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VA Loan Tip #24 for Veterans
VA Home Loans After a Borrower's Death
Unless mortgage life insurance is purchased, the responsibility of a veteran mortgage passes to the spouse or the veteran's estate in the event of his or her death. There is a continued obligation to make payments, but don't forget the VA's "Leniency Policy" with regard to forbearance for qualified borrowers who fall on temporary hard times. Mortgage life insurance can take care of this issue once and for all, but it is not offered through the VA. You'll need to find a qualified private insurance company to make these arrangements. The terms of such insurance may vary from agency to agency.
VA Loan Tips for Veterans
- Entitlement to a VA Home Loan
- Advantages to the VA Guaranteed Loan
- About VA Loans with Adjustable Rates
- Getting Pre-approved for your VA Loan
- Eligibility for a VA Home Loan Guaranty
- Your Discharge May Affect Your Chances
- I Lost My DD214
- For Those Who Already Have a VA Loan
- A One Time Deal
- VA Loan Partial Eligibility
- VA Loans and Rental Properties
- VA Loans and Your Debt Ratio
- Uses for Your VA Loan
- About the VA Funding Fee
- Co-signers on VA Loans
- The Veterans Benefits Act of 2004
- VA Home Loans and Fair Housing Laws
- VA Pre-approved but Can't Find a House
- VA Loan foreclosures
- Improving Credit to Enhance VA Loan Eligibility
- Help for VA Homebuyers
- VA Loans to Purchase Farms
- VA Loans for Properties Outside of the US
- VA Home Loans After a Borrower's Death
- Selling a VA Loan Property
- VA Mortgage Payments
FREQUENTLY ASKED QUESTION # 19 [ -more VA Loan questions- ]
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Q: Bankruptcy and VA Eligibility - What happens if I file bankruptcy and wish to buy another home at some point?
A: Veterans who file for bankruptcy are still allowed to use a VA home loan if they are eligible. Unfortunately the process does require a waiting period. You are allowed to purchase another home two years after the "discharge date" of your bankruptcy. Keep in mind that the filing date does not factor in-you must wait the two years after bankruptcy has been discharged. Once you are eligible to buy another home, the usual credit and income requirements apply.
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VA Loan Rates
for 9/07/2008
30 year fixed
-----------------
0.000 points
6.500%
6.618% APR
15 year fixed
-----------------
0.000 points
6.500%
6.500% APR
Life Insurance for Military Members
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