HomePromise

Buying a Home With A VA Loan In a High-Interest Rate Environment

Are you considering buying a home in a high-interest-rate environment? Don’t worry, because in this post we will explore the benefits of purchasing a home when rates are high. Believe it or not, there are some benefits to buying a home when interest rates are higher than normal.

A high-interest rate environment can actually have several advantages that benefit you. Before making this important decision, there are several factors you should consider. These factors include lower home prices, less competition, and the opportunity to refinance in the future.

If you are a veteran or currently serving in the military, you can benefit from an IRRRL. An IRRRL is a loan supported by the Department of Veterans Affairs. It reduces your interest rate when refinancing.

https://www.homepromise.com/lending-news/buying-a-home-with-a-va-loan-in-a-high-interest-rate-environment/

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Why VA Loans Require No Down Payment

VA loans require no down payments for home loans because the US Department of Veterans Affairs guarantees part of the loan. VA mortgage lenders can lend to veterans without a big down payment because of this guarantee.

The VA guarantee is a form of mortgage insurance that safeguards the lender if the veteran fails to repay the loan. It is different from Private Mortgage Insurance (PMI). The VA guarantee covers up to 25% of the loan amount. VA lenders, such as HomePromise, can assist veterans with financing options that simplify the process of becoming homeowners.

Call a HomePromise VA loan expert at 800-720-0250 today to see if you qualify.

The VA Loan Program

In 1944, near the end of World War II, the government created the VA Home Loan Program. It has been instrumental in assisting veterans and active duty service members in achieving the American dream of homeownership. This program helps veterans transition to civilian life by offering them favorable mortgage terms and flexible guidelines.

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Full article here:https://www.homepromise.com/lending-news/why-va-loans-require-no-down-payment/

Are you a veteran or active-duty service member searching for your dream home? If so, you may have heard whispers about the possibility of obtaining multiple VA loans. But with all the misinformation floating around, it’s time to separate fact from fiction.

In this article, HomePromise will help you understand multiple VA loans, which is an intriguing and often misunderstood subject. We will also assist eligible veterans in fully grasping their VA loan entitlement. For veterans and active-duty military members, it’s essential to understand how VA home loans differ from conventional mortgages.

https://www.homepromise.com/lending-news/multiple-va-loans-separating-fact-from-fiction/Are

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Second VA Loan: Buy A Second Home with No Money Down

Are you a veteran or an active-duty service member looking to purchase a second home with your VA loan benefits? Or maybe you’re even planning to buy a third or fourth home with no money down using your VA benefits. With the advantages provided by a VA loan, you can make your homeownership dreams come true.

In this article, HomePromise explains what a second VA loan is and who can get one. We’ll delve into the numerous benefits that come with utilizing this unique loan option. And finally, we’ll provide valuable tips on how to maximize your chances of securing a second VA loan with HomePromise.

Full article here: https://www.homepromise.com/lending-news/second-va-loan-buy-a-second-home-with-no-money-down/

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https://www.homepromise.com/lending-news/va-home-loan-why-pre-qualification-is-your-first-step/

VA Home Loan: Why Pre-Qualification Is Your First Step
If you’re a veteran or an active-duty military member, you’ve probably heard about the many benefits of VA home loans. And if you’re considering buying a home using this fantastic program, then pre-qualification is your first step!
HomePromise offers expert advice and tips on VA home loans and low credit score improvement. Our focus is on military members and veterans. We give tips on home equity loans, VA loan limits, calculating your VA funding fee, conventional loans, and more.

When it comes to buying a home with a VA mortgage, understanding your financial capabilities is essential. Before you go house hunting it’s best to have a preapproval letter in hand so, keep reading to find out why. This is where VA loan pre-qualification comes into play. Pre-qualification is the first step in applying for a VA loan.

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https://www.homepromise.com/lending-news/the-top-3-va-home-loan-benefits-veterans-should-know/

The VA Home Loan program is a mortgage option backed by the government. It helps veterans, active-duty service members, and eligible surviving spouses become homeowners. The VA created this program to offer cheap housing options to veterans who have served our country.

Call HomePromise at 800-720-0250 if you’re a veteran or an active-duty service member considering homeownership or refinancing your current mortgage. You will learn more about the VA Home Loan program from HomePromise VA loan experts. This program helps you own your dream home more easily. It also typically offers a low down payment, good interest rates, and no need for monthly PMI.

