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When you or your loved ones are considering purchasing a home and have a service member in the family, VA mortgage loans are a great way to secure the funding you need. But what about occupancy requirements from the VA? If your loved one is deployed overseas, will that cause problems with the mortgage? What if you're getting ready to retire and want to purchase a retirement home in anticipation of leaving the service? A VA home loan or VA refinancing of your home can have some confusing language when it comes to occupancy, so here's what you need to know in plain English. Occupancy Requirements for VA Loans Who can meet the occupancy requirement?

In addition to the service member who qualifies for the VA loan or VA refinancing loan, their spouse may move into the home to meet the occupancy requirement. After the Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012 was passed, this requirement was extended to the dependent children of service members, providing additional options for our ...

A new trend in real estate is the increased demand for starter homes by millennials. Though it's difficult to track home ownership by age, recent figures suggest that starter homes may be the next hot real estate market. These indicators include new household numbers twice that of new household rentals, suggesting that the millennial generation is more interested in buying than renting their first home. But what do you need to do to prepare for a starter home and what's involved in the process? Here are the basics on the residential mortgage application , residential lending and residential home loans. Getting Ready for a Starter Home: What's Involved What is a starter home?

A starter home is an entry-level piece of real estate. It typically features a smaller price tag, but also has a smaller footprint. Many first-time homeowners have lower incomes and shorter credit histories than their older counterparts, so purchasing a home that is in a more economical price range makes sense. It may ...

Your Roadmap to VA Approval

Jul 26
8:37
AM
Category | The iServe Blog
Make the most of your veteran’s benefits by taking advantage of the VA home loan program. A VA loan may allow you to become a homeowner without a lot of red tape or even a big down payment. Learning more about the process can help you make the most of your benefits and help you get the home of your dreams without a lot of hassle. The VA Mortgage Loans Roadmap—Step by Step Path to Home Ownership Get Informed Talk with a lender or broker that is knowledgeable about the VA home loan process or VA refinancing. The best way to streamline the process and ensure you are getting great advice is to speak with a mortgage loan origination familiar with VA requirements.  The process is not difficult, but it is complex and does require specialized knowledge. Your local banker is likely a great guy and the place to go for your checking account, but he could be in over his head when it comes to your VA benefits. Go with a mortgage loan originator that is familiar with VA loans and you’ll always be able to ask for information, help and advice. Run the Numbers

The house you like and the house you can ...

As the economy continues to recover, more people are becoming homeowners, either for the first time or once again. But before you start on that residential mortgage application or compare residential home loans, you need to know that you're buying in a good location. Some parts of the country have very high housing costs and a lot of competition, while others have a large home inventory and low competition, lowering home prices and making the residential lending process go much easier. Here's a quick look at the top four cities for residential lending options in the United States, as reported by Zillow and CNBC .com. Thinking About Buying a Home? Check Out These 4 Hot Cities Orlando, Florida

Orlando is the home to Disney World, and the magic doesn't stop there. When other Florida cities were still struggling to create jobs, Orlando saw job growth in excess of 4% last year. Home prices have been rebounding as ...

Which home is right for you? The ranch with the cute picket fence or the traditional Colonial with the impressive foyer? Looks do matter, but knowing what you can afford, considering all your options and even thinking a few years ahead are crucial components of the home-buying process. Here's what to consider as you shop for your first home: Determine What You Can Spend How much home can you afford? Falling in love with a home or property that you ultimately can’t afford is more than a waste of time, it can be absolutely heartbreaking. A residential home mortgage calculator can help you determine a starting range for prices and give you a good idea of what you can afford. If you are truly ready, then speak with a mortgage lender to see if you can get pre-qualified. This step gives sellers confidence that you can complete the purchase and helps to let you know how much you may be able to spend on your new home. Work With an Agent

Since you have never purchased a home before, a buyer’s agent can work on your behalf, finding you homes to look at that are within your ...

