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Author Archives: Bobby Atkisson

Why Will So Few Lenders Finance New Construction?

“New construction loans are one of the first things that go away when the mortgage crisis hit”. Building a new house is a difficult thing to do in this day and age and there is a fairly simple reason for this. In today’s market, all loans that lenders do they want to be insured. Whether Read the full article…

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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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VA Loan Funding Fee: Everything you need to know

Estimated Reading Time: 5 Minutes In today’s market, VA home loans are amongst the most attractive mortgage types out there. If you’re a qualifying veteran you can enjoy very low-interest rates and never have to pay mortgage insurance. These are very generous benefits, but it is a common misconception that taxpayer dollars support the VA 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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Shopping For VA Loan Lenders

Shopping around for a the right VA lender is always a good thing. It is crucial that this searching is completed within the 90-day window, or your shopping will begin to effect your credit score. Finding the perfect lender to answer all your VA home loan questions can be some task, but below are some great Read the full article…

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What is the VA Appraisal Process?

The VA appraisal process is actually very streamline and efficient. Because of the mortgage fall back in 2008, no lender on any loan program is allowed to pick the appraiser for a particular property. Even if you have no control over the exact appraiser, an appraisal is required for any veteran wanting a VA home loan. What Read the full article…

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