FHA & VA Archives - MortgageDepot.com

Can I have more than one loan at a time?

Qualified applicants who apply for a VA Loan can obtain more than one loan within their lifetime. However, it is important to look at some of the areas that determine a qualified applicant. Those who can qualify for multiple VA Loans include veterans of the U.S. military, spouses of veterans who were killed in the line of duty and veterans who received an honorable discharge under the character of service box listed on the DD 214. If you are missing your DD 214, the VA will pull up another copy and send it to you.

Qualifying for More Than one Loan

Veterans are usually restricted from obtaining multiple loans at one time. However, if the borrower obtained a VA Purchase Loan and paid off the loan, they are then eligible for another VA Loan program. A veteran who qualifies for a VA Loan can use this benefit as many times as they see fit; only if they pay off the debt that is owed on the home they purchased. It is possible for a veteran to obtain one loan and purchase two properties with the funds that are allocated. However, two properties is the maximum amount of properties a borrower can obtain with one VA Loan.

The Power of Using MortgageDepot

Although trying to obtain more than one VA Loan at a time appears complicated, we actually break it down into very simple terms. We specialize in working with veterans who are looking at various VA Financing Programs. Whether we are first time home buyers or looking to refinance an existing loan into a lower rate, we can and will help. Our professional staff that is based out of New York prides itself on being one of the best mortgage providers in New York.

Contact us today at 800-535-0270 for more information or email us here.

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Can someone else sign on the loan with me?

Can Someone Else Sign on the Loan With Me

Not every VA loan has a single borrower. Many times the mortgage transaction will entail the use of a co-signer, co-borrower or joint applicant. The transaction is usually not as complicated with any scenario if they are a veteran of the U.S. military, or the spouse of a veteran. The transaction rules and regulations are the same as using the single borrower transaction guidelines. However, the co-signer or joint applicant scenario has different rules than the traditional borrower, co-borrower scenario. Therefore, it is important to understand some of the rules involved.

Co-Signer and Joint Applicant Information

Here is an example of a situation of a veteran who may need a little help with the use of a co-signer. If you have a son or daughter who are veterans and do not meet the eligibility requirements, you can help out as a co-signer. In this instance, the rules for co-signers require that your credit is satisfactory and the combined income of both applicants will be considered. Normally, there are very little restrictions on a traditional VA loan where the veteran meets all of the eligibility requirements. However, there is help to those veterans who do not quite have the credit and income strength. If you and your children are both veterans, it now becomes a joint application and your credit and income levels need only be marginal.

Looking to MortgageDepot for Help

If you are uncomfortable with the above scenarios, then contact us.We are a respected mortgage firm based out of New York. We have answers to all your questions related to VA Loans. There is a professional team standing by ready to help guide you by the hand through the loan process. Give us a call today and find out why we are so respected throughout the state of New York.

Contact us today at 800-535-0270 for more information or email us here.

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Can I borrow more than the value of my home with a VA Loan?

Can I Borrow More Than the Value of My Home with a VA Loan

The good news for veterans who are VA Loan eligible is the VA does not place a cap on the amount of money you can borrow. However, many veterans ask if they can borrow more than the overall value of the home. Unfortunately, the VA will not back any extra money you obtain that is higher than the value of the home. If you want to obtain more than the house is worth, you will have to negotiate with the private lender without the backing of the VA.

Why Should I Obtain a VA Loan if I cannot Borrow More Than the House is Worth

One of the biggest reasons you should obtain a VA backed loan if you are a qualified vet is the amount of generosity afforded within the loan. The VA does not require that you put any money down on their loans. That is unheard of in the world of conventional loans. You are practically guaranteed the prime interest rate on your loan. The current prime rate stands at 3.5 percent. Most conventional loans for those with a marginal credit score the interest rates can run anywhere from 7 to 10 percent. You can also finance 100 percent of the home’s value with no down payment. This too is unheard of in the world of conventional loans.

Contact us today at 800-535-0270 for more information or email us here.