It can happen so quickly. One week, you're sweeping an area with your fire squad, the next you're back home and adjusting to civilian life. When our military men and women leave the service for civilian life, the transition can be very rough as they change from guardians and peacekeepers to everyday people on the street. One way to help a veteran reintegrate into civilian life is through home ownership. Home ownership helps you to put down roots, and VA home loans are focused on making that process easier. Here's how it works : Veteran Stand Down: Getting Back into Civilian Life with a VA Home Loan

When you're ready to settle back into civilian life, a VA mortgage may be a great way to make it happen. VA loans are provided by private lenders, such as banks and mortgage companies.  However, the Department of Veterans Affairs guarantees a portion of the loan.  This generally enables lenders to provide veterans with more favorable loan terms. This may make it much easier to get a VA mortgage than a standard home ...

You may know about the healthcare, college and other common VA benefits, but did you know that the VA offers a full suite of lending, employment and even service dog benefits for veterans? Only 44% of all veterans use even one of their earned VA benefits ; learning more about these lesser-known perks can help improve your life in a variety of ways. 4 VA Benefits You May Not Be Aware Of Some of the lesser-known benefits can be the most useful. If you have a disability, need to find a job or are looking to secure a home for yourself and your family, one or more of these benefits will help: Service Dogs and Veterinary Care If you are a disabled vet suffering from a physical or mental condition, your VA benefits can help you receive a service dog that can improve your quality of life. From vision and hearing disabilities to physical injuries and PTSD, trained dogs perform valuable services for veterans. Your VA benefits can be used to acquire a highly-trained service dog from an organization specializing in assistance animals.

While service dogs ...

It seems like a big, scary step, but getting your own home may be surprisingly streamlined and easy. If you’re still falling for one of these common misconceptions, it’s time to take a fresh new look at home ownership. Common Myths About Residential Home Loans Myth: You need a boatload of money to buy a house Busted: You may be able to buy a home with a surprisingly low down payment. Depending on the loan type you choose, you may purchase a home with as little as 3% down. If you have ever served in the armed forces, you may also qualify for a VA loan, which does not require a down payment. You can sell your firstborn a la Rumpelstiltskin, work three jobs or live on ramen to come up with 20% for a conventional loan – or simply learn more about FHA residential mortgage loans, which include surprisingly low down payment options and relaxed credit guidelines. A mortgage loan provider can help you learn more about your options and ensure you find a product with an affordable down payment.

Myth: You need perfect credit to buy a ...

How Does a Mortgage Work?

May 16
8:01
AM
Category | The iServe Blog
As millennials enter the home-buying market , there can be a world of forms, terms and knowledge to gather. But many people find the entire process mind-boggling: filling out a residential mortgage application, contacting mortgage loan lenders and working out financing details. Whether you’re working with VA mortgage loans or are just beginning your journey with mortgage loan lenders, this guide may help you understand the process. How Does a Mortgage Work? Earnest Money Deposit Once you’ve found the right home for you, you’ll often make an offer to include a certain amount of what is called “earnest money.” This money is a show of good faith that you are intending to get financing to purchase the home. However, this particular step may happen later in the process if you’ve been pre-qualified for your mortgage. Completing a Residential Mortgage Application

Whether you’re considering a VA mortgage loan or other residential loan programs, the first step toward a ...

If you've heard it once, you've heard it a thousand times: Millennials don't buy cars, they don't buy houses, and they'd rather live with their parents and pay down their student loans than to take on the additional responsibility of homeownership. Stories about this generation are everywhere, and they definitely don't always paint millennials in the most positive light. But is it really true that today's generation of 20- and 30-somethings are allergic to residential lending ? Would you really rather rent an apartment with a slew of roommates than commit to 30 years of a residential mortgage? Not surprisingly, the common thinking about this is somewhat skewed toward making younger people look irresponsible or incompetent, but nothing could be further from the truth. Check out these facts about millennials and homeownership, and you just might change your mind about calling up your local residential mortgage company about getting pre-qualified.

