The VA program has gone well beyond helping a group of returning soldiers obtain a loan to the point that whole generations have benefited from the VA’s efforts. For people that meet the requirements a VA mortgage beats out other types of home loans in big ways.
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Although home inspections are advertised regularly and recommended by mortgage lenders as well as real estate agents, first time home buyers may still be a little unsure about the purpose of the inspection. In a nutshell, the inspection gives the buyers a full view of the home’s condition at the time of purchase. This represents a base line from which the buyers can build their knowledge for future repairs or renovations.
Although some analysts may still have a few questions about the real estate recovery, historically low rates along with an excellent inventory still make this a great time to purchase a home. However, buying a home is a negotiation. And the side that is best prepared in any negotiation usually comes away with the better deal. Here are some vital questions about home buying and the key to understanding each one.
One of the main pieces of an FHA loan approval is the borrower’s debt to income calculation. It is important that home buyers understand how this number is calculated and what they can do to improve their chances of getting approved.
Many couples choose to use only one certificate to buy their first home and reserve the other VA certificate for a larger home purchase later on. If the spouse does not co-sign on the loan then they most likely will not be held responsible for the loan. This is not true in states that observe community property laws like Wisconsin.
Are you looking for a vacation property? Do you have a need to commute between two areas for work? These are examples of questions a loan officer would ask if you are considering buying or refinancing a second home.
All properties designated as new, proposed, or under construction must have a valid builder identification number on file with the VA. If you are not yet approved, you will need to complete the following 3 documents to get a VA builder ID number.