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Category Archives for VA Loan Spot Tips

What’s a “No Closing Cost” Loan and Is It Truly No Cost?

Chances are you have seen a commercial that is advertising “no closing cost loans” for homes. This probably sounds like a good deal to many; perhaps it sounds like too good of a deal. “There truly is no such thing as a ‘no closing cost’ loan”. The tricky wording in advertisements can give the illusion Read the full article…

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7 Main Advantages of a VA Loan

Estimated reading time: 6 minutes There has been an increasing amount of demand for VA Loans. Technically, they’re called Veterans Affairs mortgages. Better known as VA loans, these mortgages don’t always require a down payment and are available to military vets and active members. Some unique features about VA loans are that they do not Read the full article…

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Explain Debt to Income Ratio

    What is debt to income ratio? Debt to income ratio (sometimes referred to as DTI) is used by lenders to measure your ability to pay for your loan. Lenders look at what’s on your credit report and your monthly expenses such as car payments, credit card debt, rent or mortgage payments to determine Read the full article…

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What is a Home Loan Contract Contingency?

    What is a Home Loan Contract Contingency? Home loan contract contingencies serve to protect both parties, the sellers and buyers, in the home buying process. This contingency allows for either party to back out of the home contract if something does not go according to plan. Examples of contract contingencies for buyers For Read the full article…

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Upfront Costs For a VA Home Loan

If you are looking to begin the application process for a new loan, costs are probably running through your mind. Upfront costs, closing costs and many other fees are normally attached to a loan agreement, but with VA home loans it’s different. A VA home loan through VA Loan Spot actually has zero upfront fees, so Read the full article…

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What is Residual Income?

The VA home loan program actually has some of the lowest foreclosure rates than any other loan program for about six years straight. The reason for this is because of its income standard that ensures veterans can afford a new mortgage. This income standard is called residual income. What is Residual Income? Residual income is something that is only applied to a Read the full article…

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Pre-Approval vs Pre-Qualification

If you are a veteran beginning a new home search, the processes of pre-qualification and pre-approval are in your future. Many people make the mistake of thinking if a lender pre-qualifies them for a mortgage that they are automatically pre-approved for a home loan. Unfortunately, that isn’t the case, but how these two terms differ can easily Read the full article…

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Choosing The Right Home For Your Budget

Everyone has their picture perfect home in their head, and have dreamed about it multiple times. What the outside looks like, what the inside looks like, the neighborhood that it’s in, and the city that it’s in. The reality of the situation when looking to buy your first home is, the best home for your Read the full article…

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VA Loan Eligibility for Surviving Spouse

VA Loan Eligibility for Surviving Spouse The brave men and women who serve our country are often supported by a spouse whose own sacrifice should not be overlooked. For most of us who are married, we are rarely away from our husband or wife for more than a day. We have the privilege of hearing Read the full article…

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Are You Ready to be a Homeowner? Part 1

Do you think you’re ready to be a homeowner? Honestly, think about it… Close your eyes and picture your home in your mind… Do you see yourself painting a child’s bedroom or perhaps that man cave you’ve been wanting for years complete with bar and pool table? Maybe it’s a green lawn and a picket Read the full article…

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