VeteransLoans.com Blog
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VeteransLoans.com wants to help Veterans, service members, and their families achieve homeownership using the numerous benefits they earned through their military service. We want your journey home to start here, using the VA loan as your affordable financing option
VeteransLoans.com Blog
1y ago
VA Loan Limits and VA Entitlement for 2023
If you’re considering purchasing a home using a VA loan this year, you are probably wondering what the VA loan limits for 2023 are. Here is what you need to know about VA loan limits in 2023 and how this will affect your home purchase.
VA Loan Limits
The VA loan limits are determined by the Federal Housing Finance Agency. As of 2020, VA loan limits were eliminated for qualifying borrowers with full entitlement.
This means qualifying veterans, service members, and survivors with full entitlement are guaranteed up to 25% by the VA of virtually any loa ..read more
VeteransLoans.com Blog
1y ago
VA Loan Benefit For Eligible Surviving Spouses
VA Loan Eligibility
The VA loan was designed to make homeownership possible for qualifying Veterans, Servicemembers, and eligible surviving spouses. In this article, we want to clarify what the VA means by “eligible surviving spouses.”
It’s important to note that the VA’s definition of spouses includes same-sex couples. The VA will apply the same standards for all married couples for VA loan guaranties, regardless of the sex of the spouses.
Surviving spouses who already receive Dependency and Indemnity Compensation or VA pension do not qualify for ..read more
VeteransLoans.com Blog
1y ago
How Your Child Can Affect Your VA Loan
Did you know your child can affect your VA loan? The VA loan has a few requirements specified by the U.S. Department of Veterans Affairs regarding childcare, child support, and residual income that are unique to this type of loan. If you are considering applying for a VA loan and have children, you will want to take these requirements into account.
Residual Income
Residual income is the amount of income you have left each month to cover basic living necessities like clothing and food. Whether or not you have dependents, qualifying for a VA loan requires ..read more
VeteransLoans.com Blog
1y ago
Understanding the Closing Disclosure
At some point during the mortgage loan application process, shortly before closing on your home, you will receive a form called a Closing Disclosure from your mortgage lender. This form will usually arrive any time after the first round of underwriting and no later than three days before you are scheduled to close on your mortgage loan. For first-time homebuyers, the Closing Disclosure might be confusing or tedious. It can be tempting to skim the document or maybe not look at it at all before signing it and returning it to your lender.
Loan Estimate vs. Cl ..read more
VeteransLoans.com Blog
1y ago
Top Ten Cities to Buy a Home 2022
The housing market in the United States is still overwhelmingly a seller’s market, but there are cities in the United States where the housing market is starting to turn to buyers’ advantage. Realtor.com recently came out with a ranking system to determine the top ten cities to purchase a home out of the 250 largest cities in the United States.
This ranking system is called the “buyer’s bonanza” ranking and ranks a city’s housing market based on the average price per square foot compared with the local median income, how many days on average homes spend on t ..read more
VeteransLoans.com Blog
1y ago
8 Ways to Pay Off Your Mortgage Faster
The most common type of mortgage loan for a permanent family residence is a 30-year fixed-rate mortgage. Thirty years can feel like you will be paying off your mortgage forever. But did you know there are easy ways to cut your mortgage repayment period short while saving you money on interest and acquiring equity in your home faster?
Benefits of Paying Off Your Mortgage Loan Faster:
Save on Interest
Build Equity in Your Home Faster
Here are a few ways you can pay off your mortgage faster and save on interest:
Make biweekly payments.
Make one extra pay ..read more
VeteransLoans.com Blog
1y ago
4 Reasons to Choose a Smaller Mortgage Lender
Large vs. Smaller Mortgage Lenders
There are many compelling reasons to choose a large established mortgage lender. Nationally renowned lenders come backed with big brand equity and big trust. It’s easy to know what you are getting into with a big name that has an established history and brand in the industry.
But have you ever considered the advantages of choosing a smaller mortgage lender, maybe even a local one? This article delves into a few of the main reasons why choosing a smaller mortgage lender might be the best option for you and what you ..read more
VeteransLoans.com Blog
1y ago
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The post Protected: Disabled Veteran Property Tax Exemption in Every State appeared first on VeteransLoans.com Blog ..read more
VeteransLoans.com Blog
1y ago
VA Loan Purchase Options
What Can You Purchase With a VA Loan?
Permanent Family Residence
Condo in a VA-Qualified Community
Multi-Unit Property of Up to 4 Units
Upgrades to Improve Energy Efficiency
A Lot or Manufactured Home
VA loans are known for making home purchases more affordable for veterans. But you might be surprised to discover how many purchase options that come with a VA loan, some of which are exclusive to the VA loan benefit.
The purpose of the VA loan is to make purchasing a safe, structurally sound, and sanitary home more accessible and affordable for qualifying servicem ..read more
VeteransLoans.com Blog
1y ago
VA Loan Rental Property Requirements
Qualifying military veterans and servicemembers are entitled to use the VA loan benefit to purchase a home, as long as they meet the fundamental VA and mortgage lender requirements.
If you are a qualifying military veteran and servicemember, you might be considering using your VA loan to purchase an investment or rental property. While you cannot purchase an investment property with a VA loan, you can eventually rent out a home or multi-unit property, and we’ll explain how in the rest of this article.
VA Loan Primary Residence Requirements
The VA loan bene ..read more