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Your VA loan statement of service letter is vital to starting the VA loan process if you are an active service member, a reservist or a member of the National Guard. It is literally one of the first documents you need to put together, and it’s not always easy. It can take some work on your part and the availability of your commanding officer to get this thing done. Fortunately, there are some shortcuts.

Read More “VA Loan Statement of Service Letter | Supplemental Requirement for Active-Duty, Reserves, National Guard”

If you’re looking at an FHA vs VA loan and it is something you’re investigating, one of these two things must be true. Either you are, or were, in the military and may be eligible for the VA loan. Otherwise, the VA loan isn’t an option for you. So let’s proceed assuming you are eligible for a VA loan based on your military service, and you are wondering if you should also be looking at the FHA loan.

Read More “FHA vs VA Loan | Pros and Cons Plus Savings Opportunity”

The VA loan PMI benefit is one of the money-saving advantages of working with the VA loan system on your mortgage. PMI is private mortgage insurance, and new home buyers often need to pay this on a monthly basis. With the VA, you don’t. It might not look like much at first compared to the “no down payment” part of the VA’s benefit, but it can add up to thousands of dollars in savings over the life of your loan.

Read More “VA Loan PMI | Do VA Loans Require Mortgage Insurance?”

The simple answer to “are there VA loan down payment requirements?” is no. But as is often the case in life, the simple answer isn’t always the right one…or the best one. Sometimes you might want to pay the down payment, and sometimes you must make a down payment, when going through the VA loan guarantee program. There are also a couple of reasons where you could make a down payment on your VA mortgage that don’t make any sense. Let’s sort these options out.

Read More “VA Loan Down Payment Requirements | Do You Need to Pay One?”