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For VA loans, most lenders require a minimum credit score. In most cases lenders require a credit score minimum of 620, but not HomePromise. HomePromise has approved loans for veterans as low as 580.

It is important to know that the VA does not set a minimum credit score. VA approved lenders use credit scoring models to determine the likelihood of an applicant to repay their debts. VA lenders pick their own minimum credit score.

A higher credit score typically means you are financially responsible and a good credit risk for the lender. Therefore, setting a minimum score helps protect lenders and ensures they are making sound lending decisions.

While some VA lenders have a minimum credit score of 620, some may even send their minimum even higher at 640, 660 or 680. Call 800-720-0250 to find out if you qualify for a low credit score VA loan.

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Full article: https://www.homepromise.com/lending-news/3-things-to-consider-before-getting-a-va-loan-with-a-low-credit-score/

Applying for a VA loan doesn’t have to be a difficult process. If eligible for VA loan benefits, you’ll need to get a Certificate of Eligibility (COE).

HomePromise can get this for you, sometimes faster than going to the VA directly. We use a VA lender portal online to make getting your COE fast. This document proves that you’re eligible for the VA Loan program.

Be sure to have all of your financial documentation in order before starting your application. This includes things like pay stubs, tax returns, asset statements, and more. We will need this information to determine if you qualify for the loan. This information will also determine how much we’re able to lend you.

If you have any questions, don’t hesitate to reach out to a VA loan expert with HomePromise at 800-720-0250 for assistance. Our experts are always ready to help give you advice. Call today to see if you qualify to access affordable homeownership opportunities.

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https://www.homepromise.com/lending-news/5-strategies-for-strengthening-your-va-loan-application/

If you and a non-veteran (who is not your spouse) want to buy a home, this blog post is perfect for you.
We understand that navigating the world of mortgages can be daunting, but fear not! The VA Joint Loan Program offers special benefits and opportunities to help you achieve your dream of owning a home.

This article discusses VA joint loans. It explains the differences between VA joint loans and regular VA mortgages. It also explores the advantages and disadvantages of choosing a joint loan.

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https://www.homepromise.com/lending-news/guide-to-buying-a-home-with-a-va-joint-loan/

VA loans are not just limited to active-duty military personnel. Reservists also have the opportunity to take advantage of the VA loan program. If you served in the Reserves, you might qualify for VA home loan eligibility, regardless of the branch you’re in.

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https://www.homepromise.com/lending-news/everything-reservists-need-to-know-about-va-loans/

https://www.homepromise.com/lending-news/the-benefits-of-va-loans-no-pmi-required/

Private Mortgage Insurance (PMI) is an additional cost that many homeowners have to pay each month. In short, PMI is designed to protect the lender in case the borrower defaults on their loan. PMI for conventional loans typically applies when a borrower puts down less than 20% of the home’s purchase price as a down payment.

The purpose of this insurance is to reduce risk for the lender. Having PMI means you’ll end up paying higher mortgage payments each month . The cost can vary depending on your loan amount and other factors such as your credit score.
PMI is helpful if you cannot afford a large down payment. It is also beneficial if you want to have more money for emergencies or investments.
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Don’t Be Fooled by Low Mortgage Rates: Closing Costs FAQs

Don’t be fooled by low mortgage rates without considering your closing costs. Closing costs can make or break your purchase of a home, and they’re often overlooked until it’s too late.
Closing costs and discount points are essential factors to consider when obtaining home loans. Lenders may try to deceive you with low rates and hide how much it costs to get those low rates. So, keep reading to learn more about closing costs and how mortgage discount points can affect your rate in the end.

Full article here: https://www.homepromise.com/lending-news/dont-be-fooled-by-low-mortgage-rates-closing-costs-faqs/

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Are you a veteran or currently serving in the military? If so, you may be eligible for a VA loan which can help you achieve your dream of homeownership. The best part? You may not need to put any money down!

That’s right – with a no money down option, qualifying for a mortgage has never been easier. In this blog post, we’ll explain how VA loans work and guide you through the process of applying for one.

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Full article here: https://www.homepromise.com/lending-news/va-loan-no-money-down-options/

https://www.homepromise.com/lending-news/what-veterans-must-know-before-buying-their-first-home/

As a first-time homebuyer, the process can be overwhelming and confusing. At HomePromise, our VA loan experts have prepared this article for you. If you are an active military member or veteran planning to buy a home in the next few months, this article is for you.

