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Military VA Loan
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MilitaryVALoan.com is a private website that is not affiliated with the U.S. Government, U.S. Armed Forces, or Department of Veteran Affairs. U.S. government agencies have not reviewed this information. This site is not connected with any government agency. Please visit the Official U.S. Government Website for Veteran Benefits for additional resources. MilitaryVALoan.com is owned and operated byFull Beaker, Inc., which is located at 200 112th Ave. NE, Suite 310, in Bellevue, WA 98004. Please Contact our Support if you are suspicious of any fraudulent activities or if you have any questions. Additionally, please read our Privacy Policy for more details about how we use your personal information.

MilitaryVALoan.com is a financial resource portal for active duty military personnel and non-active duty military veterans. We specialize in providing information for veterans who need a mortgage loan.

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51 Posts
The Fed is meeting next week; will it mean even higher mortgage rates?

Another Fed rate hike is coming down the pike

Another month, another Fed meeting. And if early predictions are right, another rate hike, too.

The Federal Open Market Committee (FOMC) is set to meet September 20-21, and with inflation still well above 8%, it’s largely looking like a repeat of the last few gatherings. Remember that the Fed raised rates in its March, May, June and July meetings, with the last two notching 75-basis-point hikes — the largest increases since 1994.

If

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Can You Rent Your House if You Have a VA Loan?

VA loans finance primary residences and not rental properties. So what happens when you get deployed or retire and decide to move? Do you have to sell your VA-financed home so you can buy another one?

No. Borrowers can keep their current home and buy a new home elsewhere. You could even rent out your current home to help pay for your new home.

There will be rules to follow. For example, you’ll need enough remaining entitlement to insure a second VA loan. And your VA funding fee may be higher

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VA Loan Requirements For National Guard Members 2022
As a thank you for their service, the VA guarantees home loans called VA loans. Some home buyers don't know it, but many National Guard and Reserve members are eligible for VA loans. Check your VA home buying eligibility here National Guard requirements for VA loan eligibility There are four separate ways in which a National Guard or Reserve member can qualify for VA loan eligibility. Many members of the National Guard will gain VA eligibility by having at least six years of service in the Selected Reserve and... more
Find the Best Deal When Buying a House [Part 1]
Ed Kunkel, Jr. shares some valuable insights about the first steps a prospective homebuyer can take to ensure the best home price and value. The first step is to determine what type of home and location will be most suitable for the buyer’s needs. If you wait until next year, two years, or longer from now, you will pay more for your home. You can find a wonderful new home with the right interest rate and payment to be close to what you pay in rent. The cost of borrowing money is at an all-time low.
Qualifying for a VA Loan When You’re Retired

You’re a veteran who decided to retire. Now you can enjoy the time off and move wherever you’d like.

However, you don’t have the same type of income, and you’re worried you might not be qualified to buy a house.

Retirees are not only eligible to purchase homes, but they get some additional benefits they didn’t have when they were still employed. They might not be able to afford a home quite as large as they could before retiring, but there are still plenty of homes that are affordable

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Rocket Mortgage Lender Review | 2022
The bottom line 4.5/5 stars Rocket Mortgage is one of America's largest mortgage lenders and servicers. Pros & cons of Rocket Mortgage Rocket Mortgage and its parent company Quicken Loans have revolutionized the mortgage lending process by providing borrowers with a state-of-the-art streamlined process for purchasing and refinancing homes. Buying a house with Rocket Mortgage Rocket offers mortgages for primary residences, second homes and investment properties. Rocket Mortgage's home buying mortgage products... more
New American Funding Lender Review | 2022

MilitaryVALoan.com may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.

The bottom line

4/5 stars

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loanDepot Lender Review | 2022
Once signed loan documents are returned to loanDepot, a loan will typically be funded within 2-to-3 days. Whether borrowing for the purchase of a home or refinancing an existing mortgage loan, loanDepot's tools for borrowers are designed to assist loan applicants from the point of application through closing. LoanDepot does not offer VA construction loans or VA loans for manufactured homes. Jumbo loans: For buyers seeking to borrow more than the amount permitted for conventional loans. For VA homeowners, loanDepot... more
Quicken Loans Lender Review | 2022
Pros & cons of Quicken Loans Serving their clients for more than 35 years, Quicken Loans has revolutionized the mortgage lending process by providing a technology-driven, streamlined process for purchasing a home or refinancing a home loan. Interest rates, points, and fees are already incorporated into Quicken's options whether you are seeking a loan to purchase a home or to refinance an existing mortgage loan. Buying a home with Quicken Whether buying a primary residence, second home, or investment property,... more
SunTrust Lender Review | 2022
Pros & cons of SunTrust SunTrust mortgage applicants have access to a variety of online resources and a team of mortgage experts to help them select the best loan. SunTrust offers several unique mortgage programs including a Doctor Loan Program for doctors and dentists and Premier Loans for high-income households seeking mortgages of up to $3 million. Approved loan applicants can then select from a variety of interest rates, points, and fees to find the loan structure best suited to their needs. SunTrust offers... more
Wells Fargo Lender Review | 2022

