by | | HomePromise Lending News
Getting A VA Loan After A Bankruptcy
Qualifying for a VA home loan approval after a bankruptcy or foreclosure is never easy. As a U.S veteran or Service Member, there are a few options at your disposal. Unfortunately, if you’ve been hit with financial difficulties in the past, many of those doors will be closed. Thankfully, after your discharge date or, the so-called seasoning period, gaining back your eligibility for your VA home loan benefits after bankruptcy is still possible with a VA approved lender like HomePromise.
In this post, you will learn all you need to know about getting your dream of buying a home (or refinancing it) back on track. A new and exciting chapter awaits.
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by | | HomePromise Lending News
Problems Financing Monolithic Dome Homes
Problems financing a Dome Home? Getting approved for a mortgage on unique properties like dome homes, monolithic dome homes, geodesic dome homes, log homes, and Berm homes may be difficult. Because these types of homes are unique, getting approved for financing will take some creativity and unconventional thinking.
Monolithic Vs Geodesic Dome Homes
First, it is important to know the difference between Monolithic and Geodesic styles of Dome homes. A monolithic dome home (or concrete dome home) are constructed as a single “piece” spherical structure. This types of dome home is designed and built as a single piece. This type of dome design stands up easily to natural disasters. According to FEMA, monolithic dome homes are official safe spaces for natural disasters like tornadoes and Category 5 hurricanes.
“I would highly recommend HomePromise.” – Karen W.
Geodesic Dome Design
Geodesic dome homes (or structures) are usually not perfectly round. This type of design is created from polygonal shapes connected together forming a circular design. Evidence of this type of dome construction has been around for more than a century.
Geodesic dome homes are a bit more like traditional houses in having sturdy roofs and interior walls. As with traditional style home construction, geodesic style dome homes do run a higher risk for developing leaks in each of there many seams. Another downfall to consider with these types of dome homes is the overall wear and tear at each of their joint sites. Read more >
by | | HomePromise Lending News
Why Is Farming Income Become A Barrier?
Income from farming makes the property an income producing property in the eyes of many lenders and they don’t want to finance income producing properties even if the VA allows it. You can have the best credit, excellent income and lots of equity in your home but lenders won’t touch you because of the farming income issue. This is the simplest reason for why farming income is a barrier in 2019 and, not for just this year.
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by | | HomePromise Lending News
Creative Berm Home Financing
For those looking to buy or refinance an energy efficient home know there are problems with berm home financing. You have great credit and a great job but still get turned down for a loan. If this sounds familiar then, you need creative berm home financing.
Why You Need To Get Creative
Berm houses are unique. These types of houses are typically built anywhere from slightly above grade to/or partially below ground level, with earth covering up to three side walls leaving only the front of the house exposed to natural light. This type of building design allows for adequate ventilation and passive solar to significantly reduce heating and cooling costs. This type of construction also helps protect from natural disasters.
“I would highly recommend HomePromise.” – Karen W.
Getting approved for a berm home mortgage or financing can be difficult. Unique properties like dome homes and log homes are just as difficult. Because earth sheltered homes are unique, approval will require you to be creative.
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