Is it true – getting a VA loan without being a Vet? Well, sort of. The VA has a great loan program setup to help it with finding ways to unload its inventory of VA repossesed homes. The VA, FHA, Fannie Mae and Freddie Mac as well as the slew of lenders out there are not in the business of owning homes – they are in the business of loaning money for those who qualify to purchase homes.

If you are looking at repossessed homes – aka – foreclosed homes or REO homes or bank owned homes or lender owned homes you mustn’t forget looking at the pool of homes available from the VA. If you consider this inventory of homes and you need financing meet The VA Vendee Loan program. The VA Vendee programs is a great program for those of you who want to take advantage of low VA rates but aren’t eligible for a normal VA loan.

The VA Vendee program is offered to both Vets and non Veterans. To take advantage of this program, you must purchase a VA repossessed home as well as fit into the following basic guidelines.

VA Vendee Loan Program Guidelines

• You can get seller assistance of up to 3% of the sales price of the home.
• If your credit is less than steller then you might qualify for this program as VA Vendee mortgages are not credit score driven.
• You want either a 30 year fixed or a 15 year fixed rate mortgages – no adjustable rates mortgages with this program.
• You will have to pay a 2.25% funding fee with either your own cash, or you can finance it at the time that you get your mortgage. You cannot get this fee covered by the seller as part of their seller concessions.
• You can finance up to 100% of the sales price if you plan to live in it.
• Purchase the home with no appraisal.
• There are no pre payment penalties.
• You can sell your home to someone else and have them take over your mortgage if they qualify.
• While the VA Vendee program is great for anyone buying a home to live in, it is also a good deal for real estate investors. Although, investors have to put a little more “skin” in the game if they plan to use this program.

Basics of the Vendee program for investors

• Investors must have at least 5% down payment.
• 75% of the anticipated rental income can be used against the monthly mortgage payment if the investor is an experienced investor.
• There are no limits to the number of properties that an investor can purchase with this loan program.

Hopefully with this program available you may find a diamond in the rough by looking at VA repossessed homes at this website: va.equator.com.

Getting A VA Loan Without Being A Vet is a post from: Florida Mortgage Team

VA loans are wonderful for just about any type of residential real estate transaction if you are eligible and can get them. For example, you can do a VA loan for a home purchase or you can use a VA streamline loan to quickly and for relatively little cost refinance your current VA mortgage. Any fact that makes VA home loans so great is that they are more lenient on past credit problems than conventional mortgages from Fannie Mae and Freddie Mac.

If you are eligible for a VA loan and you have had some credit problems in the past you will need to tread carefully through the loan process – especially in the very beginning when you are getting “yes” from everyone as a result of their attempt to get your business.

Keep the following in mind for ways that you could be held up with getting your VA loan approved if you have had credit problems in the past:

• Credit problems happened in the last 12 months
• You have had a Chapter 7 bankruptcy in the past 2 years
• You have had a Chapter 13 bankruptcy in place for at least 1 year, but you have had some slow pays with your payments
• You have had a foreclosure in the past 2 years
• You have federal tax liens or bad student loans
• You have recent judgements against you

If you notice this list above nowhere does it mention credit scores. Credit scores are a factor with VA lenders but not necessarily with the VA. Not all VA lenders are created equal meaning that VA lenders can make up their own approval rules that are more stringent than what the VA requires. For example some VA lenders won’t accept loan applications if your credit score is less than 620 while others will.

What this means is that you need to really do your homework when it comes to looking for a VA lender to work with if you have had some prior credit problems.

Credit Problems and VA Loans – Where Can You Get Stopped? is a post from: Florida Mortgage Team

I have never quite understood why website owners who focus on VA Loans like to publish the full list of military service requirements for VA eligibility guidelines. I’m looking at a list now and my eyes blur over as I sift through all of the different possible scenarios where a Vet may be eligible. For me, if I were a Vet, this list only makes me want to move on to the next VA mortgage company website versus trying to find something on here where I fit it.

