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USDA / VA / FHA Appraisal Requirements

Posted in FAQs, Guide to FHA Home Loans, Guide to USDA Home Loans, Guide to VA Home Loans, Home Buying Tips & InfoPosted by Shane Latzachipping paint on a cement block structure

In order for a loan to be financed, certain USDA, VA or FHA appraisal requirements must be met. The following will need to be repaired in order to avoid a re-inspection of the property: Paint ANY chipping or peeling paint will need to be scraped and painted, no matter how minor it may be. Remember to remove the old paint chips that have fallen onto the ground and dispose of them properly. Siding ANY missing…

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2023 Changes to VA Funding Fees: In Place Until November of 2031

Posted in Guide to VA Home LoansPosted by Shane LatzaKey from property and USA flag. VA loan mortgage concept.

Early in 2023, the VA made a scheduled change to VA funding fee rates. These fees apply to loans closed on or after April 7, 2023 and prior to November 14, 2031.  The funding fee percentages for VA home loans, including construction loans and refinances, was decreased. This is good news for home buyers looking to finance purchases through VA home loans!  VA Loan Fees for Loans Closing On or After April 7, 2023 The…

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Record Increase in VA Compensation to Come for Veterans in 2023

Posted in Guide to VA Home LoansPosted by Shane Latzablocks depicting 2022 changing to 2023 with coins on top indicating increased VA compensation payments for veterans

The VA has announced that their compensation payment rates will be increasing for 2023, and by a significant percentage. Based on the latest cost of living adjustment announcement, the VA will be increasing their compensation benefits for veterans and beneficiaries in 2023 by 8.7%. This is the largest increase in monthly compensation benefit payments for veterans in more than 30 years. Which VA Benefits Are Impacted by This Increase? The increase in VA compensation for…

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VA Loan Residual Income Requirements

Posted in Guide to VA Home LoansPosted by Shane LatzaHappy couple holding keys to new home and house miniature

VA home loans are among the best mortgages available for homebuyers who qualify. They offer favorable terms and competitive rates – but you must meet specific qualification standards in order to be eligible to finance your home with a loan backed by the Department of Veterans Affairs.  If you’re looking to apply for a VA home loan and wondering if you qualify, one key element you must take into account is residual income.  Here, we…

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Maximum VA & Conforming Loan Limits Increased for 2024

Posted in Guide to VA Home LoansPosted by Shane LatzaWhiteboard with rising graph is isolated on white background.

The Federal Housing Finance Agency has announced that conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2024 will increase by 15.56 percent. Throughout the majority of the U.S., the 2024 maximum conforming loan limit for one-unit properties will be $766,550, an increase from $726,200 in 2023.  For 2024, the VA loan limits will once again align with the FHFA conforming loan limits. This means that throughout the majority of the…

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