the interest rate in order to lower the payments.
How to Get a VA Home Loan – Part 4: Choosing a Mortgage Loan Officer
So far in the series “How to Get a VA Home Loan” we have explained who is eligible for the loan, how to get a certificate of eligibility and the VA funding fee. Today’s article will offer suggestions on choosing a mortgage loan officer.
How to Get a VA Home Loan – Part 3: The VA Funding Fee
In the first two portions of this series we discussed the people that are eligible for a VA loan as well as how to acquire the Certificate of Eligibility. Today’s article will describe the VA Funding Fee. A common misconception is that the VA offers home loans. This is not true. The Veteran’s Administration guarantees the loan for lenders. In the event that a VA home loan is not repaid and the home is foreclosed, the VA will pay 25% of the loan to the lender.
Features of FHA Loans That Help the First Time Home Buyer
The FHA home loan has been the poster child for first time home buyers for several years, and with good reason. The low down payment, the generous loan amounts, and the low private mortgage insurance rates have been a real boost to helping many people acquire their first home. There are some other features of the FHA loan that some people may not fully understand. As far as mortgage insurance goes, the general population feels it is just a protection for the lender. For the most part, this is correct. Whether we are discussing private mortgage insurance for a conventional loan or the FHA mortgage insurance, the monies are placed into a specific fund. The fund is used to pay lenders if the borrowers fail to make the payments on the loan.
How to Get a VA Home Loan – Part 2: Getting Your Certificate
Welcome to the second installment of our series on How to Get a VA Home Loan. Part 1 described the different groups of people that can apply for a VA home loan. Today we will discuss the VA Certificate of Eligibility. In this modern day of countless choices and opportunities, the Veteran’s Administration (VA) offers eligible people many ways to get their Certificate of Eligibility.
HUD Announces FHA Mortgage Insurance Premiums Effective October 4, 2010
HUD announced final changes to FHA mortgage insurance premiums as expected: view the original post announcing the original changes back in August. At that time it was still undetermined how much the mortgage insurance would be changing. Today, we have that clarification and it doesn't seem to be as drastic as we originally thought. Although, as reported in our earlier post, HUD has the option to raise the annual premium to 1.5% (from 0.55% now for loans 95% LTV and higher), they instead opted for a less shocking rise to 0.90%.
How to Get a VA Home Loan – Part 1: Who is Eligible?
We are starting a 5 part series that will explain the basics of a VA home loan in Wisconsin, Minnesota, Illinois and Florida. This first installment will explain who is eligible for a VA home mortgage loan.
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