Posted on: 14th May, 2007 01:10 pm
I had recently purchased one newly constructed home which was inspected by the VA at the time of construction, I have some complaint items but builder is not doing anything to correct them, is it possible that VA can provide some help in this matter?
Hi Leanne,
Welcome to Mortgagefit discussion board.
Yes for IRRRL it must be a VA to VA refinance. Other thing is that it cannot be cash out refinance, i.e., you cannot receive cash from the loan proceeds.
Regarding the occupancy requirements, at the time you got the VA loan, you had to certify that you are occupying or intend to occupy the house. But for Interest Rate Reduction Refinancing Loan, you will only have to certify that you previously occupied the house.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Yes for IRRRL it must be a VA to VA refinance. Other thing is that it cannot be cash out refinance, i.e., you cannot receive cash from the loan proceeds.
Regarding the occupancy requirements, at the time you got the VA loan, you had to certify that you are occupying or intend to occupy the house. But for Interest Rate Reduction Refinancing Loan, you will only have to certify that you previously occupied the house.
Do let me know if you have any other questions.
Thanks
Blue
is home loan benefit is available for surviving spouse of any deceased veteran?
Hi Kenneth,
If the veteran died because of any service connected disability or on active duty then his unmarried surviving spouse would be eligible for the home loan.
A surviving spouse wishing to apply for the home loan has to contact the Winston-Salem Eligibility Center. Let me also tell you that if surviving spouse has obtained VA loan along with the veteran before his death (irrespective of the cause of the death) then the spouse can get an interest rate reduction refinance loan guaranteed by VA.
If the veteran died because of any service connected disability or on active duty then his unmarried surviving spouse would be eligible for the home loan.
A surviving spouse wishing to apply for the home loan has to contact the Winston-Salem Eligibility Center. Let me also tell you that if surviving spouse has obtained VA loan along with the veteran before his death (irrespective of the cause of the death) then the spouse can get an interest rate reduction refinance loan guaranteed by VA.
what if surviving spouse remarries, will the spouse be eligible to apply for the loan?
If the surviving spouse remarried on or after the age of 57 and on or after December 16, 2003 would be eligible to apply for the loan.
But if the spouse remarries before December 16, 2003 & on or after the age of 57 needs to apply for the loan before December 15, 2004.
Miller
But if the spouse remarries before December 16, 2003 & on or after the age of 57 needs to apply for the loan before December 15, 2004.
Miller
in case my previous va loan was assumed by someone but that person defaults and va pay a claim to the lender and the debt is waived as it was not my fault. now if I need a another va loan would my used eligibility be restored?
"in case my previous va loan was assumed by someone but that person defaults and va pay a claim to the lender and the debt is waived as it was not my fault. now if I need a another va loan would my used eligibility be restored?"
Hi Rossdale,
Welcome to Mortgagefit forum.
Even if a veteran's debt is waived government still suffers a loss on the loan. And as per laws veteran's eligibility up to the used portion cannot be restored if the loss is not repaid in full.
Colin
Hi Rossdale,
Welcome to Mortgagefit forum.
Even if a veteran's debt is waived government still suffers a loss on the loan. And as per laws veteran's eligibility up to the used portion cannot be restored if the loss is not repaid in full.
Colin
my previous va loan has not yet been paid in full and I do not own the property now and because the previous loan has not been paid yet only a portion of my eligibility is available. in such state can I obtain a va loan now, thanks for the replies
Hi Jancke,
As you have already used some portion of your eligibility & the used portion has not yet been restored, the partial remaining amount of eligibility will be available to you for use.
You need to discuss with your lender if the left balance will be sufficient for the loan value you want to take & whether making a down payment will be necessary.
Niicss
As you have already used some portion of your eligibility & the used portion has not yet been restored, the partial remaining amount of eligibility will be available to you for use.
You need to discuss with your lender if the left balance will be sufficient for the loan value you want to take & whether making a down payment will be necessary.
Niicss
I am not sure why it is so but came to know that even though I had paid the va funding fee at the time of my first loan, there would be a larger fee if I take a second loan
Hi Bierman,
Welcome to Mortgagefit discussion board.
The VA funding fee is taken from veterans obtaining VA home loans as a way of contribution towards expenditure of this home loan benefit & to reduce the cost to taxpayers.
It is true that this fee for veterans taking the loan for the second time without making a down payment is relatively higher. The basic idea based on which a higher rate is charged is that veterans had already used this benefit earlier & they had time to accumulate equity or save some money for making a down payment to take a loan the second time.
Those veterans who at the time of taking the loan for second time make a down payment of at least 5% need only pay a reduced VA funding fee of 1.5%. This is the same as what any first time borrower has to pay who also make the same amount of down payment. And if the down payment amounts to 10%, the funding fee drops to 1.25%. Paying for the fee can have less impact on your financial situation as this fee amount can also be financed in the loan.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
The VA funding fee is taken from veterans obtaining VA home loans as a way of contribution towards expenditure of this home loan benefit & to reduce the cost to taxpayers.
It is true that this fee for veterans taking the loan for the second time without making a down payment is relatively higher. The basic idea based on which a higher rate is charged is that veterans had already used this benefit earlier & they had time to accumulate equity or save some money for making a down payment to take a loan the second time.
Those veterans who at the time of taking the loan for second time make a down payment of at least 5% need only pay a reduced VA funding fee of 1.5%. This is the same as what any first time borrower has to pay who also make the same amount of down payment. And if the down payment amounts to 10%, the funding fee drops to 1.25%. Paying for the fee can have less impact on your financial situation as this fee amount can also be financed in the loan.
Do let me know if you have any other questions.
Thanks
Blue
One thing Bierman you should know is that national guard & reservist veterans are required to pay a slightly higher va funding fee percentage in comparison to other veterans.
what type of grants va provides for veterans with service related disabilities for constructing adapted house
Hi Jennings,
Welcome to Mortgagefit forum.
Veterans with service related disabilities are entitled to two types of grants from Department of Veteran Affairs for helping them in construction of adapted housing or for modifying existing ones to meet their special needs.
This SAH Program (Specially Adapted Housing) mainly aims at providing veterans with barrier free living environment.
The 2 grants administered by VA to assist disabled veterans are:
Colin
Welcome to Mortgagefit forum.
Veterans with service related disabilities are entitled to two types of grants from Department of Veteran Affairs for helping them in construction of adapted housing or for modifying existing ones to meet their special needs.
This SAH Program (Specially Adapted Housing) mainly aims at providing veterans with barrier free living environment.
The 2 grants administered by VA to assist disabled veterans are:
- Specially Adapted Housing Grant, this grant is available to veterans entitled to wheelchair accessible home adapted to accommodate their needs.
- Special Home Adaptations Grant, is for veterans who are entitled to adaptation due to blindness in both eyes with 5/200 visual acuity or less. This grant is also available to veterans who had anatomical loss of both hands.
Colin