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Home Page > Finance > Mortgage > Obtaining FHA, VA, Or HUD Guaranteed Loans For a Manufactured Home and the Foundation Certification

Obtaining FHA, VA, Or HUD Guaranteed Loans For a Manufactured Home and the Foundation Certification

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Very few lenders and/or loan officers are aware of the information I am about to share with you concerning obtaining an FHA, VA, or HUD Guaranteed Loan for a Manufactured Home. In fact, I have mortgage brokers, lenders, loan officers, real estate agents, and even the home owners, calling my office for advice on how to expedite these types of loans for their manufactured home. I’m surprised that many of these professionals don’t know one of the most important components to getting their loan approved. I am not a loan officer, or a mortgage broker, or a real estate agent – I am an engineer.

So why would these professionals be asking an engineer about a critical aspect in getting their FHA/HUD, or VA loan approved for their manufactured home loan? Because for every FHA/HUD, VA, and other HUD guaranteed loans for manufactured homes, an Engineer Foundation Certification is required for each and every manufactured home receiving a federally guaranteed loan. Most lenders are surprised at such a requirement and I end up explaining the process to them during the course of our professional relationship. It’s quite amusing some times.

So what is an Engineer’s Foundation Certification? It is a document from a professional licensed engineer where the home resides, that certifies that the manufactured home rests on a permanent foundation. Not just any permanent foundation, but a permanent foundation complying with the HUD Permanent Foundation Guide for Manufactured Homes (PFGMH – HUD 7584).

Most lenders are not aware of this document, and sad to say, most engineers also. Most engineers are not familiar with the HUD guidelines for a permanent foundation on a manufactured home – so when seeking out an engineer, make sure you get one with plenty of experience. Otherwise, the loan that you’re trying to expedite will get tremendously delayed. And we all know that time is money!

The engineer certifying the home needs to be extremely confident and familiar with the HUD PFGMH code/manual as mentioned above. It is the Manufactured Home Foundation Bible, so to speak. This manual is not an easy read, even for many engineers. The manual is vague and requires a sound understanding of how manufactured homes work, and a fine understanding of building analysis in general. Manufactured homes do not follow the same building codes as in-place stick built homes – this is why most engineers are not familiar with the codes (they simply don’t have the time or want to expend the effort in learning yet another code book.)

If you’re a mortgage lender, loan officer, manufactured home builder, real estate agent, or the like, you need to team up with an engineer that has a reputation of providing clear judgment concerning manufactured home foundations. If you don’t, the delay could be very costly. If you do hire the right engineer who has experience in manufactured home foundations that are HUD compliant, and the keyword here is HUD compliant, then the loan process will be very smooth and expeditious.

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Ed Harrison -
About the Author:

Ed Harrison, PE is a licensed professional engineer in a multitude of states across the country and is the owner of Foundation Certifications. He works with mortgage lenders, loan officers, real estate agents, and private parties across the United States with their manufactured home foundations and loans. He is an expert in the field of FHA/HUD/VA compliant manufactured home foundations. His engineering firm provides not only certifications for HUD compliant manufactured home foundations, but they are also a full service civil and structural engineering design firm. To learn more about Ed Harrison and his company, go to http://www.FoundationCertifications.com

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Ed Harrison, PE is a licensed professional engineer in a multitude of states across the country and is the owner of Foundation Certifications. He works with mortgage lenders, loan officers, real estate agents, and private parties across the United States with their manufactured home foundations and loans. He is an expert in the field of FHA/HUD/VA compliant manufactured home foundations. His engineering firm provides not only certifications for HUD compliant manufactured home foundations, but they are also a full service civil and structural engineering design firm. To learn more about Ed Harrison and his company, go to http://www.FoundationCertifications.com

VA Home Loan Refinance ? What Determines Your VA Home Loan Interest Rates

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Home Page > Finance > Loans > VA Home Loan Refinance – What Determines Your VA Home Loan Interest Rates

VA Home Loan Refinance – What Determines Your VA Home Loan Interest Rates

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To give you a background on VA home loan refinance, it started in 1944 with the Servicement’s Readjustment Act. This is also known as the GI Bill of Rights. The GI Bill was signed by President Franklin D. Roosevelt which provided war veterans with guaranteed homes without down payment. This was specifically designed to give veterans housing and assist their families. This is the dream of most veterans – to have their very own homes.

