VA Home Loan Help Blog

Congress recently passed a new bill entitled "Hope For Homeowners."  Part of that bill is a new $7500 tax credit for first time homebuyers. 

 

The $7500 is a credit, not a deduction, which means, if eligible, you will receive a check for $7500 as part of your tax refund next year.

 

So does this tax credit really offer "hope for homeonwers?"  The short answer: maybe.

 

The tax credit is a good ...

If you are looking to pull cash out of your home based on your equity, hold on a second.

 

VA limits the loan amount for a cash out refinance to $144,000, regardless of the loan-to-value ratio of your home.  In light of current market conditions with foreclosures on the rise, this is a policy that has helped VA mortgage weather the storm better than other programs as borrowers were not allowed to max out ...

Are you short on cash but want to buy a home?

 

I have already blogged on 100% VA mortgages, but even with 100% financing, you must still deal with closing costs.  Depending on what state you live in, this could amount to 2-4% of the sales price.  So with a short supply of money for closing costs, what do you do?

 

There are two ways to finance closing costs:

 

1.  Gift money.  ...

 

An adjustable mortgage is one in which there is an initial fixed period of 1, 3, or 5 years, and then moves into an adjustable ...

The VA funding fee is an up-front fee that VA charges to guarantee the mortgage against potential defaults.  Unlike other types of mortgages, VA loans do not have any monthly mortgage insurance premium, hence making for a reasonable monthly payment despite a low down payment.

 

The amount of the funding fee is determined by the percentage down payment, the number of times the veteran has used their VA home loan benefits, and whether they ...