Why is VA rates lower than conventional? VA loans typically have lower interest rates than regular mortgages, allow for higher interest rates and lower credit scores, and they do not require private mortgage insurance. ... “It takes more work and … [Continue reading] about Do veterans get lower interest rates?
How do you calculate if PMI can be removed? Pay Your Mortgage One way to eliminate the PMI is to take the purchase price of the home and multiply it by 80%. Then pay your mortgage to that amount. So if you pay $250,000 for a house, 80% of that … [Continue reading] about Do you have to pay PMI with an FHA loan?
VA loans are among the few loans that another person can assume. However, you cannot simply transfer a VA loan to someone else. You have to go through a process with the lender for someone else to assume the loan. Can my son assume my VA … [Continue reading] about Can my dad use his VA loan to buy me a house?
Can I get a FHA loan if I don't have 2 years of income? There is no requirement for a minimum or maximum income for an FHA loan. When can you qualify for the FHA again? After release, you must wait three years before you can qualify for another … [Continue reading] about How do I know if I qualify for FHA loan?
Is the VA collecting debts? All debt collection by the VA has been suspended since April 6, 2020, as a result of an executive order from that then President Donald Trump. President Joe Biden extended that suspension until September 30, 2021. ... … [Continue reading] about Do you pay back VA?
What is needed to qualify for a VA loan? You can be eligible for a VA loan by meeting one or more of these requirements: You have served 90 consecutive days of active service during the war, OR.You have served 181 days of active service during … [Continue reading] about What is required for a VA loan?
Dear Sirs: I am writing to request the cancellation of the Private Mortgage Insurance (PMI) policy that accompanies my mortgage. As you know, Federal law allows PMI to be canceled when certain LTV ratios are met by normal mortgage amortization, or … [Continue reading] about How long is mortgage insurance required for FHA?
What would cause an underwriter to deny a VA loan? Application Errors Application errors are the main cause of VA loan rejection. That is why before sending the documents, you need to double check them to ensure their accuracy. Underwriters are … [Continue reading] about Can you be denied for a VA loan?
How do people afford more homes? Here is what they said. Take a look at First-Time Home Buying Mortgage Options. ...Reduce your debt. ...Buy what you can ...Use your pension as a discount. ...Know when to leave. ...Commission Reversal. … [Continue reading] about How much income do I need for a 200k house?
Can I buy a house with no job? Obtaining a home loan can be difficult without a job. However, some lenders may consider your application if you have alternative sources of income such as social security, rent payments, a trust fund, child support, … [Continue reading] about What is the income limit for FHA loan?