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VA Mortgage Requirements Miami Fort Lauderdale Florida

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VA Mortgage Requirements Miami Fort Lauderdale Florida

VA Mortgage Requirements Miami Fort Lauderdale Florida

VA Mortgage Requirements Miami Fort Lauderdale Florida

Buying a home is an exciting experience, but it can be one of the most challenging if you don’t understand the va mortgage process. Many families feel overwhelmed because of the amount of paperwork they must complete. VA Mortgage Requirements Miami Fort Lauderdale Florida

Knowing what to expect, especially if you’re a first-time homebuyer, will help you make solid decisions about your home purchase.

This text was written to help you navigate through the mortgage process, from the people involved to the costs and forms you’ll be asked to complete, and how you can take steps to make sure you keep your home long term.

Understanding the primary purpose and function of the documents in the va mortgage process, as well as the role of the many professionals involved, will make the va mortgage process much less intimidating. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Getting Started. VA Mortgage Requirements Miami Fort Lauderdale Florida

As you begin the journey toward homeownership, there are many resources available to you, including community organizations, your local government housing agencies, real estate professionals and va loan officers who understand and are willing to work with prospective home buyers like you. You will face many decisions throughout the process. We strongly encourage you to seek out these resources’ professional services to gather the facts so you can make the best decisions. While it is tempting to look for your perfect home right away, there are some steps to follow before you start shopping for a home. Begin by determining how much you can afford, based on your spending plan and comfort level. One of your first steps should be to talk to a homeownership education counselor. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Housing Counseling Resources. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Take advantage of the valuable housing counseling resources offered by community-based organizations, including:

  • Housing counseling. VA Mortgage Requirements Miami Fort Lauderdale Florida.
  • Developing a spending plan. VA Mortgage Requirements Miami Fort Lauderdale Florida.
  • Long-term management of your money. VA Mortgage Requirements Miami Fort Lauderdale Florida.
  • Review of different debt repayment options. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Educate Yourself About Protecting Your Finances. VA Mortgage Requirements Miami Fort Lauderdale Florida.

As you gather your information from experts, it’s more important than ever to ensure that you are receiving reliable information that will enable you to make the right choices throughout the mortgage process. Follow these helpful tips so that you can protect yourself against organizations that may not have your best interests in mind:

  • Say NO to “easy money.” Beware if someone claims that your “credit problems won’t affect the interest rate.” If an offer is really appealing, get it in writing and then seek a second opinion. VA Mortgage Requirements Miami Fort Lauderdale Florida.
  • Shop around. Always talk to several lenders to find the best mortgage loan you qualify for. A mortgage loan product or lending practice may seem reasonable until compared with a similar mortgage loan product offered by other lenders.
  • Find out about prepayment penalties. Know if the mortgage loan offered to you includes a fee if you pay off your loan early. If it is a requirement of the mortgage loan, you may want to ask about other products that do not contain a penalty. VA Mortgage Requirements Miami Fort Lauderdale Florida.
  • Work with legitimate credit counselors. Beware of scam credit counseling and credit consolidation agencies. Get all the facts before deciding to combine credit card or other debts into a mortgage loan. VA Mortgage Requirements Miami Fort Lauderdale Florida.
  • If you’re not sure, don’t sign! Get advice first from a reputable consumer credit counseling agency or housing counselor. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Entering the Homebuying Process. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Once you enter the process, you’ll be faced with a variety of forms and an assortment of paperwork. The materials in this Guide focus on what you need to know about both the process and the forms. They will give you an overview of the path to purchasing a home and they’ll describe and explain the most common mortgage forms you’re likely to be asked to complete. While the sections that follow will answer many of your questions, the professionals working with you should advise you and address your concerns along the way. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Who’s Who and What’s What? VA Mortgage Requirements Miami Fort Lauderdale Florida.

VA Mortgage Requirements Miami Fort Lauderdale Florida

VA Mortgage Requirements Miami Fort Lauderdale Florida

The process of obtaining a mortgage can seem quite complicated because of the number of people involved. Although it can appear overwhelming at times, it is important to recognize that each person you work with provides a specific service that will help you become a homeowner.  VA Mortgage Requirements Miami Fort Lauderdale Florida.

