The VA Cash Out loan is a powerful tool for people to tap into the equity in their home. But what does it take to qualify? Here are some of the basic qualification and eligibility guidelines.
Income
The VA cash out borrower can expect to provide the VA lender evidence of current employment with sufficient income to qualify for the VA home loan and existing monthly obligations. This requires the borrower to provide copies of two most recent paycheck stubs covering a 30 day period along with the previous two year’s W2 forms and in many cases, copies of the last two federal income tax returns. Read the rest of this entry »
The VA home loan benefit allows qualified borrowers to purchase and finance a primary residence with no money down and reduced closing cost. In addition, when interest rates fall or a VA borrower wishes to refinance out of an adjustable rate mortgage into a more stable fixed rate, the VA program offers special programs designed to refinance an existing VA loan using a low documentation loan process called a VA streamline refinance.
Another type of VA refinance is the VA cash out refinance loan. A VA cash out refinance allows an existing VA borrower to withdraw equity from the property in the form of cash during the refinance process. The VA cash out loan is also used to refinance an existing, non-VA loan into a VA mortgage and both types of cash out refinancing programs have their own unique advantages. Read the rest of this entry »
You have scrimped and saved and finally purchased your new home. You may have bought new furnishings, appliances and redecorated. But there is one more thing you need to do and that is to perform home safety inspections on a regular basis. These inspections are designed to ensure the safety of your family and visitors. It’s separate from the building inspection that may have been done before you purchased your home.
Inspections should be performed twice a year and minor inspections throughout the year. Schedule the more thorough inspections in the spring and fall. A professional can be hired if you are not comfortable doing it yourself.
Gutters, Downspouts and Roof. These need to be cleaned and inspected for damage. Parts may need replacements or repaired. Check the roof for signs of moss or mold or overhanging branches. Read the rest of this entry »
Your house is likely to be the biggest purchase you make in your life. It’s an emotional process, as well as expensive, and you need an expert who can guide you through the whole thing to ensure that you get the right house at the right price. You need an expert real estate agent who can make the process less stressful.
But choosing a real estate agent who can truly help you is a more difficult process than you might expect: there are plenty of real estate agents in every city, but not all of them will understand your needs and help you find the right home. Read the rest of this entry »
Mortgage rates took a severe beating earlier this week. On Tuesday, May 28th 2013, 30 year mortgage rates rose about .25 – .375% in one day.
According to Mortgage News Daily, rates ended up Tuesday between 4.0% and 4.125% (between 4.122 and 4.258% APR), up from 3.75% (3.82 APR) on the Friday before.
When compared to the May 1st average rate of 3.38% (3.5 APR), rates are drastically higher, and May could be described as just plain brutal to mortgage interest rates. Read the rest of this entry »
