The Department of Veterans Affairs and Government National Mortgage Association (Ginnie Mae) recently revealed information about their newly formed task force in light of current issues surrounding VA refinance loans. Formally known as the Joint Ginnie Mae - VA Refinance Loan Task Force, it will address critical issues such as churning and repeated refinancing with the goal … [Read more...] about VA, Ginnie Mae Form Task Force to Resolve Veteran Refinance Issues
For as long as you are of legal age, you can apply for a mortgage. But the question is, should you do it if, say you are in your 60s or even 90s? Is it wise to carry debt into your retirement? When you’re okay with making monthly mortgage payments every month, it should not be a problem. But you have to prepare for this very important obligation, especially your retirement … [Read more...] about Getting a Mortgage in Your 60s, or Even 90s: Is It Possible, How?
The amount of a down payment you’ll need will depend on what kind of mortgage financing you choose, but most of the times you’ll need at least a minimum of 3% to 5% of the purchase price plus some additional cash to cover closing costs. If you’re in active military duty, a veteran, or in the reserves, you may not need a down payment at all. Minimum Down Payments The most … [Read more...] about How to Save Up for Mortgage Down Payment
Condos are often the desired home type for veterans whether it is their first home or they know they will be moving in the near future. Paying the mortgage on a condo is often not much more than it would cost to rent it and you get the added benefit of the equity in the home when you start to pay it down. In order to use your veteran’s benefits on a condo, however, you have to … [Read more...] about VA Approved Condos
Getting a mortgage on a condo is not impossible, but it does require a little extra work. This is true whether you plan on obtaining FHA, VA, USDA, Fannie Mae or Freddie Mac financing. Each group requires the condo development and association to meet certain requirements. If you are planning on obtaining FHA financing, then looking at HUD approved condos is to your benefit. If … [Read more...] about HUD Approved Condos