Veterans Not Allowed to Pay all Closing Costs

A new Good Faith Estimate went into effect on January 1, 2010 and because of all the requirements that go with any new Government Regulated Form… FHA came out in January with a list of fees they felt like were reasonable for Homeowners to Pay and Lenders to Collect.
Which prompted the VA to come out [...]

Veterans and Debt Counseling – It CAN help!

Under normal circumstances, mortgage lenders can not work with folks who are in Consumer Debt Counseling.   Times being what they are, however, Veterans are able to turn to some of these services, and get another HUGE benefit!
For the last several months we have seen Veterans who are working with NON PROFIT credit counseling agencies, and their [...]

First Time Home Buyer Tips!

If you are a First Time Homebuyer, the government recently initiated a program that could help you!
They are G-I-V-I-N-G you a $8000 credit that you can use on your 2009 and 2010 taxes! For details on this credit, click here!
First Time Homebuyers have many loan program options.  If you, or your spouse, are a [...]

One Works at Bragg – One in Wake County!

We are working with a couple looking for property that will allow the Veteran to commute to Fort Bragg (in Fayetteville, NC) and the spouse to work in Apex, NC (Wake County).
Since we’ve been making mortgage loans for many years in the Triangle, this is not the first couple we’ve met who decide to purchase [...]

What are VA Home Loan Benefits??

The VA Loan came about as part of the 1944 original Servicemen’s Readjustment Act most people refer to as the GI Bill of Rights. President Franklin D. Roosevelt provided veterans with a federally guaranteed home with no down payment. This feature was designed to promote housing and assistance for veterans and their families, at a [...]

Qualify for VA Mortgage Loan

There’s the WHITE HOUSE, and then there’s that white house, with the picket fence and the dog out back, and a couple of shade trees where you can string up a hammock.
If you’ve been in the Armed Services, and you’re looking for that special house – you have a TON of things working to your [...]

Meet Us at Open House!

We are priviledged to work with some of the areas TOP Builders.  One of our favorites, Stanton Homes is holding an Open House this Sunday, June 22 from 1-4 pm.
This is an especially great offer for Veteran’s as we’ve created a multi tier discount package for military families that includes:  Discount Home Price, Lower Origination [...]

VA Loan Co-Signors

In the case of divorce, the Veterans Administration has several choices. If a non-eligable spouse continues to occupy the property and if the payments are made in a timely fashion, no change to the loan will be made. In this case, the military spouse will have their eligability for a mortgage re-instated once the loan is paid off and/or refinanced out of a VA loan. If payments are missed, and the property is approaching foreclosure, the VA might choose to refund the loan and have the payments made directly to the Veteran’s Administration.

Time To Refinance Your VA Loan??

A veteran does not have to re-qualify for a VA streamline and in most cases an appraisal in not required. Most importantly, there are rarely any out of pocket costs for the veteran. So… you’re just lowering your monthly payment! How cool is that?

Va Loans and Co-Borrowers

In practical terms it means that if you are not married – and the other borrower is NOT a veteran, you will not be able to borrow the maximum allowable VA loan of $417,000. Again two unmarried military members are able to co-sign on a VA loan with full benefits. When a military member or veteran wants to bring an unrelated, non-military cosigner, the VA allows this with one major exception.

The VA mortgage loan guarantee is limited to the amount of the veteran’s interest in the property.

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