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Looking For A VA Loan To Purchase or Refinance an Investment, va loan for investment property, homepromise, va lending

Looking For A VA Loan To Purchase or Refinance Multi Unit Properties?

For eligible Veterans, getting approved for a multi-family 2-4 unit property is worth it. Your property becomes an investment property if you use your primary residence as a rental property to generate income. Often, this looks like a multi-unit property, where your property has multiple separate units that you rent.  A VA loan for an investment property can help make the mortgage payment for you. 

If you’re looking for a VA loan to purchase or refinance Multi Unit Properties? Then keep reading.

is 2021 a bad time to buy a home

Is 2021 A Bad Time to Buy A Home?

We’re coming out of a difficult year. As we look forward to 2021, an important question to ask is whether 2021 is a good year for you to buy a home. You may have heard that many people are worried about buying and selling homes. Maybe you’ve been planning to buy a home for a long time, or maybe you’re just beginning to consider it. Either way, we want to help you think through your options! You can contact us to ask specific questions, but we also have more general information below.

Before you think about your situation, it’s important to understand what’s happening in the market right now. 2021 is a year with a low housing inventory. That means that that houses are in high demand right now, which naturally drives up the price of homes. That’s not ideal for the buyer. In fact, the housing market right now is what’s called a “seller’s market.” In a seller’s market, the seller has the advantage, because demand is so high that they can sell for more.

This doesn’t necessarily mean that you can’t buy a home in 2021. Rates for mortgages are very low*, and they look like they will stay that way for a while. For home loans, low rates* can save you a lot of money. If you think it’s best not to buy a home in 2021, it may still be a great time to refinance. As you consider your options, you should ask yourself the following questions:

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TOP 5 TIPS FOR BUYING A HOME IN 2021

Top 5 Tips for Buying A Home in 2021

If you’re looking to buy a home soon, you’re probably wondering whether 2021 will be different from past years. After all, we’re coming out of 2020, a year that was challenging for all of us in one way or another. It’s hard to imagine that the mortgage industry stayed the same during such a crazy year. If you’re thinking 2021 will be different, you’re right! We’re here to tell you what will be different and what will stay the same. Read on to learn our top 5 tips for buying a home in 2021, as well as what to look out for in the new year!

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va minimum property requirements in 2021

What are the VA Minimum Property Requirements?

A VA loan is guaranteed by the government , which makes it easier to get a VA home loan! That’s because that government guarantee allows VA approved lenders like HomePromise to lend money to borrowers who have lower credit scores and higher debt-to-income ratios. But for that government guarantee to happen, the property in question needs to meet certain requirements. According to the VA Lender’s Handbook , Minimum Property Requirements (MPRs) help ensure that the property is safe, structurally sound, and sanitary.

So, why does this matter? Because if you’re looking for a home or applying for a VA loan, the property you’re buying or the property you own needs to meet the MPRs. Below, we explain the VA’s main requirements and tell you what to do if your property isn’t a traditional home. Click more to read more about each of the VA property requirements.

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va farm loan requirements, homepromise,va farm loans in virginia,

Get A VA Farm Loan In Virginia

Located in the Mid-Atlantic region of the United States, Skyline drive rises just over 4000 feet in elevation. Rural America has never been so stunning when overlooking the farmers and ranchers living in the commonwealth of Virginia. For more than fifty miles, farm businesses can be seen outlined in the vast westernly view of Virginia state. With approximately 700,000 military Veterans living in Virginia as of 2020 there is probably no better time than now to get a VA farm Loan In Virginia.

va farm loans in virginia, skyline drive virginia,

The Department of Veterans Affairs (or VA) Home Loan benefit may be used to purchase different types of farms in the state of Virginia. Like USDA loans, active military members and Veterans have earned 100% financing with no down payment needed for a home purchase. When looking to purchase a VA farm loan in Virginia it is important to understand the  requirements. First, there must be a home located on the property to live in as your primary residence. In other words, VA home loans can only be used for residential purposes, and not the purchase of a business. But, if you are a fruit or vegetable or hobby farmer, do not allow farming income to become a barrier. It is important to understand that many VA farm loans may not be eligible with most. It is important to understand that many VA farm loans may not be eligible with most lenders.  HomePromise may be able to help when other lenders cannot!

Click more for 3 Easy Step Getting A VA Farm Loan In Virginia

Veterans Healthcare and Benefit Improvement Act of 2020

Veterans Health Care And Benefit Improvement Act Of 2020

President Trump just signed a legislative package that will help the veterans community. The Veterans Healthcare And Benefit Improvement Act Of 2020. The top benefits and improvements in 2021 for veterans and their families are female veteran and Native American veteran benefits, disability and exposure related to the coronavirus, and National Guard members having no active duty are now eligible for the VA Home Loan Program.

Contact HomePromise 800-720-0250 to see if you qualify.

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va loans after the 2020 presidential election

VA Loans After 2020 Presidential Election

Now that the presidential election is over, what will happen to VA loans after the 2020 presidential election? It’s not too early to start thinking about how the election will affect VA loan rates. Read on for more information about how to take advantage of the changes that are likely coming next year.

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Joint VA Loans, homepromise, apply with sister, joint va loan, new va loan limits in 2020, va loans and bankruptcy, va loans and refinancing, second va loan requirements, va lending, multiple va loans

New Law Eliminates VA Loan Limits

Starting on January 1, 2020, Veterans and active military members will have more borrowing power thanks to the Blue Water Navy Vietnam Veterans Act of 2019. The new law eliminates VA loan limits in 2020.

Signed in June of this year, the new law eliminates VA loan limits in 2020. This change means more veterans can buy a home with no down payment, including homes that are for sale above $1,000,000. But, some VA lenders may still block veterans from a no down payment loan for a home above $1,000,000.  Veterans need to find a lender that will allow veterans to use the full benefit of the Blue Water Navy Vietnam Veterans Act of 2019.

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