The VA Home Loan Refinance guarantees that the loans are made by private lenders like mortgage companies, banks, and savings and loans corporations. The guarantee requires the lender to protect the client just in case he fails to repay the loans.

At least with the VA Home Loan Refinancing, one can guarantee the protection of both parties. This is received from the required down payment that has been agreed on – in both favorable financing agreements.

Making the most out of a VA Home Loan Refinance deal is a good idea because it allows you to know more about the loan program that you are getting yourself into. You will also realize that there is less red tape as you make the transaction to your new lender.

You have to remember that all payments you make now with your VA home loan refinance is under the new lender. In doing so, you get to save more money because of the low interest rate and the low monthly payment. Just make sure that the lender you entrust your VA home loan refinance has good credit score.

The use for the VA home loan refinance has been proven quite effective when it comes to the percentages of the guarantee rates. The interest rates really depend on how you were able to meet the requirements for the VA home loan.

For one, you need to have good credit rating. If you do, then you pay lower interest rates compared to someone who has negative credit rating.

Another factor that determines the rates you have to pay on your VA home loan refinance is the state you’re living in. The percentage of what your new lender has to pay depending on the amount you have left on your mortgage vary from one state to the next. Sometimes the standard rates do not apply in a specific state. You have to make sure that the rates you agree on are considered liable in the state that you are in.

The whole point of you going for VA home loan refinance is to save more. Don’t go with the first tempting offer that comes your way. Consider your other options. Check which one you will be able to save more and then go with that.

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Ricky Lim -
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Discover more about how to apply for VA home loan refinance at my site. Learn more about the VA loan requirements.

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Discover more about how to apply for VA home loan refinance at my site. Learn more about the VA loan requirements.

Can I Get A VA Loan And Buy A Car And Home Together?

Published on : 16 March 11
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Troy Mccarthy
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Can I Get A VA Loan And Buy A Car And Home Together?

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Can I Get A VA Loan And Buy A Car And Home Together?

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Many first time home buyers often ask the question “Can I get a home loan and a car loan at the same time?” The answer may surprise you. Yes, you can get both loans. It does however depend on several factors.

If you own property and you have equity, you can use a Government Loan refinance to consolidate or even pay off debts. Most consumer debt (credit cards, auto loans, etc) have much higher interest rates than home loans. This type of home loan is fairly straightforward and can close in less than a month. Among the various types of loans that fall into the Government Loan Refinance category are: VA HLC refinances including; VA Loan Refinances, FHA Loan Refinances, and USDA Loan refinances. Many borrowers will use these types of transactions to include both a car loan and a home loan.

Another option is to cash out equity and use the funds to purchase the car separately. This way the home loan will include the cost of the car. The restriction is that if you do not own property or do own property and lack equity, you may not consolidate debt (include 2 loans into one) with a refinance.

If you are not a property owner, you can purchase personal property (such as a car) while using a VA Loan. They way to achieve this would be to include the personal property in the purchase contract. This can happen even without a down payment (when using VA loans for example). If you choose to make a down payment, you can use an FHA or USDA loan to accomplish this objective.

The restrictions for VA loans are almost the same for all government home loan programs. The rule is that the loan amount can not be more than the appraised value of the property. In other words, an appraiser will be assigned by the government. That appraiser will determine a reasonable value for the home. The value given will be the maximum loan amount you can get without having to put an extra down-payment. In the event that the contract price exeeds this value, the borrower will probably have to make a down payment or forego the personal property (car).