As you move further along in the mortgage process, you’ll meet additional professionals, including a real estate appraiser, home inspector, and closing representative. Here is a brief summary of the key members of your home buying team and what they do for you:

VA Loan Officer: Loan officers are mortgage specialists; they will use your credit, financial and employment information to see if you qualify for a mortgage and then come up with mortgage financing options that match your financial capacity. There are a variety of different mortgage options available. Fixed-rate mortgages provide a stable option since your interest rate remains the same for the length of your loan. The most common fixed-rate mortgage is a 30-year fixed-rate, although 15- and 20-year fixed-rate mortgages also provide certain advantages. Your loan officer will also help you complete your mortgage loan application and keep track of what’s happening during the loan approval process. Please be sure to read Section 3, What You Should Know About Your Mortgage Loan Application. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Real Estate Professional: Real estate professionals (REPs) can help you find the kind of home you seek, examine comparable homes and compare different neighborhoods. They often provide specific community information on shopping, schools, property tax rates and more. Most important, REPs can look for homes that meet your needs and financial circumstances, helping you narrow your choices. And when you’re ready to make an offer on a home, the real estate professional will usually handle the negotiations with the seller, including presenting your offer (what you’re willing and able to pay for the property). VA Mortgage Requirements Miami Fort Lauderdale Florida.

Loan Processor: The loan processor’s job is to prepare your mortgage loan information and application for presentation to the underwriter. The loan processor will ask you for many documents, including documents about your income, your employment, your monthly bills and how much you have in the bank. In addition, the loan processor must make sure that all proper documentation is included, that all numbers are calculated correctly and double checked and that everything is stacked in the proper order. A well-processed loan file can decrease the amount of time it takes for a decision about your mortgage loan application. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Mortgage Underwriter—The mortgage underwriter is the professional authorized to assess if you are eligible for the mortgage loan you are applying for. The mortgage underwriter will approve or reject your mortgage loan application based on your credit history, employment history, assets, debts and other factors. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Real Estate Appraiser—The real estate appraiser’s job is to look at the property you are purchasing and determine how much it’s worth (or its fair market value). Real estate appraisers determine a home’s value in a number of ways, including comparing the value of similar homes that recently sold nearby. A real estate appraiser is specially qualified through education, training, and experience to estimate the value of property. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Home Inspector: Hiring a professional home inspector can be one of the most important things you can do to make sure your home is in good condition. An authorized inspector can uncover defects with the house that could cost you a lot of money down the road. For example, if the home inspector finds a serious problem, like a roof that needs to be replaced, you’ll know upfront and can negotiate with the seller for the cost of the roof repair or replacement. If you don’t find out that sort of thing until after you own the house, the problems (and costs) are yours alone. Your real estate professional can be a good reference for a home inspector. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Closing Representative: Closing, which is also called “settlement,” is the final step in buying your home. A representative of the closing company oversees and coordinates the closing, records the closing documents and disperses money to the appropriate individuals and organizations. Closing meetings are a standard part of the home buying process. VA Mortgage Requirements Miami Fort Lauderdale Florida.

At closing, you’ll sign many documents like the mortgage note and mortgage or deed of trust. Proof of insurance and inspections, as well as any money due, are required before you get the keys to your new home. Once the closing meeting is complete, you can move into your new home. VA Mortgage Requirements Miami Fort Lauderdale Florida.

What the new va mortgage rules mean for families and homeowners. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Beginning in January 2014, some new va rules will provide homeowners and consumers shopping for a home va mortgage with new rights and greater protection from harmful practices. These rules should eliminate or sharply reduce the runarounds and painful surprises that hurt so many homeowners during and after the financial crisis. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Safer va mortgages with fewer surprises. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Virtually every va mortgage a lender makes must now be evaluated based on the borrower’s ability to repay that va loan. That means the borrower should be able to repay the va loan for many years, not just during the first few months when an initial “teaser” interest rate may keep the monthly payment low. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Lenders can determine a borrower’s ability to repay a va loan by considering factors like the borrower’s income, assets, debts, and credit history. VA Mortgage Requirements Miami Fort Lauderdale Florida.

The VA rules also define a new class of va mortgages for which borrowers who qualify are presumed to be able to repay. These va mortgages are called “Qualified Va mortgages” or “QMs.” QMs are designed to be safer and easier to understand than many of the va loans consumers got in the lead-up to the financial crisis. Any lender who wants to make a Qualified Va mortgage will have to follow common sense rules:

VA loan a borrower should be able to repay. Beginning on January 10, 2014, lenders making virtually any residential va mortgage va loan will have to assess a borrower’s ability to repay the va loan. A Qualified Va mortgage is presumed to meet this requirement. A Qualified Va mortgage is a va loan that avoids risky features and meets other requirements (you can read about those requirements below.) In general, the borrower also must have a total monthly debt-to-income ratio including va mortgage payments of 43% or less. VA Mortgage Requirements Miami Fort Lauderdale Florida.

