Archive for category Veterans

VA loans, closing costs required to be paid by the seller

Posted by Danny in Veterans on February 22nd, 2010

On loans guaranteed by the Veterans Administration, the seller is required to pay 100% of escrow, not the traditional 50%  split between the buyer and seller.

The VA also states that approximately $1,200 of lender fees CANNOT be paid by the veteran.  Typically, these fees will be stated as seller expenses on the HUD-1 statement, though a lender may choose to pay or waive some of these closing fees.  Common names for these lender fees include: document preparation, underwriting, processing, administration, etc…

Sources:

Kelly Parkman of the KParkman Mortgage Group

VA Loans

If you have any questions regarding purchasing a home with a VA Home Loan, selling your home to a buyer using a VA loan, or any other real estate questions, please give me a call at 503-267-8370 or email me at dannyshepard@oregonfirst.com.

Danny

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Oregon Veteran programs information has been added to this site.

Posted by Danny in Veterans on January 26th, 2010

I have posted several veteran programs links to this site, including both home loan programs from the national Veterans Administration and the Oregon VA.  I recently took advantage of the IRRRL program, shaving one percent off our own mortgage with no closing costs thanks to the help of Kelly Parkman at the Northwest Mortgage Group.  There are also links for veterans from the department of Housing Urban Development, US Department of Agriculture, and the Small Business Administration.  Counseling information for veterans possibly facing foreclosure has also been listed.  Finally, there is information for veterans and their spouses to determine their eligibility to use a VA home loan or to determine if their home purchases, renovations, or improvements are eligible under the VA home loan program.

If you have any questions or need assistance in utilizing these programs, please contact me at:

dannyshepard@oregonfirst.com

503-267-8370

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Veterans Refinancing with a Streamline Loan

Posted by Danny in Veterans on September 23rd, 2009

I am learning how an Interest Rate Reduction Refinancing Loan (IRRRL), more commonly known as “Streamlining Loans”, can help a veteran lower their mortgage payments by paying less interest over the life of the loan.  Some are offered with zero closing costs; not zero money out of pocket, but no additional costs for the veteran towards closing on the new loan.  These loans are designed to help veterans that are already utilizing their VA loan from a period of higher rates to take advantage of currently-better interest rates.  Many mortgage companies offer these loans, but the best will seek out “zero-closing costs” at an improved, but not best rate, to save a great deal of money.  The advantage to the lender is that they gain a creditor with a proven record of making on-time mortgage payments and they will offer a competitive interest rate in comparison to loans made before today’s record lows.  There benefit can be maximized by not skipping any monthly payments and providing funds to keep the escrow account for insurance and property taxes to date.

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