The main problem with this option is that most home owners will not want to sell their car with their home. You can however, legally include the personal property (cars, tv’s, etc) in the sale. The inclusion of personal property is rather common when it comes to commercial real estate transactions as businesses will sell personal property separate from the sale of the land rights. So to answer the question “Can I get a home loan and car loan together?”, maybe. It just depends on your circumstances and loan type.

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Fha Loans Are A Great Option For First-Time Home Buyers!

Published on : 15 March 11
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Fha Loans Are A Great Option For First-Time Home Buyers!

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Fha Loans Are A Great Option For First-Time Home Buyers!

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For a first-time home buyer, the process of buying his or her first home can be complicated and expensive, but it doesn’t have to be! FHA loans have flexible requirements and actually save first-time home buyers large sums of money both upfront and in the long run. These loans offer multiple benefits and are not difficult to qualify for!

Benefits of this Type of Financing

While many home loans can require large down payments, this type of loan has a low down payment requirement. The down payment is usually about 3.5% of the purchase price. Applicants who are just starting out may not have a large sum of money to pay up front, so this loan would be very beneficial to them. New homeowners can use the money they save to pay for the many other expenses associated with buying a new home.

These loans are insured by the Federal Housing Administration (FHA), which makes lenders more likely to offer low interest rates. Interest rates fluctuate daily, but these loans often have lower interest rates when compared to other types of home loans. With a lower interest rate, homeowners save money on their monthly mortgage payments and over time. This leaves more money in their pockets every month for all of their other expenses.

Loan Requirements

This type of financing does have certain requirements for borrowers. An appraisal will be done to determine the home’s value and to ensure that the home is hazard-free and structurally sound. At closing, the borrower must pay an upfront mortgage insurance premium to cover the costs of the loan in case of default. This mortgage insurance premium is usually equal to about 1.75% of the total loan amount. Also, the borrower will have to escrow his or her property taxes and homeowner’s insurance into an account to keep payments up to date.

The FHA does not have strict credit and income requirements. The borrower needs to have gone at least twelve months without any delinquent rent payments and should have a credit score of at least 620. In some cases, a borrower with a credit score lower than 620 can still qualify for a loan, but may have to make a higher down payment. Borrowers must also be financing a home that is considered to be their primary residence, which means they will live there at least six months out of the year.

Now is the Time to Take Action!

Current FHA guidelines are scheduled to change this spring. First, the down payment requirement will be higher for borrowers with credit scores lower than 580. Secondly, the required mortgage insurance premium will increase to 2.25%, which will increase home buyers’ upfront costs. Third, the amount of seller concessions permitted will soon be capped at 3%. These changes are meant to improve the viability of the FHA loan program.

First-time home buyers who apply for a loan and have a purchase contract by April 30, 2010 can also take advantage of the first-time homebuyer tax credit, which can provide up to $8000 in tax credits. This is yet another way for them to save money with their FHA loans. This incentive ends soon, so borrowers who want to use the tax credit should act now!

First-time home buyers who want to enjoy the benefits of an FHA loan, and save money by avoiding the upcoming changes, should contact an FHA loan specialist for more information about how to apply.

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Victoria Belle-Miller -
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Victoria Belle-Miller is the newest member of the FHAMortgageBank.com writing staff. Her background in journalistic writing and ability to evaluate the issues that Americans face in daily life make her a strong addition to the FHA loans team and a valuable source of sound mortgage advice.

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First Time Home Buyer Programs and Mortgage Refinancing Options

Published on : 11 March 11
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Troy Mccarthy
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First Time Home Buyer Programs and Mortgage Refinancing Options

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First Time Home Buyer Programs and Mortgage Refinancing Options

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Several first time home buyer programs exist to help future homeowners obtain home loan financing. Not all programs are available to everyone and each has unique eligibility requirements. In order to determine which home buying programs are available, buyers can conduct research online or consult with a mortgage adviser.

The most common first time home buyer programs include: HUD homes, FHA loans, VA loans, Fannie Mae financing, and Making Home Affordable; a U.S. government program for mortgage refinancing and loan modification.