The key to your eligibility for a VA loan if you are prior military service is your discharge paperwork – DD214. If you have this document and know that you were honorably discharged then you are most likely eligible for a VA loan.

If you are considering a VA loan to purchase a home or to refinance your current home and you are prior military your next step should be to either go straight to the VA to see if you can get a certificate of eligibility or go to a VA mortgage lender and ask them to help you get your certificate of eligibility.

The same can be said if you are active military either full active duty or you are a reservist or national guard. If you have been in service for a certain amount of time then you may be eligible for a VA home loan. Your best bet is to contact a VA lender to have them walk you through the application process as well as proving your eligiblity for a VA mortgage.

Once you determine whether you are eligible for a VA mortgage, then you will have to qualify just like just about every other mortgage program out there. You will need to be employed, have good credit, and not owe too much in debt. For program loan specifics and to determine your exact mortgage qualification situation with a VA mortgage loan officer.

VA Loan Eligibility – Is It Really That Hard? is a post from: Florida Mortgage Team

LowVARates is not a government agency, is not affiliated with the Department of Veterans Affairs, and is not a mortgage lender. LowVARates is a website dedicated to educating and assisting eligible veteran homeowners in their pursuit of homeownership through the VA loan program. One of the things that LowVARates does better than the other online websites for VA loans, is educate the veteran and assistive veteran in finding the right VA lender for their situation.

Let’s take a look now at what LowVARates feels are the top three VA approved lenders to work with in today’s lending environment.

#1. Flagship financial group LLC is an approved VA lender and also has the ability to act as a VA broker when the situation necessary. Flagship brands to the veteran the unique ability to fund VA loans as a lender when it makes sense for the veteran and also flagship has the ability to broker the VA loan if there is a product that flagship does not offer which would be better suited for the veteran home owner. Because flagship has the ability to both fund loans in its own name into broker loans, LowVARates feels that this is a major benefit in today’s difficult lending environment. As you will see with some of the other VA lenders which are recommended, if they are not willing to broker a loan the other lenders could be less efficient in some areas.

#2. Wells Fargo is one of the most recognized names in the VA loan industry. Approved VA loan specialists have indicated that over the past two years some of the nation’s most reliable and efficient VA lenders have been forced out of business due to the extreme volatility in the housing market. In the past a bank’s ability to stay in business in function properly would not have been an attribute which gave such value to a mortgage originator or veteran homeowners looking to buy a home. However, Wells Fargo has brought stability, efficiency, and certainty to the VA lending market. Loan originators or VA loan officers have indicated that the interest rates, the processing flow, and the wide array of government loan products are the main reasons why they choose to work with Wells Fargo.

#3. MetLife Home Loans has a very unique history as it pertains to the VA home loan. MetLife is better known as an insurance provider, however.

Best VA lenders to work with from one VA originator’s experience is a post from: Florida Mortgage Team

Is there a minimum credit score for the VA streamline refinance in Florida? It depends who you ask – and no, I am not kidding.

You see, officially speaking – the VA/FHA streamline refinance programs have no officially credit score requirements. Ok, so now that you see that — before you think that there is no credit score requirements for VA streamline refinances…

Some lenders do require that you have a minimum credit score.

Some lenders require a 620 for the VA streamline refinance program.

Some lenders require a 640 for the VA streamline refinance program.

And some lenders still do not have a credit score requirement for the VA streamline refinance program.

To make it somewhat even more confusing, these guidelines are changing all the time and can change at any time in the future. So if you have been told by a loan officer that there are “new” credit score requirements for the VA streamline refinance program – he isn’t lying — it is true that his employer or maybe the lenders that he uses have recently started requiring a minimum credit score on all VA streamline refinance loans, but it doesn’t mean that they all have.

So if you have been told that there are minimum credit score requirements for the VA streamline refinance program, be sure to shop at least a handful of lenders who can help you.

Florida VA Streamline Refinance: Is A Minimum Credit Score Required? is a post from: Florida Mortgage Team