Factors that affect the APR, along with the amount of fees associated with the loan, include the actual note rate (the simple interest rate offered by your lender), any rate buy down (discount point) and the time period for which the loan is calculated. The latter is why a consumer should never compare a loan with a 30 year loan duration to the APR for another loan with a shorter loan duration (25, 20, or 15 year).

In addition, most APR calculators assume that an individual will keep a particular loan until it is completely paid off resulting in the up-front fixed closing costs being amortized over the full term of the loan. If the consumer pays the loan off early, the effective interest rate achieved will be significantly higher than the APR initially calculated. This is especially problematic for mortgage loans where typical loan durations are 15 or 30 years but where many borrowers move or refinance before the loan period runs out.

In theory, this factor should not affect any individual consumer’s ability to compare the APR of the same product (same duration loan) from lender to lender. APR may not, however, be particularly helpful when attempting to compare different products, like ARM loans. However, you may want to compare VA loans to other types of loans, (FHA or conventional), to see how the VA funding fee affects the APR on a VA loan in comparison to the FHA loan or conventional loan that has mortgage insurance.

Again, because there are no lender fees on VA loans you get from your FreeVAloan.com lender, the APR will always be lower than other lenders who charge fees, offering the same rate. For more information on a lower APR, No Cost VA loan, Click Here.

Here’s How:

1. First you will need a COE (Certificate of Eligibility). If you don’t have one, you can complete VA Form 26-1880, (Request for a Certificate of Eligibility) and submit it to the VA Eligibility Center along with copies of your most recent discharge or separation papers reflecting an honorable discharge from active duty service after September 16, 1940. Most lenders can acquire your COE for you quicker through the VA ACE system.
2. Obtain a credit pre-approval/pre-qualification from a certified VA Lender.
3. Find the house you want and sign a purchase agreement.
4. Submit your contract, application and required documents to the lender.
5. You will close your loan with a specified title/escrow company or attorney.

Tips:

It’s best to have the lender order the appraisal right away as VA allows a specified time to the VA appraiser to complete the report. This time can be up to 14 days depending on the state. Of course, if you are building a new home, the appraisal does not need to be ordered until the home is 95% complete. If the appraisal is ordered sooner, the appraiser may charge an additional “trip charge” to go back out to complete the report. If the lender is a LAPP lender, or in other words, authorized by VA to issue the Notice of Value (NOV), the loan can be approved and closed without waiting for VA’s review of the credit application. This can save some processing time over non-LAPP lenders that have to wait for VA to issue the NOV.
Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.
For more information or to inquire about a No Cost VA loan, submit a No Obligation Inquiry Here.

Here is VA’s guideline on EEM’s>>>

For EEM rates or more information, Inquire Here>>>

I’m not going to claim to be an expert on Military Loans, unless you’re referring to VA Loans. However, after doing some research. I can tell you that I can see where the allure for Military “Personal” loans might be evident. They make it extremely easy to get a loan…almost too easy.

Military Loans are mainly available to military service members and can be used for a variety of reasons:

• Cash or financial assistance
• Auto repairs
• Debt consolidation
• Travel or vacations
• PCS moves
• Emergencies
• Home repairs or improvements
• Education
• Moving expenses
• Uncovered medical or dental expenses
• Business expenses
• New computer
• Or for hundreds of other reasons that fit your needs.

The main overall purpose of a Military “personal” Loan is for quick cash. I would expect that the main target customer would be those service members and maybe even some veterans that may or may not have a home with equity and simply need a smaller loan quicker. That being the case, I have nothing bad to say about Military personal loans.

A VA refinance could be a very good alternative. However, the downside to doing a VA Refinance and pulling cash out is the funding fee (IF you do not have a service connected disability). The other possible downside is that you are limited to 90% of the value of your home which may lower the amount of cash you can pull out or eliminate the possibility all together. Obviously fees are a non-issue on a VA loan, of course, if you use freevaloan.com to find your VA lender for you.

Thousands of military personnel and veterans are taking advantage of the lower rates and using VA loans as the better alternative for pulling out more money. With the longer term, you’re not putting quite the strain on your wallet as a shorter term personal loan might have.

Either way you go, don’t jump into a quick loan without weighing out your options and comparing the pros and cons of each.

For a quick quote and to see if a VA loan is right for you, Inquire Here>>>

That’s not the secret I’m referring to though, even though many don’t know that is the case. What so many more don’t know, including lenders, is that veterans can have two VA loans at once. It’s called “2nd Tier Entitlement”. The main point to keep in mind if you are looking to qualify for a 2nd VA loan while all or a portion of your basic entitlement is being used, is this – Your 2nd VA loan MUST be more than $144,000.

You probably want to know how figure the maximum VA loan amount should you have a VA loan already, right?

Lenders that truly know how to calculate this number will give you a calculation that might make your head spin. At the very least it should have the same affect as a sleeping pill. It would probably look like this:

zzzzzzzz…….

I actually grabbed that calc from another post to show the example. Now, if I do a reverse calculation, I can find out what the actual original loan amount was on the current home:

$36,000 (basic entitlement) – $21,853 (the assumed remaining entitlement) = $14,147 (actual entitlement used) x 4 = $56,588 (the original VA loan amount on the current home)

You’re probably asking, why would you do that? What purpose would that serve?

