VA loan expert Chris Birk brings you the latest news and tips about your VA loan benefit
Despite rising rates, surging home prices and lingering COVID-19 concerns, Veterans are hot on homebuying in 2021 and beyond.
Millennial and Generation Z Veterans helped drive the VA loan program to a record year. See which cities led the way in Veteran homebuying and experienced the biggest year-over-year gains.
The historic VA loan program backed an all-time record 1.2 million loans in Fiscal Year 2020. See which cities led the way in VA loan usage and growth year-over-year.
Like the other government-backed home loans, VA loans are focused on helping borrowers purchase primary residences. The VA loan program isn’t intended to help people build an empire of rental properties or vacation homes.
Going through a foreclosure can devastate your credit score, but it doesn't mean you have to wait years and years, let alone a decade, to buy another home after experiencing a foreclosure.
Getting a home loan from a mortgage lender means you’re interacting in what’s known as the primary mortgage market. Many lenders turn around and sell some or all of their loans and the right to service them to investors in what’s known as the secondary mortgage market.
One of the closing costs VA buyers usually contend with is prepaid interest on their new mortgage. Unlike rent, your mortgage is paid in arrears, meaning each payment covers the previous month you lived in the home, not the current one.
Prospective buyers can look to land a VA home loan using part-time income. But you’ll typically need a solid track record of receiving that income to make it work.
Veterans and service members can look to qualify for a VA home loan using retirement income, which is great news for many homebuyers. You will need to be able to verify this income in order to qualify for the home loan.
Veteran and military homebuyers will need to have a "clear title" before purchasing a home. This means there aren't any liens, legal defects, or property disputes on the house you are trying to buy. This isn't an issue most of the time, but it's important to understand how it can halt your home buying journey.