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Tips on Federal VA Loans

here are more Veterans than ever who are eligible for Federal VA financing ! Each day it seems I have an opportunity to work with Veterans who are finishing active duty or are making the transition to civilian life.

Veterans may return to the position they left when called to active duty, or may be hired by a new employer who sees the quality of employee they can have. Qualifying to buy and finance a home is reviewed individually based upon all employment history.

Here are some helpful tips to save money :

If receiving disability income from VA, a Veteran is exempt from the VA Funding Fee. The Funding Fee is financed and over the term of the loan it saves thousands !

Under regular Military, this fee can be 2.15% or on second use 3.3% Those in the reserves have a higher premium.

If you are not eligible to waive the VA Funding Fee– you can save on how much is paid by considering a down payment!

The VA Loan is available for up to 100% of the sales price however, if you consider putting 5% down and fall under regular military it drops from 2.15% to 1.5%. Reservists experience a similar savings! Here is an example:

On a Sales Price of $180,000.00 for a regular military Veteran, the cost of the Funding Fee is $ 3,870.00. At 5% down payment the VA Funding Fee is reduced to $2,700.00.

Have the seller payoff some of the Veterans debts!

Many individuals are not aware that VA Allows a seller to pay off debts . The total amount of contribution to veterans costs and debt cannot the limitation of 4% .

It is essential to work closely with the Real Estate professional on directing the wording in the earnest money agreement to request the amount necessary contribution necessary for the Veteran to close the loan.

Call me for any questions, knowing the flexibility of the Federal VA Program over the years, has enabled me to assist the Veteran in achieving the goal of home ownership!

Kerry Vasquez on Oregon Home Loans

There  are more Veterans than ever who are eligible for Federal VA financing !  Each day it seems I have an opportunity to work with Veterans who are finishing active duty or are making the transition to civilian life.

Veterans may return to the position they left when called to active duty, or may be hired by a new employer who sees the quality of employee they can have.  Qualifying to buy and finance a home is reviewed individually based upon all employment history.

Here are some helpful tips to save money :

If receiving disability income from VA, a Veteran is exempt from the VA Funding Fee.  The Funding Fee is financed and over the term of the loan it saves thousands !

Under regular Military, this fee can be 2.15% or on second use 3.3%   Those in the reserves have a higher premium.

If you are not eligible…

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Veterans Loans

Kerry Vasquez on Oregon Home Loans

Financing Options for Veterans:

There are terrific options are available to our qualified veterans serving in “Active duty” or the Reserves.

Federal VA

The Federal VA loan program offers up to 100% financing for a home purchase for Eligible Veterans with the available entitlement. Eligibility established based upon time in military service and type of military separation.

Qualifying periods can be determined in reviewing the DD214 and to see if requirements have been met. Current qualifying periods from 8-2-90 to current date is 90 days active duty.

Reservists called to active duty may be eligible for loan guarantee benefits provided they served at least 90 days of active service and received honorable discharge/separation.
Eligibility is easy to determine. I specialize in working with Veterans in determining their best financing option. A copy of the DD214 and our completion of a VA form will allow us to see if this loan…

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Myths with Credit Bureaus

Kerry Vasquez on Oregon Home Loans

Credit being  such a vital part of our daily lives, it is important that we as informed as possible on this subject. Here are some thoughts on that all important subjectcredit.

Myth No. 1 It is easy to dispute a credit report. Consumer’s can resolve their own issues.

To be honest, it IS simple to challenge a credit report. However, as an everyday person, it is amazingly difficult and frustrating to get results from the credit bureaus. Here’s why…

Here is a little known fact. More complaints to the FTC involve credit bureaus than any other type of company.                                         The 3 bureaus have paid fines of over 2.5 million over the years due to failure to respond properly to charges.

It would seem, the main objective of the credit bureaus is to protect their…

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VA to Decrease Funding Fee

In case you didn’t know, the US Department of Veteran’s Affairs (VA) is going to reduce the funding fee on VA loans from 2.15% to 1.4%. This will greatly reduce the upfront costs to veterans considering using VA to purchase their next home. If you are a veteran, active duty, reservist, or surviving spouse now is a great time to take advantage of the reduced costs. We are an approved VA lender and have the necessary experience to guide you through the VA process.

