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?
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.
which is the best VA home loan lender? trying to buy a home in NJ?
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!
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!
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?
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!
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??
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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what is the income and credit requirement for a VA home loan of $350,000. ?
I had filed for chapter 13 in 07 for medical reasons, but the case was dismissed. Where do I go from here. My credit score is only now 550. My income is $80,000.
First you’ll need to get your credit scores on the mend. For credit repair, you can do it yourself by reading up on it at www.CreditBoards.com . If you would rather hire a professional credit repair, we can refer you to a reputable firm that can help you clear your credit up in about 90 days. In the meantime, you will also want to start re-building your credit with secured credit cards. One or two should be sufficient to get started, but make sure that the card(s) you get report to the credit bureaus as unsecured revolving credit cards.
How Do I Qualify For A VA Home Loan?
Of course I know that you had to have served in the Armed Forces but are there any other requirements that you would need in order to qualify?
A copy of DD-214 (the one where they say, “sign this and you’re a civilian!”) or whatever it is that certifies eligible active service . Honorable or General discharge are required if you’re out, not undesirable (or worse). If you’ve got 10% or greater disability, VA funding fees are waived. You can have more than one VA loan going, but the aggregate limit is $417,000 or less (current conforming loan limit- which can vary by state or county). The VA loan is unique in its ability to roll up to 3% closing costs into the loan, making things like “$1 down payment” possible.
VA streamline refinance home loan question.?
I have looked for info and keep seeing different things. My biggest question is, is there a credit check? I have seen yes, and no. I have seen the other requirements for it. I have had a chapter 13 bankruptcy a year ago, so my credit is bad, but getting better. I have been in my home (va loan) for 8 years, and have never did a refi or anything.
VA streamlined mortgage refinance would look at your credit report to see if there are things that would disqualify you for the mortgage loan you would apply for. Even though the VA seldom use the credit scores for evaluation they are indeed looked at.
You might still refinance your current mortgage, you would need to contact a VA mortgage lender, explain to them you would want a mortgage only refinance. This type mortgage would cause the lender to place more weight on the mortgage payments you have payed each month in the past two years. You may even have 1 or 2 30 day late payments.
If you have not missed a payment in 2 years you would have more weight the longer you have gone without missing a mortgage payment.
I hope this has been of some benefit to you, good luck.
for anyone who knows about VA requirements.?
I have pretty much abandoned my hopes and dreams of reenlisting, which I really want to do, for the time being. I will continue at a later date. I do however plan to get married within the next year and I want to buy a home. I am wondering if I qualify for a VA home loan. I have done some research online and I do meet the minimum requirements for a VA home loan but I wonder if there is anything that is going to halt the process. Can anyone help me out with some information?
*I served in the USCG
*I have exactly 184 days of active duty (only 181 required during peace time)
*I was enlisted (literally) right before 9/11 occurred (so I am not sure if this qualifies for “war time”)
because we never declared war on a country.
Gulf War – Service during period 8/2/1990 to date yet to be determined
If you served on active duty during the Gulf War, you must have:
- Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, or
- Completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, or
- Been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.
For VA home loans do the sellers have to pay some closings costs?
Is it is VA requirement that the seller has to pay some of the costs? If so what are they? If you had a guess the percentage what would you guess it would be of the total sales price?
The sellers do not have to pay your closing costs, however they are permitted to contribute up to 6% if they wish. Just like with any loan however, the seller will have their own closing cost to pay (non-allowables that the veteran cannot pay). These include things like processing fees, loan origination, admin, doc fees, commission, termite inspection, etc. The seller however is not required to pay fees that will exceed 1% of the purchase price. Hope this helps
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What are VA home mortgage rates? Are these rates set by the VA or can a mortgage co. charge higher rates.?
My son has apply for a VA home mortgage through lending tree.The mortgage co. is Mortgage Now. The VA website has a interest rate listed at 5.000%, for VA loans, but the interest rate charged by Mortgage Now is 5.875. Can the Mortgage Co. charge a higher interest. The good faith estimate had 5.8, they were told that was just an estimate and that would be the most they would be charged. They are to close soon and the closing settlement charges have the interest rate @5.875. Can they charge a high rate than the VA has on their site.
Yes, they can. The Veterans Administration does not actually make loans. They act as an insurance company. The money comes from the bank but the loan has an insurance policy in the form of the VA funding fee you pay to obtain the loan. This funding fee covers the insurance for the bank with the VA and insures that in the event of a default by your son, the bank will be able to get most of their money back. This insurance is what makes the loan a VA loan. Without it, the loan is considered a conventional loan and your mortgage company would then obtain the insurance through a private mortgage insurance company (PMI).
Consequently, the rate charged by the institution is at their discretion. However it must be within reason or the VA may not allow them to continue making VA loans. 5.875 is somewhat high right now for a typical VA loan. I would question this with the lender. There may be a reason for this, but without reviewing your file, I have no idea on what that may be.
Do you know anything about VA home loans?
