Tag: VA home loans

VA Approved Condo Search Buying a condo means low maintenance and care-free living.  Did you know that you can buy a condo with a VA loan?  You can but there is one major requirement.  The condo must be on the Approved Condo List!  Basically the condo project must be “Accepted without conditions” or “HUD Accepted”.  So if the […]

In order to obtain a VA home loan, you will need a VA Certificate of Eligibility. There are several ways to get the VA COE.  First of all, once the loan application is complete, we will see if your Certificate of Eligibility is available online.  We can often receive this answer within a few minutes.  If it is […]

Have you lost your DD214?  Is your DD214 hard to read? One of the most important documents a Veteran should have handy is the DD214.  For instance, to close on a VA home loan, a Veteran must provide the form.  But often the form is misplaced or gets worn out.  Well, there is a website for […]

There are so many reasons families may have to live separately for at least part time.  Military families are used to this because of training, floats, or being called to action.  But even after separating from the service, Veterans may need to live separately from the rest of the family.  Often the reason is for […]

So many Americans believe paying bills on time is all that is needed for an excellent credit score.  Although that is an important factor, there is another factor that is just about as important.  As the title says, you are a number so you may as well have a good one!  Right?  That is why […]

Sound to good to be true?  VA home loans are often the most flexible loan product when it comes to renting a current home to buy another.  These days if someone wants to rent out their current home and then purchase a new primary residence, most mortgage loan products will potentially count 75% of the new rental […]

VA Loan Requirements for a Pest Inspection Don’t let your dream home become a nightmare because of unwanted guests!  VA purchases in NC, SC, and Virginia require a pest inspection by a licensed professional.  A termite report is another name for a pest inspection.  The actual form used in NC & Virginia is a Wood Destroying Insect Report (WDIR).  […]

Abandoned UST Issues Explained UST sounds like a disease, doesn’t it?  Although, it can cause major issues on a purchase.  Therefore if a buyer uses a VA or USDA loan and the property has an abandoned UST, read closely.   Usually, the appraisal or the purchase contract will declare an abandoned tank exists.  If so, […]

Lenders and agencies require that a structural engineer perform a foundation certification. When considering the purchase or refinance of a manufactured home, lenders will require that the foundation meets HUD minimum guidelines when using a VA, FHA, or USDA home loan.  It is important to realize that manufactured homes are different from modular homes.  A […]

Rent Free Options Explained It is very popular these days for people to move back in with parents.  Additionally, many even live with other family members or friends.  Therefore these buyers cannot prove an on-time housing history.  This is called a “rent free” scenario.  A recent blog posted by the National Association of Home Builders […]

What is my BAH Pay Rate in…? Members in the military receive Basic Allowance for Housing (BAH) which is a U.S. based allowance prescribed by geographic duty location, pay grade, and dependency status.  It provides uniformed Service members equitable housing compensation based on housing costs in local civilian housing markets within the United States when government quarters […]

Building a home is a dream for so many, but keep in mind that in many ways there are many more steps compared to buying an existing home.  A construction loan process for stick built and modular homes has a lot moving pieces.  In addition, building a home has so many decision to make as well.  So after […]

Many families prefer to live in a suburban or rural areas.  Buying a home outside the city often means the water source comes from a private or community well.  Veterans, active military, or surviving spouses need to understand how VA looks at a well.  The Veteran’s Administration requires that a property meets minimum property standards.  These standards require that the property […]

Social Security disability income protects individuals no longer able to work at the same prior level.  In the past lenders had difficulty in meeting a mortgage loan approval.  This requirement included proof that the income “should” continue for at least 3 more years from closing.  But now this practice is not allowed as per the […]

One of the most popular questions we hear is what kind of programs are there with 100% financing and the answer has been VA and USDA.  But now, NC Housing Finance Agency has the NC Home Advantage Down Payment Assistance program.  NC first time or move up buyers may finance 100% or more financing when purchasing a primary residence […]

Did you know that a Veteran can purchase a condo as a primary residence at the beach?  VA approved myrtle beach condos are plentiful and offer a great, relaxing lifestyle.  As of today, there are actually 49 approved condominium complexes in Horry County, SC.  Plus this number should grow.  The VA approved condos are spread throughout Myrtle Beach, North Myrtle […]

Not every service member or Veteran has perfect credit or an 800 credit score.  Actually a very small percentage of Americans achieve this score.  Luckily VA loans are reasonably forgiving when it comes to credit scoring.  Therefore this flexibility along with the ability to buy a home with no money down makes VA a great financing option.  […]

Knowing Seller Paid Closing Cost Limits is Important FHA, VA, USDA, and Conventional loans allow seller paid closing costs to a limit and it is important to know the limits Often buyers either want or need to have seller paid closing costs in order to include part or all of their costs into their mortgage.  Seller paid costs can help […]

We see this misunderstanding of condo versus townhome more than any other property types as a lot of listings will call the property a condo/townhome and there is no such thing. Understanding this difference  between a condo and a townhouse is very important for buyers, sellers, and their agents! Condo characteristics: The owner owns only the […]

We Understand a Pastor’s Nontaxable Income You are going to say “Amen, it’s about time someone understands my income!”.  Because our team fully understands how the pastor housing allowance may be counted for mortgage loans.  So whether you are a pastor, priest, or reverend, often you receive nontaxable income. But the problem is that lenders won’t count a large portion of […]

Picture this scenario which happens more than you may think.  A service member is being PSC’d to another duty station and wants to buy another home.  Maybe even the Veteran just wants to buy a bigger house in another neighborhood.  BUT, what if the current home can’t sell and it needs to be rented?  Or the owner just wants to rent out the home for […]