Some advantages of using your VA entitlement are no down payment, no mortgage insurance, and the VA funding fee may be financed into the loan. This is an awesome program for awesome people!

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Arlington National Cemetery Graves (Burial Cri...

In case you didn’t know, the US Department of Veteran’s Affairs (VA) is going to reduce the funding fee on VA loans from 2.15% to 1.4%.  This will greatly reduce the upfront costs to veterans considering using VA to purchase their next home.  If you are a veteran, active duty, reservist, or surviving spouse now is a great time to take advantage of the reduced costs.  We are an approved VA lender and have the necessary experience to guide you through the VA process.

Some advantages of using your VA entitlement are no down payment, no mortgage insurance, and the VA funding fee may be financed into the loan.  This is an awesome program for awesome people!

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What is a VA loan?

Today, with lending standards tightening up, VA loans are making a comeback! Here are some quick facts regarding a VA loan:

A VA loan is designed for veterans and active duty military personnel.
VA loans are federally guaranteed and require NO DOWN PAYMENT!
You can obtain a VA loan through private lenders such as banks, savings & loans, and mortgage companies.
VA offers competitive rates… sometimes the lowest around!
You may purchase any kind of residential property with your VA loan… but, it MUST be your primary residence at the time of purchase and for two years thereafter. You can choose to keep the property for rental purposes if you occupy the property for two consecutive years prior.
Generally speaking, the maximum amount you can borrow for a VA loan is $484,500. There are some “high cost” areas with higher loan limits. Contact a VA rep or your lender for more information.
There is NO PMI (Private Mortgage Insurance) on a VA loan!!! EVER!
There is a cost for using your VA loan. It’s called the VA Funding Fee. The first time you use your VA, the fee is 2.15% of the agreed purchase price, thereafter the fee increases to 3.3%. However, you can decrease the fee after your initial use by putting a down payment on the loan.
There are some individuals who are exempt from paying the VA funding fee. These include any vet receiving compensation for service-related medical issues, and surviving spouses of those who died in service or due to service-related disabilities.
Your VA funding fee CAN be added to your loan balance and factored into your monthly payment. In other words, if you qualify for the entire amount (cost of home + funding fee), you can finance the funding fee.
Allowable closing costs and fees are tightly structured in a VA loan in order to benefit and protect the vet.
It is possible to receive up to 4% in “seller concessions” (money back at closing from the seller) to use for things such as closing costs, payment of funding fee, paying points on the loan to lower the interest rate, etc.
Your lender cannot charge a penalty for early payment of the loan balance.

Have you ever been completely and utterly confused by the various types of financing in a real estate transaction?  YES.  It can be overwhelming!  Here is info on one of the “comeback kids” in the mortgage market… the VA Loan!

During the height of the market, many buyers and sellers neglected the VA loan in large part because of the competitive nature of market at that time.  Because we were in a seller’s market then, sellers dictated the types of financing that they would accept… VA was last on the list many times.  This was because sellers did not want to pay the sometimes higher costs associated with the loans.  Also, VA appraisers are known to be very particular.

Today, with lending standards tightening up, VA loans are making a comeback!  Here are some quick facts regarding a VA loan:

  • A VA loan is designed for veterans and active duty…

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Kentucky VA Refinance Guidelines

VA Loans Louisville Kentucky

Louisville Kentucky Mortgage Loans

via Kentucky VA Refinance Guidelines

The U.S. Department of Veterans Affairs (VA) designed a mortgage loan specifically for veterans, active-duty service members and reservists to make it easier for them to buy a home. While some borrowers may be familiar with this loan, they may not know certain details.

VA home loans don’t have a limit, are only available through lenders, must be used for primary residences and eligible to surviving spouses, and require a Certificate of Eligibility.

Let’s take a closer look:

1. There isn’t a cap on the amount someone could borrow.

Unlike many other mortgage loans, VA loans don’t have a set cap on how much money a borrower could receive, according to the VA. This essentially means there isn’t a limit. However, the VA itself does, with it only assuming liability on a certain amount.

