Tidewater Appraisal

The VA Appraisal

I want to concentrate on the appraisal process when it comes to the tidewater process

Let’s say the lender has already ordered your appraisal, and the VA has assigned an appraiser. The VA has experienced appraisers in its marketplace. They are required to have a certain level of experience appraising properties before they are permitted to apply for the VA’s appraisal panel. Since they are associated with the VA,

Tidewater Appraisal2023-02-26T05:04:02-08:00

2023 Conforming Loan Limits

Circular 26-22-18

Today I want to talk to you about a new circular that dropped for the VA. It is circular number 26-22-18, and it is about the new Federal Housing Finance Agency 2023 conforming loan limits.

Now, if you have your full entitlement available, this won’t affect you. Generally speaking, the conforming loan limits determine whether or not your loan is a jumbo or a conforming loan. But if

2023 Conforming Loan Limits2022-12-20T10:30:12-08:00

Interest Rate Reduction Refinance Loan


All right, let’s get into our first type of refinance loan. And this is the interest rate reduction refinance loan, also known as the IRRRL, Interest Rate Reduction Refinance Loan. It’s taken me a couple of times to say it. So here we are. And the purpose of the loan is in the name. The purpose is to refinance and reduce the veteran’s interest rate.


One of the benefits, of course,

Interest Rate Reduction Refinance Loan2022-12-14T13:21:55-08:00

The Standard Purchase VA Loan

VA Loan Requirements

Before we get into the standard purchase, we need to remind ourselves of some of the basic eligibility requirements to participate in the VA home loan program. So first of all, is this person a veteran, if so, we need their COE. Do they have their DD214? Did they provide their statement of service that verifies they’re actually eligible to participate in the

The Standard Purchase VA Loan2023-03-06T11:08:08-08:00

Prepay Interest Rates in Advance using Discount Points

1% Discount Points to Buy down Interest Rates

Discount points are an upfront fee paid on a loan to buy down the interest rate.  One discount point on a loan will be equal to one percent of the loan amount.  Discount points are used to prepay interest in advance to lower the monthly payment by lowering the interest rate over the term of the loan.  Lowering the interest rate on a home

Prepay Interest Rates in Advance using Discount Points2022-12-06T11:43:15-08:00

Cash-to-Close is more than Closing Cost

Estimated Cash-to-Close

The terms get incorrectly used interchangeably but are actually different. Closing costs and prepaids are expenses necessary to close on your home. Cash to Close is the total net amount you pay at the actual loan signing and is the net sum total of the closing costs, prepaid items, discount points, down payment, and after the application of any credits.  The earnest money deposit paid when an offer was made is deducted

Cash-to-Close is more than Closing Cost2023-02-21T11:39:41-08:00

No Need for Private Road Maintenance Agreement

VA Circular 26-22-17

On November 25th of 2022, a new VA circular pertaining to private roads and shared driveways
was released. Now, effective immediately, the VA is no longer requiring that a veteran obtain a private road maintenance agreement
to meet the minimum property requirements of the VA
home loan. The VA will be requiring that a public easement be recorded, which is usually already included
in the preliminary title

No Need for Private Road Maintenance Agreement2022-12-06T15:38:25-08:00

How your credit score may INCREASE significantly

Credit Score Increase

Starting July 1st all Medical collections will be reviewed and MAY be ignored on credit reports. Your payment history is 35% of your credit score. In the past this debt could affect your credit score for up to 7 years. Eliminating medical collections on credit scores will significantly increase credit scores for many people. This means your CREDIT SCORE goes up! And it also means the buying power

How your credit score may INCREASE significantly2022-12-06T15:42:04-08:00

Education is the Biggest Piece of the VA Lending Puzzle

People think that sellers have some sort of a bias against VA offers. Think about this situation: There are five offers for a property and the best offer is the offer with a VA loan. The seller or agent might compare that to a conventional loan offer where the buyer is putting down 30%. They immediately know if they can make up that gap if an appraisal comes in low, so they choose the conventional

Education is the Biggest Piece of the VA Lending Puzzle2022-12-06T17:30:26-08:00

5 Questions About Using a VA Loan

My closing costs on a $415,000 home loan in Florida are $20,000. Is that about right?

This can’t be answered without looking at many more details, such as who is paying title insurance, if it’s including escrows, and if it’s exempt from a funding fee. It’s too difficult to provide everything that’s needed to be able to answer the question in a public forum since personal information will need to be addressed, such as

5 Questions About Using a VA Loan2022-12-06T17:32:00-08:00
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