HomePromise provides the information you will need to feel confident when buying your first home. We can help you with your first-time home-buying journey along with VA loan facts. We understand the VA home loan program and can guide you through the closing process.

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How To Qualify For A VA Loan With A Low Credit Score

A low credit score can make it difficult to qualify for a traditional home loan. But, you may be able to qualify for a VA loan with a bad credit history.

Veterans and active military members can take advantage of the VA Home Loan program when buying a home. This program is run by the US Department of Veterans Affairs. This program can help veterans and active service members purchase a home. It may even help those with a low credit score, poor credit, or a history of late payments.

Full article here: https://www.homepromise.com/lending-news/how-to-qualify-for-a-va-loan-with-a-low-credit-score/

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Who Pays VA Closing Costs on A VA Mortgage?

The VA home loan program offers benefits to active military members, veterans, and surviving spouses. Some of these benefits include no down payment and lower interest rates. However, just like any other loan, there are closing costs and a VA funding fee involved.

Closing Costs And VA Loans

When it comes to VA loans, the answer to who pays the closing costs can vary. Generally, both the buyer and seller can negotiate who pays before the closing date. However, with a VA loan, there are certain fees that cannot be charged to the veteran borrower.
The seller is allowed to pay up to 4% of the total home value in concessions toward closing costs. These concessions can cover things like title fees or prepaid taxes and insurance. If these concessions exceed 4%, then any excess must be returned to the seller.

Be aware that the borrower may need to pay appraisal and inspection costs.

Understanding who pays for what during the VA loan closing process is essential when planning your VA home-buying budget. Be sure to discuss this topic thoroughly with your lender and real estate agent before finalizing any transactions!

Read the Full Article here: https://www.homepromise.com/lending-news/who-pays-for-va-closing-costs-on-va-mortgage/

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How Do VA Home Loans Work?

Are you a veteran or current member of the military looking to buy a home? Are you eligible for a VA Home Loan benefit? The VA loan experts at HomePromise can explain the VA loan program. This type of loan can help you buy a home (primary residence), and improve or use the equity in your home for various purposes.

Qualifying For Your VA Loan Benefits

Qualifying for a VA mortgage requires certain military service requirements and demonstrating financial stability. To be eligible, you must be an active duty service member, veteran, or surviving spouse of a deceased service member. For a surviving spouse to qualify, the deceased service member must have died in the line of duty.

Also, you must have served at least 90 consecutive days during wartime or 181 consecutive days during peacetime.

Full Article: https://www.homepromise.com/lending-news/how-do-va-loans-work/

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https://www.homepromise.com/lending-news/ultimate-guide-to-co-borrowers-on-your-va-loan/

A co-borrower is someone who shares responsibility for the loan with you. Co-borrowers can help you qualify for a loan, but there are some things to consider before adding one to your application.
To be eligible for a VA-backed loan, your co-borrower must:
Be 18 years or older and a spouse, unmarried partner, family member, friend or anyone else you would like to buy a home with
Have sufficient income to qualify
Have an acceptable credit history

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A Home During A Permanent Change Of Station

If you’re in the military, then you know that change is inevitable. Permanent Change of Station (PCS) orders can arrive suddenly. This can cause you to quickly relocate to a new place. You must be prepared to pick up your life and move on short notice.
While this process can be overwhelming, it also presents a unique opportunity – buying a home!

Yes, buying a home during a PCS may seem like an added stressor but trust us – it’s worth considering. In fact, there are plenty of benefits that come with purchasing a home during this transition period.

You may have a Permanent Change of Station (PCS) coming up soon or in the future. Now is the ideal time to stop throwing money away from renting a home.

https://www.homepromise.com/lending-news/buying-home-during-permanent-change-of-station/Buying
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Are you a veteran homeowner struggling with multiple debts and looking for a way to simplify your financial life? If yes, then a debt consolidation loan for veterans with HomePromise might be the right option for you. Debt consolidation loans could help you manage your finances by combining your total amount of debt into one manageable monthly payment using the equity in your home.

As a veteran, there are options available that cater specifically to your unique needs. Let’s take a closer look at how veterans can benefit from debt consolidation loans and why they may be the best option for you.