First time home buyers can also benefit from the Worker, Homeownership and Business Assistance Act, which provides an $8000 tax credit for properties purchased by April 30, 2010. The Recovery Act also extends up to $6500 tax credit to borrowers who have lived in their house for at least five years and want to purchase a higher priced home.

The U.S. Department of Housing and Urban Development (HUD) offers a variety of first time home buyer programs. HUD programs vary by state, but most home buying programs involve purchasing HUD homes at significantly reduced prices.

Individuals who work in teaching and public service professions such as law enforcement, firefighters and emergency responders, might qualify for HUDs ‘Good Neighbor Next Door’ program. Good neighbor home purchase incentives include buying houses at up to 50-percent off realty listing prices.

FHA loans are backed by the Federal Housing Administration and provide financing opportunities for first time home buyers with less than perfect credit. Applicants who have filed bankruptcy or possess inconsistent employment sometimes find it easier to obtain FHA financing.

One major benefit of FHA loans is the low down payment requirement of 3-1/2 percent. Down payment money can come from outside sources such as a gift or loan from family or friends. FHA financing is the only home loan program which allows down payment assistance from an outside source.

VA loans are available to veterans and active duty service personnel. The Department of Veterans Affairs offers no money down financing and guarantees up to 25-percent of home loans; making it easier for veterans to obtain a home loan. First time home buyer incentives and mortgage assistance can be found at va.gov.

Fannie Mae presents first time home buying programs and mortgage refinance options. One of the more popular is the Home Path® program which offers an assortment of homes for sale. Fannie Mae homes are foreclosure and deed in lieu properties sold at reduced prices through approved realtors.

Fannie Mae home buying incentives include flexible mortgage terms, no appraisal fees, low down payment requirement, and home loan financing for individuals with bad credit. First time home buyer and mortgage refinance information can be located at FannieMae.com.

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Author and real estate investor, Simon Volkov, offers a comprehensive real estate article library to help home buyers make informed decisions. Topics range from first time home buyer programs to developing real estate investment portfolios. Buyers, sellers, and real estate investors are encouraged to visit www.SimonVolkov.com to learn more about Simon and the services he offers.

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How Veterans Can Get Va Connecticut Home Loans

Published on : 03 March 11
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How Veterans Can Get Va Connecticut Home Loans

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How Veterans Can Get Va Connecticut Home Loans

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Financing real estate in Connecticut can be much easier if you or your spouse have served in the United States military. VA loans have become a popular option for Veterans to obtain the financing necessary to purchase their first piece of Connecticut real estate.

VA loans are available to current and former members of the United States Armed Forces. The loans are geared towards ex-military servicemen and women as a means to make their movement back into civilian life easier by providing them with assistance in purchasing their own home.

The VA loan program first came to life in 1944 as the Servicemen’s Readjustment Act. If you’re interested in purchasing real estate in Connecticut through a VA loan, you must first get a Certificate of Eligibility through either the lender or the VA directly. There are specific requirements for the length of time and service and the conditions surrounding discharge. The VA has a comprehensive list of their eligibility rules and conditions that can be viewed at http://www.homeloans.va.gov.

VA loans come with several advantages and several potential disadvantages to borrowers. In most cases, the disadvantages do not outweigh the advantages, but, if you’re hitting the Connecticut real estate listings heavy, trying to find that perfect home to settle in, it’s good to first determine whether or not a VA loan is right for you.

ADVANTAGES

• VA loans are available through many lenders and do not require a down payment. The only exception may be if the purchase price is greater than the value of the property or if your credit history shows delinquencies.

• VA loans give Connecticut real estate buyers the opportunity to purchase a home at a negotiable interest rate.

• Lenders are limited in the amount of origination fees, appraisal fees and closing fees they can charge on a VA loan.

• Veterans can save thousands of dollars over the course of several years since VA loans do not require private mortgage insurance.

• VA loans can be owner occupied single family or multi-family homes and are also available for new construction. VA loans typically cover new construction by a builder’s one year warranty or a one year insured protection plan.

