Veterans Affairs (VA) home loans have experienced tremendous growth in recent years. The VA expects to guarantee more than 620,000 home loans in 2013, which would be the agency’s most successful year on record. But real estate agents need to know that the VA home loan program is unique. It’s quirky. A failure to understand [...] . . .
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Want to be a hero? If you are a veteran – or looking to do more business with the veteran market, you should know about this program: The Interest Rate Reduction Refinancing Loan program, or IRRL. In a nutshell, it’s just a streamlined, easy-peasey way for people with existing VA mortgages to refinance quickly and cheaply into a new VA mortgage with a lower interest rate. . . .
Read more about Refinancing VA Loans
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Applying for a mortgage is both exciting and terrifying. It can be one of the most stressful processes and is likely the largest purchase a person makes in his entire life. The mortgage application process requires filling out volumes of paperwork and gathering personal documents. Borrowers will need to provide personal information as well as paystubs, tax returns and credit reports. . . .
Read more about Rejection of a Mortgage Application
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Many homeowners decide to use their home’s equity to finance home improvements instead of relying on consumer credit, where interest rates are typically higher. There are different ways to access home equity: through mortgage refinancing, a home equity loan or a home equity line of credit. . . .
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A home energy rating is a score that recognizes the energy efficiency of homes. Lenders use home energy ratings as an objective way of helping more homebuyers qualify for special financing. Ratings can apply to new or old homes and are based on thorough energy audits, during which a professional rater will test the home for airtightness, sufficient insulation, and efficiency of . . .
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While the USDA Rural Development Department offers a direct mortgage loan, they also offer a guaranteed loan, backed by the U.S. government, similar to FHA or VA loans. Originally designed to help rural Americans realize the dream of homeownership, these mortgages can also be used to finance a wide array of properties from single-family homes to multifamily properties and . . .
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It’s been one of the hottest topics in the mortgage industry since it was announced in March, and two months later, HARP 2.0 is still making headlines. And with more than 22.8 percent of all residential properties considered underwater, it’s no surprise that homeowners are anxious to see how HARP 2.0 could turn their negative equity positive. . . .
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Today’s veterans have President Roosevelt to thank for their housing benefits. Signing the GI Bill of Rights into law provided our service members – who fight so hard to maintain the American dream – the chance to actually achieve it themselves: a federally guaranteed home loan with no down payment. . . .
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It’s an incredible time to get a sweet deal on a brand new house, but are there any good loans for new home construction left, and where will you find the best options? Building a dream home on a dream lot overlooking the ocean or with a spectacular mountain view may be everyone’s fantasy, but you had better check out your financing options before you break out the shovel. . . .
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Should you fight to stay in your home or throw in the towel and give it up? This is just one of the many questions faced by millions of homeowners who, for a number of reasons, find themselves with not enough money at the end of the month to pay the mortgage. If you have a mortgage backed by the U.S. Department of Veterans Affairs (VA), . . .
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