In a community property state any property acquired during a marriage and any debts incurred are the responsibility of each married couple equally. For the purpose of obtaining a VA loan in a community property state, both spouses’ debts are considered, even though one spouse may or may not be a co-borrower. For this reason a credit check is required, because all debts are listed on the credit report.

If one spouse is not a co-borrower, his/her income will not be considered, and the income of the spouse applying for the loan must support all the debts of each.

Medical collection may not be any fault of your own, however if the medical provider doesn’t receive prompt payment he may report you to the credit bureaus. This will have a negative impact on your score and can often prevent you from getting a home loan. If you have medical collection because TRICARE didn’t pay a bill, contact us today!

Members that have been deployed for 90 days or more between 1 Jan 2009 and 1 May 2010 have been granted an extension until 30 April 2011 to sign a contact on a home.

This new credit is 10% of the purchase price up to $8,000. Any home purchased over $80,000 wil lget maximum credit of $8,000!

This tax credit applies to first time home buyers, and previous home owners that have not owned a home in the last 3 years. Additionally, current home owners of 5 years or more that are selling their current home and will buy another will get a maximum $6,500.

Hurry, this is a limited time government offer!

Additional your spouse’s income can be use if she is applying as a co-borrower.

For the purpose of getting qualified, we increase your BAH and food allowance pay by 25%. This is done because you don’t pay taxes on these entitlements.

If you are separating from active duty within 12 months of the closing date, then you MUST prove that you will be employed and able to meet your mortgage obligations. If you are already separated or retired, then 2 months of recent pay stub activity is all that is required.

If you receive retirement pay or VA disability pay this counts as income.

To get qualified or to get answers to your questions, contact us today!

http://va-loans.com/Pre-Qual-Purchase-gen.pdf

Discount points is a fee you pay the lender to get a better rate. For instance the going rate may be 5.75% but the lender may offer you 5.5% and say its with 1 point, or 1% of the loan amount. Its completely up to you if you choose to pay points to get a better rate, or pay nothing and still get a good rate.

Some lenders when quoting VA interest rates won’t give you a choice, they simply want you to pay the points because doing do means more profit for them.

Many mortgage companies will take advantage of this by quoting you a rate lower than what it really is just to earn your business. Then when its time to lock, they give you the real rate and say sorry, the rates increased. Or, they may quote you an honest rate, but when its time to lock quote you a much higher rate because by then you feel trapped or obligated.

Solution – When you are ready to lock with your lender and he gives you the rate that he wants to lock, CALL another lender immediately, or better, CALL US! Ask for a rate quote and compare the two. Comparing rates really needs to be done at the same time to get a real comparison because remember, rates can change multiple times per day.

If your current lender is taking advantage of you, you will know if there is a big difference in the rates.

Here at MilitaryLink, we provide you with an honest quote every time. We are a veteran owned company, with many veterans loan officers, we don’t take advantage of our own!

When you contact a lender and ask for a rate quote, it’s only a quote for that very moment. Unfortunately we can’t guarantee or lock the rate at that time. Before locking a rate we need a complete application and we need to determine you qualify for the loan. When a rate is locked it tells the lender or investor that we are going to use that money for a home purchase, so the money is set aside so no one else uses it. If loan officers were allowed to lock an interest rate for each client that asks, all the investor money would be set aside but rarely used. How many companies have you contacted to get a rate quote? Chances are your shopping so if you contacted five or ten, an investor would have 5 or ten times the requested loan amount set aside for one person. See what I mean?

That is why unfortunately rates cannot be locked simply because someone inquires about a rate quote.

Here at MilitaryLink LLC, we always look out for the veterans best interest. We provide you with an honest rate quote, and tell you up front that it could change. We get your application in as quickly as possible so that we are ready to lock, then, we will keep you informed about the rates so when YOU ARE ready to lock, we will lock the rate for you.

Many unethical lenders will use this to their advantage so when they earn your business, they increase your rate unnecessarily then tell you that the rate went up even if it didn’t.

When you apply with a company, and the day you get ready to lock and the loan officer tells you that the rate went up, before you lock, CALL US or another lender to get a second opinion. Calling someone else who thinks they may earn your business, will provide you with an honest and current rate lock. If it’s much lower than your current lender, chances are he’s taking advantage of you and you should find another lender.

This month we have seen va rates rise to 5.5% again. When rates rise many homeowners think they can’t refinance their high interest rate loans and buyers decide to wait for better rates. The fact is, even at 5.5% this is a great rate. However, if your wanting to refinance, your current rate should be 6.5% or higher to  benefit from a refinance. If you’re buying a home, and you already found the one you want to buy, 5.5% is still a great rate to lock in. If you’re not ready to refinance or buy, then there is plenty for rates to drop, but you need to be ready.

Apply now, and wait. Now is the time to get all of your documents submitted to your loan officer, so that you can be approved for a loan. Then, we can hold your file until rates improve. When rates drop, we can be ready to lock in a low va rate and get your loan completed quickly.

You can keep your loan on file with us for 90 days or more. There will be just a few things in your file that will need to be updated when its time to lock in your rate, such as updating your most recent paystub and bank statements.

So if rates are higher than you wanted now, apply anyway so you’re ready when the rates drop again.