Divorce And VA Loan Eligibility

There are many ways in which a getting a divorce can have an impact on VA loans.  Let’s go ahead and start off with  the basics. First, let’s look at a scenario where the VA loan is only filed under the veteran’s name. The VA loan guaranty is only available due to the veteran’s eligibility for the loan.  After the VA loan is processed, the guaranty will remain with the mortgage even if the borrowing veteran or member of the armed forces stops living there. The only way the VA loan guaranty will be removed is if the loan is refinanced by the former spouse into a conventional mortgage, which will then make the military borrower again eligible for a new VA mortgage. Jointly held mortgages are a little different from the above process. The name of...

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Save Energy and Money Today

Did you know that the typical U.S.family spends about $1,900 a year on home utility bills? Unfortunately, a large portion of that energy is wasted. And each year, electricity generated by fossil fuels for a single home puts more carbon dioxide into the air than two average cars. As for the road,transportation accounts for 67% of all U.S. oil consumption. The good news is that there is a lot you can do to save energy and money at home and in your car. Start making small changes today (as listed below). To cut your energy use up to 25%, see the Long-Term Savings Tips that will follow in the subsequent articles in this series. The key to achieving these savings in your home is a whole-house energy efficiency plan. To take a whole-house approach, view your home as an...

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VA Refinancing Options For Eligible Homeowners

VA Refinancing Options For Eligible Homeowners

VA mortgage loans allow you to refinance your home to take advantage of lower interest rates that can ultimately save you sizable sums of money in both the long-run and the short-run by lowering your monthly payment. If you currently have a conventional loan, you can refinance into a VA loan if you are an eligible veteran or member of the armed services. Transferring from a conventional mortgage to a VA mortgage is known as a “Conventional to VA Refinance Loan” and is a very straightforward process. The “Conventional to VA Refinance Loan” process is described in detail in our article Can I Qualify For A VA Refinance If I Currently Have A Conventional Loan? A common question related to VA refinancing is whether or not you can get a refinance on a VA loan if...

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ISU And Ivy Tech Receive New Grant To Help Student Veterans

ISU And Ivy Tech Receive New Grant To Help Student Veterans

Military veterans attending Indiana State University and Ivy Tech Community College-Wabash Valley will benefit from a new $79,000 grant from Operation Diploma, an initiative of the Military Family Research Institute at Purdue University. Indiana State opened a Veterans Resource Center in 2010 and the new grant will allow the university to launch a new learning community for student veterans. Two foundational studies classes will be offered exclusively to veterans in spring 2012. “We’re proud of our record of service to student veterans. This grant will help make them feel more comfortable in the university classroom by being in a class with other students who have a similar background,” said John Beacon, vice president for enrollment...

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Home Buyer Tax Credit Repayment Begins for 2008 Buyers

Home Buyer Tax Credit Repayment Begins for 2008 Buyers

Most home buyers who claimed the federal tax credit of up to $7,500 for buying their first home in 2008 are required to start repaying the credit in 15 annual installments, beginning with their 2010 tax returns. The credit—some form of which was offered for qualified home purchases in 2008, 2009 and 2010—has different repayment rules depending on when and under what circumstances the home was purchased. As tax season approaches, this may cause confusion among home buyers who received the tax credit. “It is important that home buyers consult a qualified tax professional to make sure they are receiving all the tax benefits as well as fulfilling the obligations of their home purchase,” said Bob Nielsen, chairman of the National Association of Home...

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The Real Monthly Expenses of Buying a Home

The Real Monthly Expenses of Buying a Home

Before you buy your first home, make sure that you’re researching the entire complement of monthly expenses that you will have to cover. Some of these are fees that many people don’t know are attached to their home payment. You may know about your mortgage costs – the monthly amount that you pay back to your lender that includes the amount you borrow, plus the percentage of interest you have agreed to. This is what most people look for when they look to see how much a home will cost them. If it were just that, then they would have a good idea of their home’s monthly cost. However, there are more unavoidable expenses. Property tax is calculated every year and added to your overall home expenses. Unless you prefer to pay a lump sum every...

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