VA mortgage is safer and easier to understand. QMs can’t have risky features like negative amortization or interest-only payments. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Should be a fairer deal. The new rules limit the points and fees lenders can charge when they want to make a qualified va mortgage. This requirement responds to the the extremely high points and fees some borrowers paid during the va mortgage crisis. A va loan over $100,000 can’t be a QM if it has points and fees that are more than 3% of the va loan amount. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Improved protections against steering. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Anyone who is paid to offer, arrange or assist you in finding a va loan can’t be paid more to steer you into a higher-cost va mortgage. If you pay someone directly in connection with a va mortgage va loan, that person generally can’t also be paid by someone else for the same transaction. VA Mortgage Requirements Miami Fort Lauderdale Florida.

A flexible market for va mortgages. VA Mortgage Requirements Miami Fort Lauderdale Florida.

A Qualified Va mortgage is easy to find. QMs can be issued by nearly any type of lender. Additionally, for as long as the next seven years, va loans eligible to be purchased, guaranteed, or insured by the VA and USDA or which are eligible to be purchased or guaranteed by Fannie Mae and Freddie Mac (so-called “conforming va loans”) are automatically QMs if they meet certain product requirements. Under HUD rules, va loans insured or guaranteed by the FHA or HUD are also QMs. VA Mortgage Requirements Miami Fort Lauderdale Florida.

The Qualified Va mortgage provides one way to meet the ability-to-repay requirement. But, with the exception of no-documentation and low documentation va loans, the new VA rules do not ban certain kinds of va mortgages. The rules do say that lenders have to make a reasonable, good-faith effort to determine that a consumer can repay a va loan based on their documented income, assets, debts, and some other common factors. VA Mortgage Requirements Miami Fort Lauderdale Florida.

New rights put an end to the old runarounds

We are now requiring va mortgage servicers to send you a clear monthly statement so you can see how they are crediting your payments. VA Mortgage Requirements Miami Fort Lauderdale Florida.

We require va mortgage servicers to fix mistakes promptly. VA Mortgage Requirements Miami Fort Lauderdale Florida.

We require va mortgage servicers to credit payments as of the day they get them. VA Mortgage Requirements Miami Fort Lauderdale Florida.

We require servicers to give you early notice if you have an Adjustable Rate Va mortgage and your interest rate is about to change. This should give you more time to shop for a new va mortgage or get help if you have trouble with the new payment. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Borrowers who fall behind now have more options to take control. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Va mortgage servicers will now have to call or contact most borrowers by the time they are 36 days late on their va mortgage. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Under the new VA rules, servicers, with limited exceptions, cannot initiate a foreclosure until a borrower is more than 120 days delinquent. This should give borrowers time to submit an application for a va loan modification or another alternative to foreclosure. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Va mortgage servicers can no longer start a foreclosure while they are also working with a homeowner who has submitted a complete application for help. The new VA rules limit the harm to consumers of “dual tracking.” VA Mortgage Requirements Miami Fort Lauderdale Florida.

Va mortgage servicers now have to make sure the people who take calls from borrowers are able to answer questions and have access to critical documents. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Servicers will have to give homeowners who ask timely, accurate information about their foreclosure status when asked. VA Mortgage Requirements Miami Fort Lauderdale Florida.

The new VA rules require va mortgage servicers to help borrowers who fall behind on their va mortgages to know all the options available to them. If a borrower submits a complete application for assistance early enough—usually this is called a “loss mitigation application”—the va mortgage servicer must evaluate the borrower for all the options that may be available to the borrower. These new rules should eliminate the need for multiple applications to be considered for different foreclosure alternatives. VA Mortgage Requirements Miami Fort Lauderdale Florida.

If the va mortgage servicer denies a complete loss mitigation application sent in soon enough before foreclosure, the servicer must explain why the borrower was rejected. A borrower who filed a complete application soon enough before foreclosure is entitled to appeal mistakes the servicer may have made in evaluating the borrower for a va loan modification.

We will stand with borrowers and homeowners to ensure financial institutions treat them properly. VA Mortgage Requirements Miami Fort Lauderdale Florida.

Congress created the VA to make sure financial markets work for consumers and one way we do this is by writing rules for va mortgages and other consumer financial products. Congress charged the VA with supervising financial institutions with respect to the new rules and with enforcing the new rules. VA Mortgage Requirements Miami Fort Lauderdale Florida.

The VA also accepts complaints about va mortgages, so if you have a problem, you can submit a complaint to the VA. We’ll forward your complaint to the company and work to get a response from them. VA Mortgage Requirements Miami Fort Lauderdale Florida.

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