1. Most Millennials Aren't Actually Old ...

Whether it’s your first house or your tenth, both knowing when to buy and what’s happening in the market are important to make a good investment. When you’re looking at buying a home, it’s important to keep up with the trends. The process may be complex , with agents, a residential mortgage application, earnest money, closings and other issues of concern. In this post, we’ll take a good look at what trends are upcoming for spring and what this means for your home-buying plans and residential lending needs. 2017 Spring Home-Buying Trends Annual Trends

Every spring and summer, a certain cycle of trends occur virtually each year. Families who are considering making a move to a different school district or make a career change put their homes up for sale. The warmer weather makes it much simpler to move, especially compared to the worst cold of winter and heat of summer. This also gives new homeowners the opportunity to make any changes and get ...

Young people may be waiting longer to hit the traditional milestones, but this delay provides plenty of time for exploration and checking out some of the top places in America to live. With few strings attached and a desire for adventure, Millennials are flocking to cities like Austin, Philadelphia and Raleigh. Abundant social opportunities, lots of other young adults and a thriving startup scene are just a few of the reasons Millennials are choosing these vibrant destinations to set down roots. 6 Youthful Cities Perfect for Millennial Home Buyers Washington, DC Washington is actually one of the fittest locations in the country, thanks to an abundance of parks and a slightly congested public transportation system. Most people bike, walk or jog to work to avoid traffic. Home prices here are surprisingly affordable and with over 1,000 coffee shops per 100,000 residents and a diverse group of food options, the capital city continues to be a draw for young adults. VA mortgage loans and other special residential mortgage programs make it easier than ever to afford a home in DC. Austin, TX

There’s a reason

What’s next for the real estate market and mortgages in general? It may sound like a question about the news or even politics, but the latest trends could impact the way you buy your next home and how much you spend. From the number of new homes being built to a more relaxed approach to lending guidelines by mortgage loan lenders, these trends could change the way you buy your next home. Here’s what our experts predict is coming to the industry in 2017: 5 Mortgage Trends to Watch in 2017 and Beyond Climbing Interest Rates Recently, interest rates were raised for the second time since 2006; the Federal Reserve predicts more increases to come. This increase will cause mortgage rates to creep up , making it more expensive to buy a home. If you are planning to buy a home, getting your residential mortgage application in sooner rather than later may help you save money. Better Possibilities due to Looser Credit Standards

Relaxed lending standards will make mortgages more accessible to more people; if you were declined in the past ...

What mortgage loan type is right for you? Looking at all the different options can get overwhelming in a hurry, but this home loan hack can help. Discovering the loan type that is most common in the area you want to live can give you a good idea of what will work best for you. Think about your dream home — is it a convenient high-rise downtown, a house bursting with kids in a suburban neighborhood or a sweet cottage in the country? Here are the most popular loan types for each of these living spaces: Use this information as a starting point on your home buying quest. Most Common Home Loan Types for Your Area Urban

Do you love the big city life, the easy transportation and the ability to get just about anything you want, any hour of the day? For city dwellers, an FHA loan is often a good bet and is the most commonly used loan type in urban areas. If you are used to paying rent, the possibility of lowering your monthly cost (and potential year-end tax savings – check with your own tax advisor about that) of a mortgage may be a pleasant surprise. With low down payment ...

It may seem like too much adulting all at once, but buying a home before the age of 30 may actually help you create wealth and live better later. While your friends are scrambling and switching rentals from one difficult landlord to another, you can enjoy the peace of mind that comes with owning your own home and not worrying about where you’ll have to move next. Homeownership comes with more perks than having a consistent living space, though. By purchasing your home instead of renting, you’ll be able to fully customize your space, have all the pets you want, and maybe even get a nice tax break at the end of the year. Here are four great reasons to buy while you are young and reap the rewards of early homeownership. No Nosey Landlord

Tired of the landlord doing surprise “inspections,” showing up to change a filter when they feel like it, or complaining when you have friends over? When you own a home, you are not beholden to anyone but the bank, and you set the house rules. Want to have friends over all night, let someone camp on your couch for a few weeks, or dog-sit for a friend? You have the freedom to do so when you ...


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