Qualifying for a VA loan is easier than you think. A qualified VA borrower with ample income and credit can purchase a primary residence with no money down using the VA Home Loan Guaranty Program.

In May of this year Secretary Shinseki sent a letter to Congress asking that his draft legislation be considered and enacted. We decided to break down this proposed legislation. Hopefully it may help some of our veterans out there better understand how to take advantage of their benefits should the bill pass.

Where interest rates are concerned, the advantage goes to VA loans over most other types of loans. The reason is that VA borrowers with lower credit scores generally don’t experience interest rate hikes like conventional borrowers do. What’s more, conventional loans often require twenty percent down in today’s market. Bigger down payments and higher interest rates are typically the way conventional lenders offset risk.

Many Reservists and National Guard members can get VA loans similar to the home loan benefits received by regular military members. Most of the guidelines for the VA Home Loan Guaranty Program that apply to regular military members also apply to Reservists and National Guard members. However there are a few distinct differences.

Authorization for someone to act in another person’s behalf in legal or business matters is called Power of Attorney (POA). In a VA loan transaction, a Power of Attorney (POA) can be used to protect a VA-eligible borrower who is unable to attend a real estate closing.

Certain surviving spouses of military personnel are entitled to VA loans guaranteed by the U.S. Department of Veterans Affairs (VA). Knowing the ins and outs of the VA home loan benefit can help qualified surviving spouses get VA mortgages.

VA borrowers often hear about the “underwriter” when applying for a home loan. Who is this VA underwriter person, is it a real person, and what is the VA underwriting process?

Recently, legislation was passed to improve the VA Home Loan Guaranty program. A summary of some of the legislative and other changes regarding the program can help keep it all straight.

Many VA borrowers will notice that shortly after getting a VA loan, the name of the mortgage company on their bill will change. A common practice in the mortgage industry is for one company to originate and fund the loan and then another company will service the loan. Companies that sell mortgages use recovered capital made during the sale to fund new mortgages.

This past summer, an Air Force Staff Sergeant hoped to buy a home for his family using a home loan from the U.S. Department of Veteran Affairs. He wanted to have his wife and two children settled into their new home before he was sent overseas to the Middle East in August.

He and his wife [...]