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
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
Interest Rate Reduction Refinance Loan
IRRRL
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
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
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
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
