If you have had a VA loan in the past, you might have some “remaining entitlement” which can be used to obtain another VA loan. At the present time, eligible veterans have an amount of entitlement equal to $36,000. This amount has increase gradually over time. Veterans who purchased a home when the entitlement amount was less can use what was left of their entitlement then and add it to the difference based upon the current level. This would allow you to have a adequate entitlement to get VA loan financing. Also, bear in mind that if you want to obtain a loan of $144,000 or more, you can access a maximum amount of entitlement equal to $50,750.

In addition, most lenders will require that a combination of the guaranty entitlement and any cash down payment must equal 25% of the reasonable value or the sales price of the property, whichever may be less.

Use Your Remaining Entitlement To Get A Second VA Loan is a post from: Establish Your Mortgage

Even though VA home loans have many advantages over standard mortgage loans, such as no requirements regarding down payments, no PMI premiums to pay, savings on interest and not paying closing, there are some disadvantages. Generally, with VA home loans, you will encounter many of the same negative aspects that you would with a traditional loan.

One point made by many is that VA mortgages can take a protracted period to process. A serious hindrance for most vets is simply trying to find a seller that will deal with VA mortgage terms due to this idea of long waits on loan processing. In other words, it may be difficult to find a house.

A further disadvantage of VA loans has to do with benefits mentioned earlier. Since you are not allowed to pay the closing costs, the seller must assume responsibility. This could mean that the veteran will have to take a non-negotiable asking price for the house.

A Few Hindrances To Obtaining A VA Home Loan is a post from: Establish Your Mortgage

Do you want to choose the right type of VA mortgage? Well, the best way to do this is to look at your own lifestyle and personal situation. These factors may be helpful in determining the right sort of VA loan for you.

Take a look at three types of VA mortgage loans and decide which one meshes with your circumstances the best.

A fixed rate loan. Of course, these are the kind of loans that have stable interest rates that will not change over time. They are the best choice for people who are intending to remain in their residence for a extended period. They may also prefer a set payment since it will better suit their budgetary and monetary constraints.

An adjustable rate loan. With these loans, the interest rate starts out at a fixed number for certain period. Afterwards, when the period expires, the rate amount will fluctuate with the changes in the market. This is the preferred option for those who don’t plan to stay in their home for much longer than the fixed period. The reason for this is that adjustable rates will start out at lower levels than fixed rate loans, which saves the borrower money.

Interest only loans. You can get lower payments at the start of your loan term while paying larger ones later in the term. This is used by people who believe they will have sufficient future income to pay the higher rates.

Choosing The Right Type Of VA Mortgage is a post from: Establish Your Mortgage

When you are looking at the prospect of securing a VA-guaranteed loan, it may be helpful for you to break down this process into four distinct steps. Each one represents a different point in your progress along with necessary elements that carry you forward to the next step.

First, you need a contract to purchase. At this point, the veteran should find a home and discuss the purchase of the property with the seller or associated agent. Then he will sign the purchase contract once a VA loan has been approved.

Second, you should fill out a loan application. The borrower must choose a lender, present a Certificate of Eligibility, and fill out a loan application. Then the lender will process the credit information and contact the VA about assigning an appraiser to find out the reasonable value of the home.

Third, a decision must be made about the loan. Once a value has been accepted by everyone involved, the lender qualifies the borrower and the loan can be approved. It is the lender’s responsibility to make this decision.

Fourth, the loan is closed. Now, the veteran can deal with the closing of the loan. At this point, the mortgage and not should be signed, as well as any other finalizing paperwork. All of the terms and conditions of the loan including payment schedule will be outlined by the lender or closing attorney.

Four Steps To Achieving A VA-Guaranteed Loan is a post from: Establish Your Mortgage

What are some more exact requirements for eligibility for those veterans who are interested in obtaining home financing assistance from the Veterans Administration? Briefly, a veteran is eligible for VA home loan benefits if he or she served on active duty in any of the following branches of the armed forces: Army, Navy, Air Force, Marine Corps, or Coast Guard. Furthermore, you must also have been discharged under any conditions other than dishonorable after a certain time period.

These time periods are based upon whether you served during wartime or peacetime. For those veterans who served during wartime, the timeframe for eligibility is 90 days or more. If the veteran served during peacetime, the amount of days for eligibility is 181 continuous days or more.

Specific periods of wartime and peacetime that are covered under the provision of the VA’s General Rule for Eligibility, include the following periods of time:

Wartime – World War II: 9/16/40-7/25/47; Korean conflict: 6/27/50-1/31/55; Vietnam era: 8/5/64-5/7/75; Persian Gulf War: 8/2/90 undetermined

Peacetime – Post-World War II period: 7/26/47-6/26/50; Post-Korean period
2/1/55-8/4/64; Post-Vietnam period: 5/8/75-8/1/90

Wartime And Peacetime Eligibility Differences For VA Loans is a post from: Establish Your Mortgage

If you are veteran who wants to secure a home loan using the VA home loan program, you should be aware of some specific market restrictions that exist for these types of loans when compared to standard forms of home mortgages.