Seven years ago, a family member bought a condo with a VA home loan. The mortgage company sold the account to Fleet who stopped sending bills or coupons for payments. Essentially, they screwed my family member and after two late payments (it took 18 days to process because there was no payment coupon included) they started foreclosure procedures. Really bad company to do business with. She had no choice but to file bankruptcy. They foreclosed on her in less then two months and the condo sat vacant for over a year and a half. No one helped her and the mortgage company even hung up on me when I called them. Can she qualify for a VA home loan again?
I am so sorry to hear this kind of thing happening to our veterans that served our country. It is horrible and I am very sad for you. I reviewed the guidelines and according to the VA regulations regarding entitlements for home loans it does not appear that your family member would be able to get another VA home loan. It would be a good idea to contact the Veterans Administration directly and inquire about obtaining another “certificate of eligibility”, especially if there is no outstanding deficit judgment. Hope this helps!
FYI: if veterans have financial problems they can call the VA for help prior to the act of foreclosure or bankruptcy.
VA home loans vs. other mortgages?
How is a VA loan different than an FHA loan, in terms of interest rates and how the property is appraised? Do they have the same standards, or is one more lenient than another? Which one would be the best bet for a mortgage? Thanks in advance.
Rates are always the same and the appraisal is done by either a certified FHA or VA appraiser, but the valuation calculation is done the same way.
If you can get a VA mortgage, get a VA.
VA is better than an FHA b/c you don’t pay PMI with a VA or a down payment.
Where to get a VA Home loan mortgage for low income but good credit, catch 22, MINNESOTA?
I just got out of the military last year and am looking to buy a home w/ a VA home loan. I’m in college full time and working for the federal gov’t part time. Because I only work part time my income APPEARS to be very low right now temporarily while I am in college. I have a rather high credit score of 724, but here is the cautch 22. I figure in order to get approved I would have to show a higher income such as adding my wife to the mortgage. But she has very bad credit score. So what do I do? I have the good credit score but temporarily not enough income, she would add to the income but lower the credit score. The funny thing is, the homes we are looking at we could afford easily with our eyes closed no problem. We have been paying nearly $1500 a month rent for the past year on time perfectly and I never miss a payment on anything but do lenders ever look at that kind of thing, perfect rent payment history?
Any advice? Any suggested VA mortgage lenders in MINNESOTA?
It really depends on your wife’s credit score. With FHA if she has over a 620, normally that’s not an issue.
Reselling a home that was purchased under the VA home loan?
My husband and I recently purchased a house with a VA mortgage. We need to know how long we have to wait until we can put it back on the market. Please anybody who could help let me know.
The main reason I’m asking because I know that they require you live in the house for the first year before you rent it out.
You can sell your house anytime you want to. VA is just a mortgage financial agency to help veterans buy a home. No strings attached.
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If I am the dependent of a veteran, am I eligible for work study?
I need a job and all this FAFSA, work study, veterans stuff gets confusing
Only your school will be able to tell you if you qualify for work study. You get it based on being poor, not your dads veteran status. No where on the fafsa does is ask (because it doesn’t matter) about HIS veteran status.
Don’t let it confuse you. Unless YOU are a veteran, it doesn’t matter.
Where do I find what grants I am eligible for as a Veteran, army spouse of deployed soldier ?
Internet sites, books, lectures anything.
You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov – these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes. Once you find a grant where you can qualify, apply for it at Grants.gov
Even if you buy books on “how to get grants” or list that supposedly has information on grants — all of them are mere rehash of what CFDA has, albeit packaged differently.
Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. Minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs.
And of course, look around here at USMHAF.org for information on Military Housing Assistance.
I am Army Reserves veteran, am I eligible to get a military id?
I was in the Army Reserves, served my time and was discharged after 8 years of service. I was wondering if I am eligible for any benefits and if I can get a military id. I have a PX near me and I would like to be able to shop there. Thanks for any info you have!
The only benefits you are eligible for is VA venefits. One of the postings mention medical, this is not medical care at a on-base facility, it would be at a VA hospital. There may be specific requirements even so to receive that care. The most used VA benefits would be education. Your best bet is to contact the VA. If you were a resident of a specific state the entire time you served, you may be eligible for benefits there. For example, military veterans during certain timeframes are eligible to go to any state school in Massachusetts, however you must have been a resident there during your service. You cannot just move there to take advantage of the program. Just google for the VA and contact an advisor there.
One thing to note, if you are currently in the IRRRL program, where you are still eligible for call-up (you should know if you are), you do receive some benefits, like being able to stay at base lodging. I have only seen one person ever using these benefits in my career. It was an individual listed on their ID as a 2LT with an indefinite red reserve ID card. They had it for at least ten years (was the ID card that was phased out about 1994), and she did not look like she would be even able to serve if she was called up.
My mother was married to a veteran from the navy, he died, is she eligible for widows pension?
She can still get from tri care for health health insurance because of him through the military. What is the deal. It is taking forever.
Unless he was a RETIREE and elected to enroll in SBP then upon his death all payments cease.
Is an Army Reserve veteran eligible for an AKO account?
I was enlisted in the Army Reserve and National Guard from 1990-1999. Honorably discharged. Am I eligible for an AKO account?
Not according to the AKO webpage.
Only Active Duty, national guard, reserve, civilian and retired personelle may register.
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