Full article here: https://www.homepromise.com/lending-news/debt-consolidation-loan-for-veterans/

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Refinancing your mortgage is the process of taking out a new mortgage loan to pay off an existing loan. When refinancing to pay off debt, if the new loan has a lower interest rate than the existing loan it is possible to save money by lowering your monthly mortgage payment.

https://www.homepromise.com/lending-news/refinance-to-pay-off-debt/
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VA loans provide an excellent opportunity for active duty service members, veterans, surviving spouses and their families to buy a home. But, with eligibility requirements, some people might find it tough to get approved for this type of loan. Fortunately, there are 5 strategies for strengthening your VA loan application.

Read full article here:
https://www.homepromise.com/lending-news/5-strategies-for-strengthening-your-va-loan-application/

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Veterans should take advantage of their VA home loan benefits when buying a home. The VA home loan program is usually the best option for veterans and active duty service members. Most VA lenders are willing to offer more favorable terms because the VA guarantees a percentage of the loan. But, some lenders don’t tell veterans things that would help in the application process.

Read the full article here:
https://www.homepromise.com/lending-news/four-things-va-lenders-dont-tell-veterans/

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Without a complete understanding of the VA loan process, veterans can sometimes make expensive mistakes. Misunderstanding the VA Funding Fee or failing to properly document income are just two mistakes that veterans may make. When applying for a VA loan, it’s always best to learn about the VA loan process before you make an offer on a home.

Read the full article here:
https://www.homepromise.com/lending-news/mistakes-veterans-make-when-getting-va-loans/
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A VA loan is a specialized type of government loan, backed by the Department of Veterans Affairs (VA). It allows you to qualify for a low-cost mortgage when you’re looking to purchase or refinance a house even if your credit isn’t perfect. If you’re on active duty in the military, a military surviving spouse, or are a veteran, you’re potentially eligible for a VA loan.

VA loans have several advantages over conventional loans including lower interest rates, less strict borrowing requirements, and no down payment due at closing. VA home loans also don’t have any monthly mortgage insurance. In this guide, you’ll learn to navigate your VA home purchase or refinance with or without excellent credit.

VA loans are issued by private lenders, such as a HomePromise, and guaranteed by the U.S. Department of Veterans Affairs (VA). Because of the government backing, if you’re considering a VA loan, you don’t need to have a perfect credit report. You can secure VA financing or get a low rate and excellent terms. These loans are often easier to get than conventional loans because of their easier credit requirements.

Eligible VA loan borrowers don’t need to abandon their dreams of owning a home because of a low credit score. The best part about credit is that it is fluid which means that it changes constantly. An improvement in your financial habits will cause your credit score to go up but knowing what to improve on can be confusing. If you’re not an expert in credit reporting, it’s hard to decide if you should pay off a debt, add more debt or close a credit card account. Read full article here:

https://homepromise.com/lending-news/how-to-get-a-va-loan-with-a-challenging-credit-history/

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What are the Rules on a VA Loan for Disabled Veterans?

How do I qualify for a VA loan as a disabled veteran? Are disabled veterans able to waive the VA funding fee? Does my disability compensation count toward my income? When trying to understand VA loans and the additional benefits they offer disabled veterans, you don’t have to work through it alone. At HomePromise, our VA loan experts are professionally trained to answer your questions, listen to you, and help you make informed financial decisions.

Full article here:https://homepromise.com/lending-news/what-are-the-rules-on-a-va-loan-for-disabled-veterans/

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https://youtu.be/CdgELnC8Arw

Life After The Blast - PTSD Veteran - Home Promise Heroes Series - Habbaniya Iraq Veteran United States Marine Veteran, Jonathan Breehl shares his personal struggle after being injured in an IED blast in Iraq. Understand the day to day routines of...

Even with the best of intentions, bills can start to pile up. From unexpected medical bills to high interest credit cards, debt can happen to anyone. Other expenses like college tuition, delinquent taxes, and second mortgages can also cause financial stress. For veterans and military families currently experiencing financial difficulties, VA military debt consolidation loans can help.

Using the VA home loan program for debt consolidation is designed to help alleviate some of these financial burdens and give veterans and military families a better option for paying off their debt faster and easier.

When determining your eligibility for a military debt consolidation loan, lenders will consider your credit report, your income and debts, the equity in your home, and your VA loan repayment history. If you have questions about how a VA debt consolidation loan could work for you, call HomePromise at 800-720-0250. Their experts will answer your questions, review your credit score, and provide you with a free quote.

Full article here:
https://homepromise.com/lending-news/va-debt-consolidation-loans-and-military-debt-consolidation/

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