Can I get a VA loan if I am divorced?

Can I get a VA loan if I am divorced?

Divorce. This is possibly the most complex issue when it comes to civilian spouses and VA loans. If you are an ex-spouse of a service member, you are not eligible for a new VA loan in the same way a surviving spouse would be. It can get complicated when divorce is involved after you have a VA loan together.

What happens to a VA loan in a divorce?

The Basics of VA Loans and Divorce. When given a VA loan, the spouse married to the veteran receives all VA benefits as long as this individual remains married to the veteran. However, once the individual is no longer married, the benefits are stripped from them entirely.

Can military spouses get a VA loan?

The veteran and a military spouse may apply for a VA loan and use VA loan benefits from both military members. The veteran and a military spouse may apply for a VA loan using only one military member’s VA loan benefits.

Can you use a VA loan for a 2nd home?

VA loans won’t allow you to purchase this type of home with your benefits. But you can buy a second primary residence with your VA benefits, potentially with a zero down payment. You just need to have enough entitlement and income to qualify for both houses.

Can you have 2 VA loans at once?

The VA allows veterans to have two VA loans at the same time in some situations, and eligible veterans can qualify for a VA loan even if they’ve defaulted on one in previous years. The time to act on your VA loan benefits again is now.

How long do you have to occupy a VA loan home before renting?

VA Home Loan Rules On Occupancy Because the VA Lender’s Handbook requires the property purchased with a VA mortgage to be a primary residence, the borrower generally has 60 days (or a “reasonable time” negotiated with the lender) to take ownership and occupy the home after loan closing.

Can I use my dad’s VA loan to buy a house?

“My father is veteran, does his status allow me to qualify for a VA home loan?” The short answer to this question is no. VA loans are generally for only the veteran, veteran and spouse together or the surviving spouse of a veteran under certain circumstances.

How soon can I sell my VA loan home?

When can you sell a VA loan home? With VA-guaranteed mortgages, there’s typically no requirement for how long you have to live in the home before selling. VA loans also don’t have any prepayment penalties (a fee if you end your mortgage early), so there’s no need to worry about that if you’re considering selling.

Who pays for VA loan appraisal?

If you’re new to the VA loan process, you’ll learn you must pay both the initial appraisal and any required home inspection. Costs vary by location and home type, but the VA appraisal fee generally ranges between $300-$500. Homebuyers may ask the seller to repay this cost as part of your negotiations.

Do VA appraisers lowball?

Sometimes the VA appraisal is lower than the asking price, and sometimes it is higher. When the appraisal is lower than the asking price, it essentially means that the lender does not place a value on the home as high as the seller.

Why do Realtors hate VA loans?

VA mortgage loans also come with minimum property requirements that can end up forcing home sellers to make many repairs. Because VA appraisals may increase their repair costs, home sellers sometimes refuse to accept purchase offers backed by the agency’s mortgages.

What will fail a VA appraisal?

5 Common Reasons Homes Fail The VA Loan AppraisalInsufficient Heating. Homes that do not have adequate heating systems will never pass the VA appraisal. Inadequate Electrical Systems. Logically, for a home to be considered move-in ready, there must be working electricity. Roof in Disrepair. Broken Windows Lead to Broken Contracts.

Are VA loans harder to close?

The short answer is “no.” It’s true VA loans were once harder to close — but that’s ancient history. Today, you’re likely to have roughly the same issues with a buyer who has this sort of mortgage as any other. And VA’s flexible guidelines may be the only reason your buyer can purchase your home.

Why are VA loans bad?

The lower interest rates on VA loans are deceptive. Both will end up costing you much more in interest over the life of the loan than their 15-year counterparts. Plus, you’re more likely to get a lower interest rate on a 15-year fixed-rate conventional loan than on a 15-year VA loan.

Do VA appraisals usually come in low?

VA appraisals are much like regular appraisals — an appraiser will come out to the house you’re looking to buy and establish its value. If a VA appraisal comes in low, problems can occur. For example, a home on the market for $275,000 can get a VA offer with all $275,000 financed.

Are VA appraisals harder?

VA appraisal guidelines can be strict and can eliminate fixer-uppers from contention. Many of the guidelines can be frustrating for military buyers who are considering older homes in need of renovation. If a home fails to meet the MPRs the buyer will have to decide how they want to proceed.

What are the minimum property requirements for a VA loan?

Some of these property requirements include:Mechanical systems must be safe and have reasonable future utility.Heating must be adequate.Roofing must be adequate.Crawl spaces and basements must be dry.Property must be free of termites, dry rot and fungus growth.Lead-based paint must be remediated.

Can seller back out if appraisal is low?

It states that if the appraisal comes back low, the buyer has the option to back out of the deal and get their earnest money back. Generally speaking, here’s what your appraisal outcome means: Appraisal is greater than offer: If the home appraises for more than the agreed-upon sale price, you’re in the clear.

What happens if a house doesn’t appraise for the sale price?

When your home appraises for less than its purchase price, there are a few potential outcomes: Seller and buyer renegotiate a new, lower home sale price. Buyer increases the down payment to meet new LTV and down payment minimums. Seller and buyer cancel the home purchase contract.

How do you fight a low appraisal and win?

These are the steps you need to take to dispute a low appraisal valuation.Get your own copy of the appraisal. Look for mistakes. Look for comparisons that you don’t agree with. Make sure there are no permit issues. Create your own (unofficial) appraisal. Petition the appraiser for another appraisal.