The VA made a significant change on October 10, 2008 in an effort to help Veteran’s who might be caught up in a subprime mortgage. The Veteran’s Administration never made any subprime loans, and even the adjustable rate mortgages offered through the VA are considered to be some of the safest, most conservative products offered… […]
VA Mortgage Loans
VA Home Loans in North Carolina
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 […]
The Paulson announced takeover of Government Sponsored Mortgage Giants Fannie Mae (FNMA) and Freddie Mac (FHLMC) created a welcome stability and confidence in both the mortgage market and the money markets as a whole. The key need was for foreign governments and hedge funds to begin purchasing mortgages again – something that had all but stopped in recent […]
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 […]
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.
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?
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.
The Congress and the Fed and Secretary Paulson all worked miracles to get a stimulus package passed in record time… they forgot one little thing, VETERANS! With the new stimulus package, he goal is to get more people buying houses. And one of the ways they’ve done that is by having the US Government purchase […]