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When purchasing a home, does the VA Loan allow for cash back options?

When you purchase a home through a VA Loan, there are options for you to choose from to obtain cash back. If the value of your home has increased since the purchase date, you now have positive equity in your home. However, if you are looking for cash back at closing during the buying process, this does not occur. You actually need to have “a little skin in the game” before the loan will close and fund. You can obtain cash back through traditional home equity loans offered by the Veterans Administration.

Cash Back from VA Loan Programs

There are two different loan programs offered by the VA that affects your current mortgage. You can apply for a VA Refinance after six months on ownership. This program allows you to basically trade one loan for another with a lower interest rate. It is normally referred to as a VA to VA loan. There is no cash back on the loan but you are obtaining a lower interest rate. You can also apply for a VA Cash Out Refinance. With this program, you can extract the equity in your home in the form of cash. It means you will have an entirely new loan with a new rate and term. The interest rates remain low and the cash out refinance does not require any money down on your part.

Using MortgageDepot for Help

We are a leading mortgage firm based out of New York. If you do not feel comfortable trying to negotiate with the lender, then you need to get us involved. We are mortgage experts with a professional team of loan experts. We guide you throughout the entire process, and rest assured you will receive all the benefits you deserve as a veteran.

Contact us today at 800-535-0270 for more information or email us here.

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What fees should I expect to pay for my VA Loan?

It is important to understand what type of fees you can expect to pay for a VA Loan. Veterans should expect to pay what is called a guaranty benefit which is referred to as the funding fee. The fee charge is set at a certain percent of the loan amount which is usually 2.1 percent. The fee is waived if you meet certain criteria: anyone who suffered a disability during their time of service, if you did not retire from the military but receives service connected disability or a surviving spouse of a veteran who lost their lives during their tour of duty. Since the loans require no down payment and no mortgage insurance, veterans are asked to pay the funding fee if they do not meet the listed qualifications.

Other Fees Associated with a VA Loan
It is important to understand that the lender and not the VA set the interest rates and closing costs. The rates vary from lender to lender but the VA keeps a close eye on private lenders who may try to overcharge. You can share the payment with the seller on the cost of the credit report, appraisal and recording fees. The VA also allows the seller to pay four percent of the Non-Recurring closing costs such as the underwriting fee and the doc preparation fee. Again, with VA loans, the fees are quite reasonable, especially since you are not required to put any money down.

Using a Professional Firm Like MortgageDepot
We are a respected mortgage firm based out of New York. If you feel that you are uncomfortable working with the lender on your loan, then you must call us. We have a team of professionals who specialize in VA Loans. They make certain that the closing costs and fees are lower than conventional loans.

Contact us today at 800-535-0270 for more information or email us here.

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FHA Closing costs in New York

When it comes to the FHA closing cost in New York, there are a number of factors that can affect the amount of money you are going to pay for your new loan. Beyond the traditional mortgage underwriting, origination and processing fees the lender charges, there are a number of other closing costs that come into play when buying a home. Some of the common expenses to plan for with your new loan are outlined below to help prepare you for the process.

Anticipate having to pay for a home inspection for your new property. This is money well spent as it will help make sure everything is properly working and ready to go. If you are purchasing a condominium, expect to spend an average of $0 up to $300 for the condo fees that the complex imposes. Homes that have a well and septic system will need to be inspected to make sure the system is accurately working. Depending on the specifics of the situation, you may have to pay for an appraisal upfront, so be prepared to pay for this out of your own pocket.

Since it can be very tricky trying to understand how much money you are going to spend on the FHA closing cost in New York, we at MortgageDepot will work hard to make the process as simple as possible. Our goal is to help get you into the loan in the shortest amount of time possible, while making sure there isn’t a doubt in your mind about what to expect in the loan process. We work hard to help simplify the process and explain all of the ins and outs of the home buying process. Speak to one of our friendly professionals today about the closing costs for your FHA loan in New York.

Contact us today at 800-535-0270 for more information or email us here.