• VA loans can close just as quickly as other loans – generally within thirty days.

• Borrowers with no credit history may still be able to obtain a VA loan.

DISADVANTAGES

• All VA loan borrowers, with the exception of disabled veterans, are required to pay a VA funding fee at closing that can range from .5 to 3.3% of the total loan amount. This fee is generally paid in cash or added into the total loan amount.

• The VA has very strict guidelines that appraisers must follow. Necessary repairs to the property can halt closing all together until they are remedied. Since Connecticut is a strong seller’s market, with an overabundance of competitive buyers, some Connecticut real estate agents might suggest that home buyers avoid VA loans, feeling as if other competing buyers have an edge since typical loans don’t have the rigid appraisal guidelines of VA loans.

VA loans are still a terrific option for any Veteran browsing Connecticut real estate listings for their first home. Just be aware of both the advantages and disadvantages!

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John is a contributor to a Connecticut Home Loan, Real Estate Connecticut Website, which has helped hundreds of people gather information about real estate. http://connecticutrealestateadvice.com

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FHA Loans: Making Your Dreams of Home Owning Possible

Published on : 26 February 11
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Troy Mccarthy
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FHA Loans: Making Your Dreams of Home Owning Possible

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FHA Loans: Making Your Dreams of Home Owning Possible

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What can you do if you cannot afford to buy your own home? Then you should start thinking of getting a loan. However, most conventional loans may still become unaffordable, especially if your credit performance is nowhere near excellent. It gets worse when you’re just earning an average income. So what should you do?

If you think your current financial standing isn’t going to bring you closer to your dream, then you should learn more about FHA Loans.

So, what makes this type of loan different from conventional loans?

FHA loans are still provided by different financial institutions. The only difference is that the Federal Housing Administration insures loans made by the qualified borrowers. In case of default in payments, the government will absorb the loss of the lending company.

Aside from that, they are not that strict as to who can qualify for the loan. Even if you have history of bankruptcy or foreclosure, you will still get loans with good rates. To know if you are qualified, check out their conditions below:

You must have a steady or rising income for the past 3 years. Any debts due within those periods must be paid or settled accordingly. You should be capable of making a down payment of at least 3% of the purchase price. You should be able to afford to make payments, which is equivalent to 30% of your monthly income. You must have at least 620 for your credit scores to be approved easily. If in case you have been bankrupt, application should be done 2 years after; provided that you have been responsible in making timely payment from the time of discharge of debts. If in case you have had history of foreclosure, it should be at least 3 years old; provided that you have made timely payments for 3 consecutive years prior to application of loans.

As you can see, there is a huge difference from the conventional loan qualifications. The waiting time for those who have undergone bankruptcy and foreclosure is longer. And low credit scores are acceptable.

In terms of the property, FHA loans have their own qualifications. Before you can purchase the property, it must undergo an FHA appraisal. This is not your conventional appraisal (wherein only the value of the home that is ascertained). The appraisal would involve a thorough inspection to ensure the property is in good condition. Once everything is good, it will receive the stamp of approval from FHA and you will also be allowed to purchase it.

Many people have already discovered the benefits of FHA loans. One need not to worry much about raising their credit scores up before they can get loans. However, this does not mean you can miss payments already. Doing this could forfeit your chances of getting the loan.

This loan also lessens your down payment. 3% percent is very low compared to the usual 20% requirement. Moreover, you do not even have to get a private mortgage insurance if make this kind of payment.

Finally, the great thing that you can get from FHA loans is that you can pay-off your debts whenever you have the money. You do not have to wait for you loan term to end before settling the debt. Plus, you will not be penalized for making the prepayment.

Retrieved from “http://www.articlesbase.com/real-estate-articles/fha-loans-making-your-dreams-of-home-owning-possible-1154375.html”

(ArticlesBase SC #1154375)

Katrina -
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Learn more about real estate by visiting these sites San Diego Community Guide and San Diego real estate blog.

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Considering a VA Home Loan? Read This First!

