Many veterans today are wondering whether or not they can get a VA loan if they have recently been through a foreclosure. Fortunately, the VA qualifying guidelines do allow for veterans and military personnel to qualify for a VA loan after a foreclosure, but with some restrictions.
If you’re wondering whether or not you can get a VA loan after a recent bankruptcy, you’re not alone. With the recent economic recession just barely behind us, many veterans and military personnel are now in the position of looking for a new mortgage after having gone through a bankruptcy.
In order to apply for a VA loan you will need a Certificate of Eligibility, or COE for short. There are different steps required to receive a Certificate of Eligibility depending on your personal situation and branch of the military.
A very common question related to VA refinancing is whether or not you can get a refinance on a VA loan if you are currently upside down on your mortgage. The answer is that you can!
The VA Funding Fee is a fee that is required in order to receive a VA loan.
When veterans apply for a VA loan they are required to provide a Statement of Service letter, otherwise known as a SOS. A Statement of Service is a document which verifies that you are either an active military member, or are retired with at least 6 years of active service prior to retirement or discharge.
When an eligible current or ex-servicemember needs to purchase a home for their own personal use, they can obtain a VA Guaranteed loan from a bank, mortgage lender, or savings & loan company, depending on the circumstances.
First and foremost, the VA does not require a certain credit score in order for approval. The actual mortgage lenders, however, are allowed to set their own standards for VA loan requirements.
The amount of time it takes for a VA mortgage approval varies depending on the amount of volume the lender has at that moment.
Fannie Mae is reconsidering the the risk involved in lending to homeowners with lower credit again. Almost across the board it will become more expensive for borrowers who do not have close to perfect credit. The expense will either come in the form of higher interest rates or higher closing costs. Both Fannie Mae and […]