Building your dream home is a possibility with a VA home loan. But it isn’t always an easy road. Here we take a deep dive into VA construction loans and how you can build a home with a VA loan.
The VA funding fee is a governmental fee required for many VA borrowers. However, some Veterans are exempt, and the fee varies by VA loan usage and other factors. Here we explore the ins and outs of the VA funding fee, current charts, who's exempt and a handful of unique scenarios.
Whether you're ready to buy a bigger house or downsize, your VA loan benefit is here to help. It's even possible to have more than one VA loan at the same time.
As with any mortgage option, VA loans have pros and cons that you should be aware of before making a final decision. So let's take a closer look
When your loan officer calls to say your loan is Clear to Close (CTC), that means the underwriter has approved all documentation necessary for the title company to schedule the closing and start drafting the Closing Disclosure.
The VA’s loan limits have long been a source of confusion and consternation.
VA loan assumption is a powerful benefit for buyers and sellers that you won't find with other mortgage options.
Veteran and military homebuyers will need to have a "clear title" before purchasing a home. This means there aren't any liens, legal defects, or property disputes on the house you are trying to buy. This isn't an issue most of the time, but it's important to understand how it can halt your home buying journey.
It's easy to assume your mortgage payment is just a flat cost. However, VA mortgages have their payments broken into four parts: principal, interest, taxes, and insurance (PITI).
Falling behind on mortgage payments is a stressful situation. Thankfully, there are several VA foreclosure avoidance options available to you that can potentially save you from losing your home.
Having flood insurance can save you from severe financial devastation. VA lenders typically require you to purchase a separate flood insurance policy before closing on your home loan.
It is possible to receive a refund on the VA funding fee. Borrowers may be eligible for a refund if awarded VA compensation for a service-connected disability - bearing the effective date of the VA compensation is retroactive before the VA loan closing.