Archive for the ‘Purchase loans’ Category

Since today is Veteran’s Day, I thought I would do a short post about VA Guaranteed Mortgage Loans. We have all heard about the Golden Rule as we were growing up, “Do unto others as you would have them do unto you.” However, when talking about mortgage lending, this time specifically VA Guaranteed Mortgage Loans, the Golden Rule is, “He with the gold makes the rules.” Read More

Although most home buyers don’t understand the difference between a VA underwriting guideline and a lender overlay, that difference can be huge in determining if they can purchase a home.  There are a lot of very interesting changes in lending happening currently. Many people get confused in exactly what is a VA Guaranteed Home Loan? Basically, it means that VA Guarantees that the loan will perform, it does not mean that VA is loaning the money for the home loan, thus the start of the misunderstanding. Read More

Last week, Congress voted to extend the First Time Home Buyer Tax Credit for an additional six months for any service member that served at least 90 days overseas. This is an excellent development for our VA Guaranteed Loan clients, not only can you get a mortgage with no down payment, no mortgage insurance, and expanded credit underwriting, but, if they are a first time home buyer, they also qualify for the up to $8,000 tax credit. Read More

VA Guaranteed Home Loans are available to veterans with at least three months active, honorable, service or six years of Reserve or National Guard service. They are also available for active duty members under certain circumstances. Read More

It used to be that if you were applying for a 100% USDA Rural Guaranteed Mortgage, you couldn’t have more than $5,000 left over at closing because the main purpose of the loan was to help people purchase homes in “under” served areas with no money down. That restriction has changed for this USDA no money down program. Read More