“The loan limits are the amount a qualified Veteran with full entitlement may…

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Kentucky VA loans skyrocket in popularity for first-time home buyers

Kentucky VA loans skyrocket in popularity for first-time home buyers

VA Underwriting Changes

Louisville Kentucky Mortgage Loans

via Kentucky VA loans skyrocket in popularity for first-time home buyers

VA Underwriting Changes

VA has just revised Chapter 4 – Credit Underwriting and Chapter 11 – Appraisal Requirements (now named Appraisal Reports) of their underwriting guidelines. These changes will take effect for all VA loans beginning May 23rd, 2019. Major changes are as follows, but the documents have been revised throughout so it is recommended that everyone review them HERE.
  • Borrowers using rental income from a non-subject property to qualify need to document a minimum 2 year rental history and 3 months reserves PITI for each rental property (excluding property being vacated and turned into a rental). When no mortgage exists on a rental property, 3 months reserves must still be provided that cover taxes, insurance, HOA dues, and any other fees documented for the property. These reserves cannot come from equity, gift funds, or…

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2019 Kentucky BAH (Basic Allowance Housing) Rates

2019 BAH RATES FOR FORT KNOX, FORT CAMPBELL KENTUCKY HOUSING VA LOANS

Louisville Kentucky Mortgage Loans

VA-Loan-Border

via 2019 Kentucky BAH (Basic Allowance Housing) Rates

  • See the 2019 Basic Allowance for Housing rates update here.

    MHA: KY106 – Military Housing Area Name: FORT CAMPBELL, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,242 $999
    E02 $1,242 $999
    E03 $1,242 $999
    E04 $1,242 $999
    E05 $1,263 $1,137
    E06 $1,401 $1,218
    E07 $1,569 $1,245
    E08 $1,752 $1,314
    E09 $1,899 $1,425
    W01 $1,413 $1,242
    W02 $1,647 $1,290
    W03 $1,872 $1,428
    W04 $1,911 $1,440
    W05 $1,959 $1,602
    O01E $1,605 $1,263
    O02E $1,833 $1,374
    O03E $1,917 $1,437
    O01 $1,281 $1,215
    O02 $1,398 $1,257
    O03 $1,860 $1,431
    O04 $1,971 $1,578
    O05 $2,046 $1,683
    O06 $2,067 $1,857
    O07 $2,082 $1,902

    MHA: KY107 – Military Housing Area Name: LEXINGTON, KY

    GRADE WITH DEPENDENTS WITHOUT DEPENDENTS
    E01 $1,119 $852
    E02 $1,119 $852
    E03 $1,119 $852
    E04 $1,119 $852
    E05 $1,197 $969
    E06 $1,461 $1,092
    E07 $1,473 $1,122
    E08 $1,482 $1,251
    E09 $1,569 $1,329
    W01 $1,470 $1,104

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Kentucky Housing Loans with Government Shutdown

Kentucky Housing Loans with Government Shutdown

Louisville Kentucky Mortgage Loans

Source: Kentucky Housing Loans with Government Shutdown

Partial Federal Government Shutdown

Affects Loan Programs

The partial shutdown of the federal government is affecting some of the first mortgage programs through Kentucky Housing Corporation (KHC).
RHS Guarantee Loans
  • KHC will not purchase or close a loan without the RHS Conditional Commitment and tax transcripts.
Verification of Employment (VOE) on Conventional, FHA, and RHS Loans for Federal Employees
  • KHC will require a VOE within 10 days prior to closing.
  • The only exceptions will be conventional loans for military personnel who use their Leave and Earnings Statement (LES), or if their employment was validated by Desktop Underwriter (DU) service and follows all conditions.
Flood Insurance
  • KHC will follow agency guidelines that are in place during the partial federal government shutdown.
Federal Tax Transcripts and Social Security Validation
  • If federal tax transcripts or validation of social security numbers are required per underwriting, or are listed as an…

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Federal USDA home loans on hold during government shutdown