Homebuyers Not Discouraged by Rate Hikes
Homebuyers Not Discouraged by Rate Hike! Potential home buyers know that interest rates are climbing. Factors causing this rise are increasing wages, a stronger economy, and a positive outlook for growth due to the GOP tax cut. These indicators translate into anticipation that inflation may rise, which will bring about rate hikes by the Federal Reserve […]
How credit scores affect military buyers
Military buyers do not need a squeaky clean credit report to qualify for VA financing. The purpose of the VA home loan program is to help as many military buyers as possible with a practical buying process. First, the Department of Veterans Affairs (VA) does not issue loans. Instead, the department oversees the program and guarantees a portion of each loan in […]
VA Basics: VA Appraisal process
A VA appraisal is part of the VA home loan process and an evaluation of a home to be bought using the loan. An appraisal is not optional and may have a big impact on the buying process. USAVA will order the VA appraisal for the prospective buyer and an appraiser will be selected random […]
VA Basics: Loan Limits
Loan limits are set amounts a qualified Veteran with full entitlement may borrow without a down payment. The U.S. Department of Veteran Affairs (VA) does have a set limited liability amount which affects the amount of money it lends per person. This liability amount becomes known as a loan limit. VA does not set a cap on how […]
5 considerations when choosing a VA loan
USAVA is committed to helping active duty military and veterans make the best loan choices possible. Here are 5 considerations to help you navigate the VA Loan process to get the most for your dollar. 1. Documents required The following documents are all required in order to get the approval process started. A veteran should […]
IRRRL option available for veterans
If you already have a VA home loan and are in search of a reduced interest rate, changing the length of your loan or for a fixed rate mortgage, an Interest Rate Reduction Refinance Loan (IRRRL) may be the right fit for you. IRRRLs can be issued by VA-approved lenders like USAVA and are guaranteed by the […]
Rent requirements for the VA
Veterans who have purchased a home using a VA home loan may not rent the home out. However, there is another option for veterans who wish to have investment properties. A VA borrower cannot rent out the property because of the primary occupancy rule. VA loans requires the home to be the primary residence of the borrower(s). In […]
