Tag: VA home loans

Mortgage Approval Credit Requirements Step by Step Picture this scenario:  A happy couple or individual has never purchased a home and would love to be homeowners in the future, BUT doesn’t know the mortgage approval credit requirements.  In addition the future homeowner may have other common roadblocks such as… *  There is not a lot of credit […]

A recent VA purchase closing had 2 characteristics of a VA loan that most do not know.  First is using a VA bonus entitlement.  This allows a qualifying veteran to have 2 VA loans at once.  It is also called 2nd Tier Entitlement, which gives the veteran the ability to use over the basic $36,000 entitlement.  Next is […]

Providing the most helpful tips for buyers, realtors, homeowners, and the public in general is the main purpose of our blogs.  They are written about real world mortgage loan scenarios and we hope that these blogs provide education to our readers. Best of the Best Blogs: New 100% products with higher down payment assistance with zero […]

BAH is an important part of the military’s pay and will vary throughout the country.  For 2017, BAH rates increased by 2.4% compared to 2016.  BAH is meant to help military personnel offset housing expenses.  Besides geographic location, influences of BAH include a marine’s rank and if there are dependents or not.  Also a big advantage of […]

BAH is an important part of the military’s pay and will vary throughout the country.  BAH is meant to help military personnel offset housing expenses and it is nontaxable as well so it is not reported on a tax return.  If you are relocating to Fort Bragg or Pope Air Force Base, here are your BAH […]

When it comes to buying or refinancing a home, lenders figure the borrowers’ debt to income ratio.  In calculating the total income, there are two main categories.  Foremost, there is taxable income which covers most types.  Examples of taxable income include w2, most retirement pay, or self employment.  Additionally, there is non taxable income, which is exempt from […]

Purchase Mortgage Checklist Providing complete and accurate information to your mortgage lender up-front is paramount.  Using this mortgage checklist will help in the following ways. on-time closing Accurate pre-approval Quicker underwriting times More confidence in purchasing a home This mortgage checklist includes common items necessary to process your mortgage loan.  Although keep in mind that […]

Sellars Cove Condos, VA and USDA Financing Approved Sellars Cove Condos, which are located at Condo Club Drive, Wilmington, NC 28412, are currently approved for VA & USDA financing.  Many are not aware that many condos are more difficult to finance than regular homes.  Though, our team  has experience with lending for Sellars Cove Condos for VA & USDA loans.  Sellars […]

NC Property Tax Discounts Explained North Carolina provides qualifying residents three great cost saving programs.  This article will explain NC Property Tax Discounts program benefits and requirements thoroughly.  In addition to showing you how to save money on property taxes, contact us to discover the best mortgage.  Mortgage loans available to retirees and disabled include VA, USDA, FHA, NC Housing Down Payment […]

VA Jumbo Loans by Your Local VA Lender Most counties throughout North Carolina, South Carolina, and Virginia, service members and veterans can purchase a primary residence with 100% financing through VA for purchases up to $424,100 ($625,000 in VA’s “high cost areas”).  See VA high cost counties in Virginia & North Carolina here which allow […]

Buying a home in rural areas often means looking at homes on private roads.  Once you get into the country, there are right many dirt and gravel roads.  Typically these roads are considered private roads when they are not state owned or maintained.  When purchasing or refinancing a home on a private road, lenders require […]

Veterans and service members have access to unbeatable financing called a VA loan.  Where VA eligible buyers run into problem sometimes is building a new home.  Finding VA construction loans is very difficult today and most lenders require 20% down payment or more.  So what if you could have a construction loan and combine it […]

Just in our office we see so many different mortgage scenarios and we have always taken pride in knowing a large array of mortgage products.  We don’t just take the cookie cutter loans.  We tackle the difficult situations for the good of our client and we make sure that the product our borrowers choose is […]

For a long time, VA loans have probably been the best tool for buying, building, or refinancing a home. Fortunately, current military, Veterans, and qualifying surviving spouses have this benefit. But, there is a major change beginning January 1, 2020! VA eligible borrowers may now finance a no money down purchase with no loan limit! […]

VA will finance 100% of a purchase price for a primary residence and two common misconceptions of VA loans are that: 1) There are NO closing costs on a VA loan  (we heard this one again today) and… 2) Closing costs are automatically financed into the VA loan… These are both INCORRECT. There are closing costs on […]

The most common need we see among buyers these days is a great low or no down payment mortgage solution.  There is a little known affordable payment, low to no down payment option available with us through the NC Housing Finance Agency (NCHFA).  Earlier in 2014, NC Housing Finance Agency unveiled the NC Home Advantage product which […]

Coastal NC VA Loans – Jacksonville, Hampstead, & Wilmington Living at the beach, on the waterway, or in coastal neighborhoods is a reality with a VA home loan.  Many of our VA home mortgages are concentrated in wonderful coastal areas.  First of all, Jacksonville, NC is home to the Camp Lejeune Marine Base and the New River Air Station.  Then, historic […]

Bonus Entitlement for ARMY | NAVY | AIR FORCE | MARINES | COAST GUARD | NATIONAL GUARD | RESERVES | SURVIVING SPOUSE Yes, it is possible to have a VA loan on one property and use another VA loan to purchase a new primary residence.  It seems that many active military, Veterans, Realtors, and mortgage lenders are […]

Appraisal Requirements & Tips Too often borrowers incur extra costs and have delays in the mortgage process because of preventable issues on the appraisal.  Knowledge and preparation of appraisal requirements will help avoid many problems on the purchase or sale of a property.  It even helps on a refinance as the same guidelines apply.  Government loans […]

Maximum Seller Paid Costs By Program Type  Buyers and Realtors, before agreeing to a sales price, know if you need or want seller paid closing costs.  In addition, one should know the following about maximum seller paid costs: How much is needed for best approval? What is most beneficial? What are the program seller paid limits?  FHA Maximum Seller […]

Student loans play a big role in people’s finances nowadays.  It is certainly true with mortgage loan approvals as well. CNN Money reported in an article that the average student loan debt for the class of 2012 is $29,400! Read the article here.  Student loan payments are typically included in calculating a borrower’s debt to income ratio.  […]