VA refinance loan rates Miami Fort Lauderdale Florida
There is no question that the VA loan program is an excellent benefit to veterans and service members looking to buy a home or refinance their existing one. Refinance loan rates Miami. It enables them to buy a home with no down payment, much lower interest rates and no mortgage insurance. VA refinance loan rates Miami Fort Lauderdale Florida
However, many service members have questions about including their civilian spouses in the process of getting their VA loan. Here are the top three things that all spouses, and service members, should know about VA loan benefits. VA refinance loan rates Miami Fort Lauderdale Florida
Qualifying Income. Refinance loan rates Miami.
More often than not, you’ll find that with most military couples, one partner is a service member while the other is a civilian. Refinance loan rates Miami. Sometimes, these couples assume that the civilian’s income or financial standing could be a problem or not count toward qualifying for a VA loan. Rates. That couldn’t be further from the truth. In fact, the civilian spouse’s income could actually help! If the civilian’s income is substantial, it could potentially help the service member qualify for a larger loan. VA refinance loan rates Miami Fort Lauderdale Florida
The Department of Veterans Affairs (VA) allows spouses to cosign for loans. In this case, you could use the civilian spouse’s income with the military spouse’s eligibility for the VA loan. Refinance loan rates Miami. Rates. However, it’s important to remember that the VA loan is no different from any other loan when it comes to your debt-to-income ratio and credit history. If your civilian spouse makes more but has a poor credit rating, that could hurt your chances of qualifying for a loan, regardless of your military standing. VA refinance loan rates Miami Fort Lauderdale Florida
Surviving Spouse Eligibility. Refinance loan rates Miami.
Prior to the signing of the Honoring America’s Veterans and Caring for Camp Lejeune Families Act in 2012, only spouses of those who had died of military-related causes were allowed to apply for VA loan benefits. Today, those benefits have been extended for surviving spouses.
These kinds of surviving spouses can apply for a VA loan Rates.:
– A non-remarried surviving spouse of a veteran or service member who died in service or from a service-related disability. Refinance loan rates Miami.
– A spouse of a service member who was missing in action or a prisoner of war for last least 90 days. Refinance loan rates Miami.
– A surviving spouse of a veteran who was rated totally disabled and was eligible for disability compensation at the time of death from any cause. Refinance loan rates Miami.
– Divorce. Refinance loan rates Miami.
This is possibly the most complex issue when it comes to civilian spouses and VA loans. If you are an ex-spouse of a service member, you are not eligible for a new VA loan Rates. in the same way, a surviving spouse would be. That’s pretty straightforward. VA refinance loan rates Miami Fort Lauderdale Florida
It can get complicated when divorce is involved after you have a VA loan together. The VA has very strict occupancy requirements on who can and cannot live in a home purchased using a VA loan. Refinance loan rates Miami. However, if the civilian spouse is a cosigner, they are eligible to remain in the home without the service member living there. The issue arises when it comes to entitlement. The service member cannot restore their entitlement unless their ex-spouse refinances and/or pays off the VA loan Rates in full. VA refinance loan rates Miami Fort Lauderdale Florida
It’s important to keep in mind, whether you’re a current spouse, surviving spouse or ex-spouse, that every situation is different and complex. Loan rates. Refinance loan rates Miami. Be sure to talk to a Home Loan Rates Expert who specializes in VA loans so they can walk you through your unique situation. VA refinance loan rates Miami Fort Lauderdale Florida
One of the requirements of receiving a VA loan Rates is that you must have an appraisal performed on the property. Refinance loan rates Miami. What does this mean for you? If you are a first-time home buyer, or if this is your first VA loan, the idea of getting an appraisal can be daunting. Loan rates. But, if you remind yourself that the appraisal process is there to protect you, the buyer, from paying more than fair market value for your home, then it actually becomes quite painless.
Once you begin the VA loan Rates process, your home loan Rates expert will be able to schedule a VA-approved appraiser for you. Loan rates. The Department of Veterans Affairs handles the scheduling and randomly assigns an appraiser to your property. Because it’s their job to ensure that the home meets minimum property requirements as set by the VA, appraisers must also guarantee that the home is safe and habitable. Loan rates. Typically, the appraisal is requested early into the VA loan process to ensure there will be enough time to address any issues that may result from the appraisal.
And just as the VA has strict requirements for VA loan Rates eligibility, they also have stringent performance rules for appraisers assigned to VA homes. Loan rates. According to the VA Lender’s Handbook, appraisers “should keep up to date on major real estate market conditions and trends in order to properly analyze the location-related information contained in appraisal reports.”
Appraisers must inspect the potential property inside and out. Refinance loan rates. They are also required to select and view the exterior of comparable homes and perform a comparative analysis. Loan rates. Refinance loan rates. Typically, appraisers look for things like structural issues, or any other problems that could impact the purchase of the home. The VA prefers that homes be move-in ready. Loan rates.
Typical issues that arise on appraisal reports include homes without an efficient and acceptable source of heat. A heating system must maintain a minimum temperature of 50 degrees in the plumbing areas of the home. Refinance loan rates. There must be adequate and code-approved electrical systems with all the proper fixtures. A leaky roof – or a roof that has problems – along with windows that have broken or damaged frames and seals can be a huge issue on an appraisal report. VA refinance loan rates Miami Fort Lauderdale Florida
Appraisers must include a location map, building perimeter sketches, and photographs of either the sale property or the lot where the new home’s construction is going to take place. They also provide an itemized list of repairs required to be completed in order for the VA loan to be approved. Refinance loan rates. This list also includes any corrections needed in order to make the property conform to regulations set by the Department of Veterans Affairs. Then, they must personally make the final value estimate and sign their name to the appraisal report. They cannot delegate these tasks. VA refinance loan rates Miami Fort Lauderdale Florida
An appraisal doesn’t have to be a scary, daunting step in your effort to buy a home. To help streamline the process, make sure your realtor is well versed in VA property guidelines. Refinance loan rates. Having an agent who continues to show you properties that are ultimately ineligible for a VA loan is a waste of your time. It’s also very important to work with an experienced VA lender Miami. Lenders who have dedicated VA loan experience know the ins and outs of every VA regulation and can help guide you through the home buying process with ease. If you follow these two suggestions, while educating yourself on the appraisal process – you’ll be living in your dream home before you know it. VA refinance loan rates Miami Fort Lauderdale Florida