Mortgage lender overlays with a VA loan typically expand upon and specify the broad guidelines that the VA sets. For the most part, these overlays usually revolve around credit and income. The VA doesn't set a specificminimum credit scorefor eligible VA borrowers, but VA loan lenders typically...
Depending on the lender, you may also need cash reserves to qualify for a high-cost VA loan. That means you’ll need a certain number of months worth of mortgage payments in the bank at closing, as an extra level of financial security. Standard VA loans, on the other hand, typically d...
New Mortgage Loan Disclosure Rules Go Into Effect Aug. 1Bob Cunningham
Mortgage Calculator Release of Liability A veteran can ask for a release of liability for legal and credit purposes. This happens when both the veteran and spouse are co-borrowers, and the co-borrower who leaves the home requests that he not retain responsibility for the VA-guaranteed loan. Th...
Also, pull a copy of your credit report to double check your FICO score and verify your history of timely payments before submitting a mortgage application. 4. Complete your refinance application Once you’ve decided on a lender and feel confident that you can handle the new loan, complete yo...
Some tax benefits are related to the ability to pay taxes. For example, theChild Tax Creditand theearned income tax credit (EITC)recognize the cost of raising a family. Other tax benefits, including mortgage interest and charitable donation deductions, are incentives designed to further social pol...
Understand what are the requirements for claiming a child as a dependent on your taxes, who else you can claim as a dependent, and how it can save you thousands.
A GSE is issued by entities such as the Federal National Mortgage Association (Fannie Mae),Federal Home Loan Mortgage(Freddie Mac), Federal Farm Credit Banks Funding Corporation, and the Federal Home Loan Bank. These are not government agencies. They are private companies that serve a public pur...
Interest-rate risk remains particularly relevant to mortgage finance, mortgages being the largest credit market in the world after government debt, because of the unique devotion of American financial and regulatory politics to 30-year fixed rate mortgages, which are notably dangerous. So are very lo...
Right now, uncountably many data brokers keep tabs on your buying habits. When you purchase something with a credit card, that transaction is shared with unknown third parties. When you get a car loan or a house mortgage, that information, along with your Social Security number and other ...