Military Archives

VA Loan | In Depth Guide for Veterans, Active Duty and Reserves

May 31, 2023June 1, 2023 / in Military / Bob Filipczak

This is everything we know about the VA loan, which is a process, a system, a benefit and a way to get a mortgage if you are a veteran or an active duty service member in a branch of the armed forces. The one thing that the VA loan is not , is a loan. That’s one of its confusing elements, and there are others. The reason veterans and active duty members are drawn to the VA loan is because it provides a list of benefits that, when you line them up, is almost unbelievable. No other program from the federal government comes close to the VA loan guarantee in terms of benefits, costs savings and scope. It’s easy to think it’s just a way to get a cheaper mortgage, but it’s a lot more than that, and here’s what you need to know.

Using VA Loan for Investment Property

May 11, 2023 / in Military / Bob Filipczak

If you are interested in using a VA loan for investment property, you’ve come to the right place. Most aspects of the VA loan process are pretty straightforward and clear. This topic, however, is a very twisty path full of exceptions, timing, loopholes, strict rules and flexible policy. There aren’t any easy answers, but if you want to use your VA loan benefit for an investment property (or properties), it is possible. Just promise to hang on for the ride.

Using a VA Loan for Second Home | Save with Homes for Heroes

May 11, 2023 / in Buying a House / Bob Filipczak

If you want to use a VA loan for second home, there are a few factors you will need to consider. To be honest, there are more than a few factors. On the plus side, it is possible to get a second home with a VA loan guarantee. On the minus side, it’s not as straightforward as you might hope. That’s because the VA loan program is designed primarily for one thing: to help active military service members and veterans afford a home. And it’s very, very good at that – one of the best government programs for housing. If you want it to do two things, such as purchasing multiple houses, it is less clear. That’s Ok if you don’t mind doing a little homework (pun intended).

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

March 28, 2023 / in Buying a House / Bob Filipczak

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.

Conventional vs VA Loan | Pros and Cons

March 15, 2023 / in Military / Bob Filipczak

In the battle of the conventional vs VA loan, the VA loan guarantee is a contender. It’s not always the best choice because it has requirements that might hem you in, but in terms of saving you money up front and over the long term, it’s hard to beat it. If you think the VA will be giving you the loan and private lenders won’t be involved, that’s not the case. The VA loan program isn’t an “either/or” decision. It’s more of a “both/and” process.

FHA vs VA Loan | Pros and Cons Plus Savings Opportunity

March 9, 2023March 9, 2023 / in Military / Bob Filipczak

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.

VA Loan PMI | Do VA Loans Require Mortgage Insurance?

March 3, 2023 / in Military / Bob Filipczak

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.

VA Loan Down Payment Requirements | Do You Need to Pay One?

March 2, 2023 / in Military / Bob Filipczak

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.

VA Cash Out Refinance Guidelines | Everything You Need to Know

January 5, 2023January 16, 2023 / in Military / Bob Filipczak

The VA cash-out refinance program has some good news for you. You can get cash by refinancing your home through the VA loan system. The better news is that you can do that even if your current mortgage is not a VA loan – as long as you meet the VA eligibility standards of being a veteran, an armed forces service member, or the surviving spouse of an active duty or former service member.

VA Loan Pre Approval Process | A Strategy That Works

December 15, 2022January 16, 2023 / in Military / Bob Filipczak

If you are investigating the VA loan pre approval process, you’re ahead of the game. Pre approval has become a vital part of finding and purchasing a home, especially in a competitive real estate market. It shows your buyers that you are ready, you’ve done your homework (no pun intended), and any offer you make on a property is legit.

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