As the video explains - under the right conditions, yes. Eligible veterans may qualify for another VA loan, if you completed payments your old VA loan or your prior VA loan was paid in full AND you no longer own the property. In either of these cases, you will need copies of the paperwork such as a paid-in-full bank letter or copy of the HUD-1 Settlement Statement. If you are still in the home you purchased with a VA Loan but at a prior high interest rate check into interest-rate reduction financing first which doesnt require re-establishing your VA loan eligibility - before pursuing a new VA loan.

When two or more veterans seek a VA loan additional rules and guidelines apply.This video explains the basics. Official VA guidelines state that strengths of one veteran related to income and/or assets may compensate for weaknesses of the other. BUT... satisfactory credit of one veteran cannot compensate for poor credit of the other. When one of the borrowers is NOT a veteran the guidelines are slightly different. In that case the income of the veteran has to be sufficient to repay their portion of the loan. Income strength of the non-veteran spouse cannot compensate for income weakness of the veteran in determining eligibility. Finally, for joint loans where any party besides the veteran and/or their spouse will hold title to the property VA review is required. The VA Lenders Handbook - VA Pamphlet 26-7 - has more details.

Major Veterans Affairs loan programs described in this video include: 1) Purchase Loans. These help eligible parties buy a home at competitive interest rates with little to no down payment and little or no private mortgage insurance. 2) Cash Out Refinance Loans which enable taking cash out of home equity to pay off debt, fund school or make home improvements. 3) Interest Rate Reduction Refinance Loans also called Streamline Refinance Loans can help veterans obtain lower interest by refinancing existing VA loans Other programs include: 4) Native American Direct Loans to help eligible Native American veterans finance homes on Federal Trust land. And 5) Adapted Housing Grants to help veterans with service-connected disabilities buy, build or modify a home suited to their disabilities. Many states offer additional resources to veterans, too. Talk to your home lender about your situation.

The U.S. Department of Housing and Urban Development - also known as HUD - was established in 1965 to develop national policies and programs to address housing needs in the U.S. As you will see in the video, one of HUDs primary missions is to create a suitable living environment for all Americans by developing and improving the countrys communities and enforcing fair housing laws HUD is working to strengthen the housing market to bolster the economy and protect consumers meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

There are some great tips in this video, like: Call or write to your lender as soon as possible. Clearly explain the situation and be prepared to provide financial information. If you fall behind - Keep living in your home to qualify for assistance. Contact a HUD-approved housing counseling agency and cooperate with the counselor/lender trying to help you. HUD has a number of special loss mitigation programs available to help you: Special Forbearance - your lender will arrange for a revised repayment plan which may include temporary reduction or suspension of payments; you can qualify by having an Involuntary reduction in your Income or Increase In living expenses. Mortgage Modification - allows you to refinance debt and/or extends the term of the your mortgage loan which may reduce your monthly payments; you can qualify if you have recovered from financial problems, but your net income Is less than before the problem. Partial Claim - your lender maybe able to help you obtain an interest-free loan from HUD to bring your mortgage current. Preforeclosure Sale - allows you to sell your property and pay off your mortgage loan to avoid foreclosure. Deed-In-Lieu Of Foreclosure - lets you voluntarily give back your property to the lender it will not save your house but will help you avoid the costs, time, and effort of the foreclosure process. If you are having difficulty with an-uncooperative lender or feel your loan servicer is not providing you with the most effective loss mitigation options call the FHA Loss Mitigation Center for additional help.

Watch this video and take a few notes: seasonal pay child support retirement pension payments unemployment compensation VA benefits military pay Social Security income alimony, and rent paid by family all qualify as income sources. Part-time pay, overtime, and bonus pay also count as long as they are steady. Special savings plans-such as those set up by a church or community association - qualify, too. According to HUD, income type is not as important as income steadiness with the FHA.

Ask your realty representative or lending institution for info on the HELP program from the FHA. As we reveal you in this video, HELP - Homebuyer Education Learning Program - is structured to assist very first time purchasers start the homebuying procedure. It covers such subjects as budgeting, discovering a house, getting a loan, and house upkeep. Conclusion of this program might entitle you to a decrease in the preliminary FHA home mortgage insurance coverage premium from 2.25% to 1.75% of the purchase cost of your brand-new house.

"Closing" sounds kind of mysterious - as if big complicated secret events are going to take place. Formally speaking, closing is the final steps of becoming the owner of a property. Those steps frequently overlap with "consummation", which is the process of committing to the financial obligations of buying with a mortgage loan. No mystery or secret, really. Heres the main things that will happen: For most types of home purchases, you will get a Closing Disclosure detailing the loan terms, at least 3 business days prior to consummation (which is frequently the same date as closing.) At the live closing meeting, you should end up with: A copy of your Mortgage Note — the formal document where you commit to pay the loan Your Deed of Trust or Mortgage documents The binding Sales Contract In some states, you might also get the keys to the house; in other states, that physical handover might happen separately. By this time, your real estate and finance professionals should be well acquainted with you and the transaction. Theyve been through this before. Relax, ask questions as you go, and be prepared to sign a few papers! Take the time to read them thoroughly before committing.