Many homeowners don’t know what mortgage really is, let alone the right type they need to get for their first home financing. So for the purpose of education, we lay out this simple and concise guide to help you navigate through the complex albeit navigable arena of home purchase. Mortgage Defined A mortgage is a type of loan lent to a borrower for the sole purpose of … [Read more...] about Choosing the Right Mortgage: A Simple Guide for the First Time Home Buyer
VA home loan
When you are shopping for a new loan, whether for a new home purchase or a refinance, there are certain common factors that the lender considers. The most common factors include your income, employment status, current debts and assets. For a VA loan, these factors are a little different. Yes, the lenders that offer VA loans want to know that you have the income to support the … [Read more...] about How Does Residual Income Affect VA Loan Eligibility?
After you sign on the dotted line, you might think that you are free to do whatever you wish with your new home. But, if you read your documents carefully, you will realize that the opposite is true. For most loans, including those backed by Fannie Mae, Freddie Mac, the FHA and VA, you must occupy the property that your mortgage covers. The restrictions on this clause have … [Read more...] about Owner Occupancy Requirements and your Mortgage
To ensure the successful approval of your VA loan by a mortgage lender, It’s important that you understand all the important steps in the approval process. The following are some of the major steps that you will need to handle during VA underwriting: Evidence of your income — this means your latest two pay stubs and documentation related to monthly income such as interest … [Read more...] about Getting Ready for Your VA Home Loan
Not sure if you can afford your dream home? Is the down payment a stumbling block? A VA loan not only doesn’t require a down payment, but in some cases a seller may cover some of your closing costs as well. A VA loan is one of the only true NO MONEY DOWN MORTGAGE in the current residential lending market. But only eligible veterans can qualify under VA purchase loan … [Read more...] about 100% Financing with a VA Purchase Loan