The bottom line

4/5 stars

4 stars

Wells Fargo is one of the nation’s largest mortgage lenders, with branch offices throughout the United States. Its mortgage experts are available by phone and online. The bank offers a wide range of VA loan programs and provides personalized support to match borrowers with the right home loans.

Consumers

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Veterans United Lender Review | 2022

MilitaryVALoan.com may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.

The bottom line

4.5/5 stars

4.5 stars

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Can You Buy A Boat With A VA Loan?

One dream a lot of people share is to someday own a boat. Boats can be used for both living and recreation, and plenty of boat owners are happy with their purchase.

The biggest downside to purchasing a boat is the cost associated; aside from any fees you need for upkeep and storage, boats can cost a lot of money upfront. The total cost of the boat only increases as the boat gets larger as nicer.

It isn’t uncommon for people to secure financing to help afford a boat. Financing can be a safer

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nbkc Lender Review | 2022

MilitaryVALoan.com may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.

The bottom line

4.5/5 stars

4.5 stars

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Can You Finance More Than 100% Of Your Home's Value?

When most people buy homes, they have to use financing — or a mortgage — to afford it. Traditionally, a 20 percent downpayment has been required in able to qualify to buy a home, meaning 80 percent of the home is financed.

However, these days, plenty of loan programs allow home buyers to purchase a home with as little as three percent down, leaving 97 percent of the home financed through a mortgage. Other programs, like the VA loan, go even further — home buyers can finance 100 percent of the

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How Long Does A VA Loan Take To Close?
Why does a VA loan take longer, and is there a way to speed up the process? Here are some of the factors that could speed up - or slow down - your VA home buying experience. Getting preapproved The first thing any home buyer should do is get prequalified and preapproved. You should have a good idea of what your price range is after you get prequalified, and, if you shop well, you can have a decent list of possible homes ready by the time you get preapproved. You may even have a home in mind before you begin... more
Citi Mortgage Bank Lender Review | 2022
The bottom line Citi Mortgage is one of the nation's largest mortgage lenders, with a commitment to excellent customer service. Citi Mortgage overview Citi Mortgage is the residential lending division of Citigroup, the third largest bank in the United States. Pros & cons of Citi Mortgage Citi Mortgage has an online platform designed to simplify the borrowing process. Buying a home with Citi Mortgage Citi Mortgage offers fixed-rate and adjustable-rate loans with financing options for primary residences, second... more
Common VA Loan Questions Answered

Plenty of eligible homebuyers don’t know what the VA loan is, which is unfortunate because this is one of the best home loan products available.

A lender who specializes in VA loans will be able to help you evaluate how a VA loan fits your specific situation, but here we’ve tackled the most common VA loan questions and answers.

Who is eligible for VA loans?

Most veterans and active duty service members are eligible. However, all veterans, active-duty service members and National

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Buying a Home With a VA Loan | Benefits & Requirements 2022
VA Home Loan Program Offers Valuable Benefits VA loans are backed by the U.S. Department of Veterans Affairs and offer considerable benefits for eligible borrowers. Some of the most valuable aspects of the VA home loan benefit include: Low or zero down payment Competitively low mortgage interest rates ​No private mortgage insurance 12 Steps To Buy a Home With a VA Loan 1. VA Loan Eligibility Requirements & Your Certificate of Eligibility Your mortgage lender can help you request your Certificate of Eligibility,... more
What is a good debt-to-income ratio for a VA loan?
What is DTI? DTI stands for debt-to-income ratio - a calculation of your monthly debts compared to your monthly income. Typically, a VA lender can allow for a higher DTI ratio if you have enough residual income or your DTI is high due to tax-free income. How DTI ratios are calculated for a VA loan Since VA lenders use your back-end debt-to-income ratio, the first step to calculating your DTI is to add up all your monthly debt payments. DTI ratio & residual income All VA loans require a certain amount of residual... more
15-Year vs. 30-Year VA Mortgage | Rates & Guidelines 2021
The classic 30-year mortgage is the most popular - and most affordable - mortgage in America. 30-year loans come with lower monthly payments The benefits and drawbacks of any home loan depend on the borrower's financial situation, but in general, the main advantage of the 30-year mortgage is lower monthly payments. Most homeowners don't want to be "House rich and cash poor." Choosing "The best" mortgage: 15 vs 30 year Who's best suited for a shorter-term mortgage? In my experience, it's someone who's made regular... more
Military Home Loans for Service Members & Veterans | 2022

You’ve served your country, and as a token of appreciation, there is a home loan for active-duty service members and Veterans. Military home loans are also known as VA home loans, VA mortgages, military housing loans, or military mortgages.