Published on : 25 February 11
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If you are a first time home buyer, you might be a little confused about the different loans available to you. The following is a breakdown of the top 10 advantages that the VA loan program offers as compared to FHA or conventional financing.

1. No Money Down required.

There is no down payment required for a VA loan. The veteran may choose to put down a down payment. However, the down payment is not a requirement for purchase. Many other loans have a down payment of 3.5% (FHA loans) of the purchase price to 20% of the purchase price for conventional loans. Recently, 100% financing was offered for conventional loans but this caused the housing crisis. As of this writing, the Veterans Administration loan program is the only $0 down, 100% financing loan program available.

2. No Closing Costs Option.

There are many closing costs that are required with other loans. Closing costs include Homeowners Insurance, Title Insurance, Inspection Fees, Escrow Fees, Taxes etc. If the buyer structures a VA home loan offer to purchase the ideal way, the closing costs will be paid for by the seller and not the buyer. On average, the closing costs can exceed 3-5% of the purchase price of the home. This can equal thousands of dollars. If you purchase a home using a conventional loan, you may be required to pay $30,000 or more for closing costs. With a VA Home Loan, you may not have to pay anything!

3. Non allowable closing costs.

Even if the seller refuses to pay for all of the closing costs (or the buyer chooses to pay), the US Department of Veterans Administration will still limit the fees that the buyer can pay. In a conventional purchase transaction, the buyer may be charged for the following: Doc prep (documentation preparation) fees, conveyance fees, escrow and some attorney fees, photo inspection fees, interest rate lock – in fees, postage and other mailing charges, stationery, telephone calls and other overhead, amortization schedules, and membership or entrance fees, escrow fees or charges, notary fees, preparation and assignment of mortgage to other secondary market purchasers, trustee’s fees or charges, loan application or processing fees, fees for preparation of truth-in-lending disclosure statement, fees charges by loan brokers, finders or other third parties, and tax service fees. However, with VA home loans, all of these costs are not allowed.

4. VA certificate of reasonable value.

When purchasing a home using a conventional loan or using cash, you will have to rely upon the appraisal as a means to determine the properties worth. The Veteran Administration will issue a certificate of reasonable value. This certificate is good for up to 6 months. In addition to this, the CRV (Certificate of Reasonable Value) is valid for 6 months and good for any VA transaction, not just the one who wrote the contract.

5. VA home inspection.

During the appraisal, the VA inspector will verify that the property meets all Veterans Administration codes. The property must be in habitable condition. The VA protects the buyer from buying a property that is in bad condition. The VA inspector will examine, the roof, the furnace, the plumbing etc. If the property is not up to the VA code, the Veterans Administration will require that repairs are made to the home at no cost to the VA buyer.

6. Streamline Refinance for lower rates.

If you have purchased a home using the VA program, you can choose to refinance when rates are lowered. The streamline process allows you to refinance without a credit check, without most documentation and without an appraisal (in most cases).

7. No prepayment penalty.

Most conventional loans require a prepayment penalty. This means if you refinance or sell the home, the lender may charge you fees for doing so. In some cases, this can be as much as tens of thousands of dollars.

8. Points Capped.

Most lenders or loan brokers will charge a service fee to originate a loan. These are commonly referred to as points. Loan origination fees can not exceed the limit set by the VA. The VA will not allow a lender to charge you above what they feel is reasonable.

9. Assumability.

All VA loans can be assumed by other veterans. Conventional loans are not assumable. The VA will allow you to sell your property and have the new buyer take over your old loan.

10. Low rates.

The Veterans Administration Home Loans usually have very low interest rates. These low rates are in part set by the Federal Reserve. Many conventional loans have adjustable rates that start out at 3% and may exceed 12%. A fixed rate VA Home Loan will never increase. Your payment will remain the same for as long as you own the loan. Your interest rate is locked for up to 30 years.

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To Apply For VA Loan, call 888-554-6846 or visit => VA Home Loan Centers Philip Georgiades is the Chief Loan Streward for VA Home Loan Centers San Diego.