First, A VA mortgage does not include what are called “no document” or “no income verification” loans. The VA does also does not guarantee interest-only loans or home equity lines of credit. Another restriction that makes VA home loans different from the more standard loan fare is the fact that you do not have cash back options.

At the same time, VA loans do offer a form of cash-out refinancing. With this type of loan, the veteran is authorized to borrow up to 90 percent of the total value of their home. To compensate for the lack of availability for home equity lines of credit or HELOCs, you can obtain home equity loans through the VA home loan program. The borrower may actually obtain a full 100 percent of their home’s equity if they wish to do so.

What Are Some Lending Restrictions On VA Loans is a post from: Establish Your Mortgage

There are really a number of excellent benefits associated with VA loans. If you have considered applying for one, you might want to read a few pertinent facts about these specialized loans that are available for more than 30 million military veterans and other armed service personnel.

Certainly, at the top of anyone’s list is the fact that VA loans do not typically require that the borrower place a down payment. This is major boon to many vets who do not otherwise have the resources to purchase a home. This benefit is shortly followed by another one: in most cases, those applying for VA loans have to option of negotiating the level of interest rate they will have to pay. The vet will not have to come up extensive amounts for closing costs since limitations are imposed. You do not have to purchase private mortgage insurance or pay the extra premium costs.

These are just some of the serious money-saving benefits of applying for a Veteran’s Administration Loan.

Have You Considered The Benefits Of Veteran’s Administration Loans is a post from: Establish Your Mortgage

For the many veterans who take advantage of the financing resources of the VA to obtain home loans, it is often overlooked how amazing the existence of such an organization is in the history of the world. The Veterans Administration or the Department of Veterans Affairs is the outgrown of nearly four centuries of military veterans assistance programs in America.

From the time of the Pilgrims at Plymouth, onward to the fledgling United States, and on to the conflict of the Civil War, efforts have been taken to provide for the medical and financial assistance of disabled veterans. Everything from pension plans to state-ran veteran hospitals were developed during the 17th, 18th, 19th, and 20th centuries.

The Veterans Administration was established in 1930 and continued to expand throughout the 20th century. In time, home lending assistance became a recognized part of the VA broad system of veteran’s benefit programs. The VA offers one of the most complete systems of its kind in the world.

Interesting Historical Highlights Of The Veterans Administration is a post from: Establish Your Mortgage

If you are wondering if you are eligible for a VA loan, you will have to examine your own service record for the conditions required by current VA policies. Typically, all veterans who served on active duty and who were discharged in any way or under any circumstances other than dishonorable are eligible for VA loan benefits. This guideline includes those who served in all conflicts since World War II.

There are different timeframes of service that are taken into account including 2 years, 181 days, and 90 days. Of course, all of these will depend upon the specific conditions of the veteran’s service like whether one served during peacetime, war, regular active duty, or special active duty for training, etc.
Selected Service and National Guard members who served six years of regular duty are eligible for VA loan benefits.

In some cases, unmarried spouses of veterans who died while in service or as a result of disabilities acquired during services, or if the serviceperson is MIA or a prisoner of war can receive VA loan assistance.

Do You Know If You’re Eligible For A VA Loan? is a post from: Establish Your Mortgage

So many people want to live in Florida. They clamor down there for many reasons. They like the weather for one. Who can beat that warm weather all year round? They also like the proximity to great beaches. Since Florida is a peninsula, almost everyone in the state is within an hour of a great beach on either the Atlantic Ocean or the Gulf of Mexico. Since Florida is so popular to live in, the mortgage broker business is booming. If you live in Florida and are thinking of changing your profession, being a mortgage broker is a good choice. To do so, all you need to do is handle the Florida mortgage broker licensing.

That’s right, mortgage brokers need a license. You cannot legally work as a broker without one. Luckily, it’s not too hard to achieve Florida mortgage broker licensing. You just need to know the basics. First of all, there are certain requirements to getting one. You don’t need to have an office, any experience, or a net worth. These things arent important in the Florida mortgage broker licensing process. Instead, the only real requirements are that you take the classes and pay the fees.

The classes are really the most important part of the licensing process. This is where you learn all that you’ll need to know in order to run a successful mortgage broker business. In order to get a license, you need to attend twenty four hours of these classes. This is the most important aspect of the Florida mortgage broker licensing experience.

Once you’ve taken the classes, you can now take the licensing exam. This will ask you questions related to what you learned. It will make sure that you know what you need to know in order to run your business successfully. If you pass this exam, then you achieve getting your license. If you don’t pass, you won’t get your license and you won’t be able to do your new career. Don’t worry, though. You can always take the test again.

Florida mortgage broker licensing isn’t free. In reality, it all costs money. You need to pay for the classes, the final exam, and the license itself. If you are going to business for yourself, this will cost more than $900. If you are going to work for a mortgage company, it will cost more than $1,350. Although this is very expensive, it is well worth the money. Mortgage brokers make a very good living if they are good, know how to advertise, and work well with people.

Florida Mortgage Broker Licensing: The Process is a post from: Establish Your Mortgage