All of these terms refer to a special program that allows eligible military members and retirees to buy a home with zero down payment.

These loans are issued by private lenders or mortgage companies and guaranteed by the Department of Veterans Affairs.

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Choosing to Pay VA Mortgage Points for a Better Rate
What are VA loan points? Buying a VA loan point - also known as a discount point or just a "Point" - means you're paying cash up front to lower the interest rate on your new home loan. Are VA loan points worth it? This is the key question when you're thinking about buying VA loan points: Are the discount points worth the upfront money? To answer that question, you'd need to know the future. How to calculate your own VA loan point savings Examples like the ones above can help you understand how VA loan points... more
Joint VA Loan | Requirements 2022

VA loans are backed by the U.S. Department of Veterans Affairs. Borrowers who are eligible for a VA loan may be eligible for a joint VA loan.

To apply for a joint VA loan, at least one of the applicants must meet the military service obligations or be an unmarried widow or widower of a qualifying military member.

Let’s take a closer look at what a joint VA loan is and what to consider before applying.

Check your eligibility for a joint VA loan. Start here (Jul 11th, 2022)

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Down Payment for a VA Loan | 2022 Requirements

For qualifying veterans and active-duty service members, the VA loan can be a great deal.

One of the most significant benefits of a VA loan is the zero down payment requirement. Still, some VA borrowers choose to make down payments.

Let’s explore the requirements and practicalities of making a down payment for a VA loan.

See if you’re eligible for a VA home loan. Start here (Jul 11th, 2022)

What is a VA loan?

VA loans are backed by the U.S. Department

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Mortgage Raised Poised for More Jumps as Federal Reserve Meets
In the weeks following the May 3-4 meeting, the average rate on 30-year fixed-rate loans has jumped from 5.10% to 5.30% and back down to 5.09% again. Back in January, the average 30-year mortgage rate was barely over 3%. Now, two rate hikes later, it's nearly 200 basis points higher. We're yet again on the cusp of another Fed meeting and, by the looks of it, another rate hike as well. Will mortgage rates follow? The Fed's benchmark rate isn't directly tied to mortgage rates, but it does have an impact. In the... more
VA Appraisal Checklist & Guidelines 2022
The Department of Veterans Affairs is backing the home, so they want to make sure the condition of the home is good before they approve any type of mortgage loan. VA Appraisal Checklist Here are some of the general items a VA appraisal will consider when determining the value of the property: How to Prepare for Your VA Home Appraisal Get connected with a real estate agent Whether you're getting a VA loan or refinance, find a real estate agent with VA experience. Check your home If you're going for a VA refinance,... more
VA Eligible Properties | Using a VA Loan for a Second Home
How remaining entitlement limits your second home budget While first-time VA loan borrowers don't have VA loan limits to worry about, these loan limits could affect your second home purchase. A VA mortgage lender may have to limit your second loan amount based on your area's conforming loan limits and the size of your original VA loan. Does the VA do vacation home loans? The VA insures loans only for primary residences and not investment properties or vacation homes. Depending on your area's conforming loan... more
Can I Get A Second VA Loan? | How To Use Your Entitlement
There are many myths and rumors surrounding VA loans, some of which deal with your eligibility for the program after you've already had a VA loan. You've paid off your previous VA loan If you have used a VA loan in the past and you've paid off your entire mortgage, then you should have no trouble getting another VA loan. What is a VA loan entitlement? A VA loan entitlement indicates the amount that the Department of Veterans Affairs is willing to guarantee on each home loan. In order to gain access to a full... more
VA Home Loan Credit Score | Requirements 2022
It's often best to know your credit score and address any issues on your credit report before reaching out to lenders. How do credit scores affect VA loans? One of the biggest impacts your credit score has on your home loan is determining what mortgage rate you'll get. If you're almost there, say, a credit score of 580, then it's probably worthwhile to work on your credit and raise your score. Getting a VA loan with poor credit VA homebuyers with a credit score below 620 should work with a lender to find out... more
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