James asks…

Past bankruptcy can I still use VA home loan?

how do lenders treat people with past bankruptcy trying to use the VA home loan program? Are lenders more willing to lend money if they know 80% of loan is back buy the goverment?

Admin answers:

Under a VA loan 100% is backed by the VA. The vet does not have to bring anything to the table except a few closing cost. In some instances if the Vet is smart negotiator he/she might be able to get away with paying nothing.

As far as your bankruptcy is concerned if it is past 2 years since the filing date you should be ok. The older the bankruptcy is the better off you are. Lenders follow guidelines of the investors that they sell their loans to, thus the two year from filing date requirement.

If the bankruptcy still appear on your credit report you might be asked to write a letter of explanation as to why you decided to go into bankruptcy.

The mortgage loan application ask if you have been in bankruptcy in the last 7 years and further ask for an explanation.

I hope this has been of some use to you, good luck.


Sandra asks…

which is the best VA home loan lender? trying to buy a home in NJ?

Admin answers:

There really isn’t a “best” VA lender. You want to go with a broker who can shop around to find you the best rate and terms for your VA loan.
You also want a broker who will walk you through the entire process first and explain all of your options so you know what to expect. We can refer you to lenders licensed in your state. Fill out the form on the left and don’t forget to ask about the free closing cost gift funds!

Ruth asks…

What is a wellness letter requested by the lender for VA home loans?

My husband and I are about to close on our first home. My loan officer keeps coming back to me with what seems like unnecessary document requests. The latest 1 is a wellness letter from my husband’s commander (he’s active duty Army). Does anyone know what this is and what it includes? I appreciate all the help!

Admin answers:

Mary asks…

will the current economy make it harder for me to get a home using a VA loan?

i make around 75k a year. i am an army vet and only have my car payment as any kind of current debt. with the economy in the situation its in and it becoming harder to borrow from lenders, will it affect me trying to get a home loan using the VA Loan program?

Admin answers:

Nope, VA Loans are simpler than most loans. Fill out the form on the left and we’ll refer you to a licensed lender in your state. Don’t forget to ask about Gift Funds!

Robert asks…

Do you actually have to live in a property when you are using a VA loan to purchase the home?

We are trying to buy our first home using a VA loan but a lender we spoke with today says it isn’t possible since we are still on active duty orders and won’t be moving into the home within 60 days. Is this correct or is he just blowing smoke??

Admin answers:

Absolutely. That loan is subsidized by the tax payers, it is for a home for you to live in, not an investment.

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