Because there is a more TOP SECRET, secret to knowing how to calculate the maximum VA loan if you already have a VA loan…or even if you may have foreclosed on a VA loan and never restored the entitlement. It is absolutely amazing that even the smartest VA Loan Specialists that want to throw the mind-numbing guaranty/entitlement calculation at you, don’t even know this. In fact, even the smartest VA Specialists have used the same calculation above, and because of its complexity, have come back with an erroneous answer.

So imagine, you’re trying to buy a house and have gone almost all the way through the process. You’ve signed the purchase contract, put a huge earnest money deposit down, paid for an appraisal and the loan just went to underwriting. The whole time you’ve put your life in the hands of this seemingly too-smart-for-school VA “Specialist” and believed that s/he has calculated the maximum 2nd tier entitlement correctly. Then the bomb drops. The calculation was off. Now you have to bring an extra $5,600 to the table that you hadn’t budgeted for or simply don’t have.

That’s not a position I would expect any veterans want to be put into. In fact, pretty much all veterans and current military have higher standards than that and expectations that their VA Specialist delivers exactly what they promise with no surprises.

That’s why the more error-free (and Top Secret) solution should always be used….

I bet the curiosity level is pretty high right now. Unfortunately, I’m going to keep it Top Secret. However, if you are a veteran or currently on active duty and are wanting to have 2 VA loans at the same time, and you want to know what the Top Secret calculation is or just want to be sure you have a VA Specialist that knows how to use the calculation correctly to calculate (every time), the maximum 2nd Tier VA loan amount, I will point you in the right direction.

TOP SECRET 2ND TIER MAX LOAN AMOUNT CALCULATION HERE>>>

Termite inspections are required on existing properties if they are located in an area where the probability of termite infestation is “very heavy” or “moderate to heavy” according to the Termite Infestation Probability Map published in the International Residential Code.

Q: Is a termite inspection always required when a veteran is purchasing a property using VA financing?

VA only requires pest inspections when there is evidence of a condition conducive to pest infestation and for properties that are located in an area where the probability of termite infestation is “very heavy” or “moderate to heavy” according to the Termite Probability Map published in the International Residential Code.

If there is a question about the location of an infestation probability boundary line in relation to the subject property, contact the Construction and Valuation Section at the VA Regional Loan Center of jurisdiction to determine if this requirement is applicable.

Q: Is there a required termite form?

There is no VA form to be completed regarding termites. Forms are supplied and completed by the pest inspection company performing the inspection. VA requires the applicable National Pest Management Association form (NPMA-33, NPCA-99A, NPCA-99b) completed by the pest inspection company performing the inspection.

Q: Does VA require that the type of chemical used to treat the property be stated on the termite form?

VA does not have a requirement to disclose the type or name of chemical used by a termite company. VA requires the use of the National Pest Control Association forms, NPMA-33, NPCA-99A and NPCA-99B as applicable. For proper completion, these forms require the inclusion of the brand name of the product used.

Q: When is a termite certification required on condominium units?

A wood destroying insect inspection is required in low-rise and high-rise units only when the fee appraiser observes a potential problem. You will find this information in Chapter 16, Section 16-A.01, page 16-A-4 of the Lender’s Handbook (VA Pamphlet 26-7).

To better find out if your property requires a Termite Inspection, consult a VA Loan Specialist Now>>>

First, regarding occupancy rules, VA requires a veteran obtaining a VA guaranteed loan to certify that he or she intends to personally occupy the property as his or her home. As of the date of certification, the veteran must either personally live in the property as his or her home, or intend, upon completion of the loan and acquisition of the dwelling, to personally move into the property and use it as his or her home within a reasonable time (within 60 days of closing). A spouse can satisfy this requirement if the veteran is on active duty and can’t personally occupy within this time.

In addition, VA loans are not only for Single Family Residences. You can use your VA loan to purchase up to a 4 unit property and one business unit so long as it is not a joint loan, the nonresidential unit doesn’t make up more than 25% of the total floor plan, AND you plan to occupy one of the units of the property.

The occupancy requirement applies to all types of VA guaranteed loans EXCEPT Interest Rate Reduction Refinancing Loans (IRRRL’s) or otherwise known as Streamline Refinances. For these loans, the veteran need only certify that he or she previously occupied the property as his or her home.

You’re not alone…and it’s not the only choice you have.

What most veterans don’t realize, on July 30, 2008, the President signed the Housing and Economic Recovery Act of 2008 which allows for a “Temporary Increase in Maximum Loan Guaranty Amount for Certain Housing Loans Guaranteed by the Secretary of Veterans Affairs.” As of 2010, this increase is still available, but no one knows for how long, which is the reason why I underline “Temporary”.

Basically, in short, veterans and current military personnel can get a zero down VA Loan over $417,000 in certain High Cost Counties around the United States. In fact, in some counties, you can actually get a zero down jumbo VA loan amount up to $1,094,625 and still with NO mortgage insurance!

Yet there are still so many veterans not taking advantage of this benefit they earned. Either they don’t know about it, they are working with a broker that doesn’t have much experience with VA loans (very common) or they are working with a broker that is not able to offer them (also very common).

With FHA’s mortgage insurance and Jumbo Conforming Private Mortgage Insurance “PMI”, if you are a veteran, VA Jumbo Loans should really be your only choice if you are looking to put less than 20% down.

Lastly, a common mistake made by veterans is to go with a broker they know, a realtor referral or simply, not do enough research. This could be a very costly mistake. Everyone knows that VA allows lenders to charge a 1% Origination fee. Of course, this can make a VA loan very pricey and often times deter the veteran from using their VA eligibility and taking advantage of the many benefits a VA Loan offers.

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