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Who is eligible for va home loans ?
For a home loan of 20 lakh.,15 yrs and age 45yrs,what should be the premium for insurance cover?Can it be linked with savings schemes also?
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How to Finance Home Equity Loan

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va home loan, va loan, va loan requirements, va home loan info, va loan certificate of eligibility, mortgage va loan, va loan programs, get a va loan, first time home buyer tax credits, gi benefits

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To Apply For VA Loan, call 888-554-6846 or visit => VA Home Loan Centers Philip Georgiades is the Chief Loan Streward for VA Home Loan Centers San Diego.

Home Mortgage FAQ

Published on : 23 February 11
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Anyone know of a reputable mortgage company that finances modular home next to domain as an investment property?
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More Home Mortgage questions please visit : QEOK.com

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What are points on a home mortgage?
Is there ANY help for homeowners with an FHA mortgage that are lucky enough to still have their jobs, not late on payments.. but are completely under water with their home values and just want to refi
I am 62 years old ,retired and a home owner with home owners insurane. Can I apply for a reverse mortgage loan or any other debt consolidation loan

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VA Home Improvement Loan

Published on : 15 February 11
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VA Home Improvement Loan

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Posted: Nov 12, 2010 |

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A VA home improvement loan can be a beneficial aspect for many homeowners who need to make updates or repairs to their home. This is an expensive undertaking and more often than not, a loan will be needed. What are the benefits of utilizing a VA home improvement loan?

Using the equity in your home is the typical way of obtaining a home improvement loan when you are a veteran.

This is especially true if you need to make a home improvement that is going to be expensive, such as a new roof or if you need major updating. Since the loans are guaranteed by the Federal government, lenders are more willing to loan the money you need for the improvements. This is advantageous to the mortgage company as well because many of the improvements made will increase the value of the home.

There are many mortgage loan companies that specialize in VA loans for home improvement. You can also find out more specific information at a government web site when you are looking for the requirements needed for this type of loan.

Another advantage of obtaining a VA home improvement loan is there are no penalties if you pay off the loan early. The loan cannot exceed 90% of the home’s value and there are a few requirements for proof of veteran status and residency, but all in all this is a much simpler process than typical loan seekers experience.

What is the process for obtaining a VA home improvement loan? The first thing that must be done is a VA appraisal. This must be ordered by the VA and the appraiser must be a VA licensed appraiser. A verification of your employment and income will have to be made available as well as income information for a co-borrower if applicable.

As you can see this is basically the same information that you originally had to submit when qualifying for the mortgage loan on the home. Here is what you will need to qualify for the home loan for improving your residence:

The two months that are the most recent pay stubs for borrower or co-borrower
The past two year’s W2s or tax returns for the borrower or co-borrower
A two year history of employment for those borrowing the money – this will include the employer’s address, phone number, the dates worked and the name of the contact person.
If there are other sources of income besides a job, such as child support, settlements, income from rental property, etc.

In addition, if you have assets and any other liabilities that may affect the refinance, they will have to be disclosed to the VA as well. This could include records from accounts such as pension plans, 403b, 401k or an IRA. Naturally they will obtain a credit report to see what shape your credit is in and the feasibility of a VA home improvement loan at this time.

So jump in and start the process! Soon you will have all the improvements made and will sit back in your chair and enjoy your improved home.

Retrieved from “http://www.articlesbase.com/mortgage-articles/va-home-improvement-loan-3658591.html”

(ArticlesBase SC #3658591)

Jeff Ragan -
About the Author:

Jeffrey Ragan has several years of experience helping people reach their goals and wants to help you learn more about VA home loans and other helpful information on their website, First-Time-Home-Buyer-Solutions.com.

]]>

Questions and Answers

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Who is eligible for va home loans ?
Regarding Teacher next door program, do home improvements apply? ( home safety and energy efficient)
Are there any programs for home improvement regarding improving safety and energy efficiency within Teacher next door program?

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Article Tags:
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