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VA home loan programs may be used to finance the purchase of homes, condominiums or manufactured homes, refinance an existing home loan, or install energy-saving improvements. These flexible, no-down payment loans have helped more than 21 million service members become homeowners since 1944. NJ  Lenders Corp is proud to be a direct lender of VA Loans. The three main types of guaranteed home loan benefits are:

  • Purchase Loans
  • Cash-Out Refinance Loans
  • Interest Rate Reduction Refinance Loans

Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.

Active-duty members generally qualify after about 6 months of service. Reservists and members of the National Guard must wait 6 years to apply, but if they are called to active duty before that, they gain eligibility after 181 days of service.

Qualified vets need suitable credit, sufficient income and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. Private lenders underwrite and fund VA home loans according to VA standards. VA’s partial guaranty for these loans means that ...


"Seller-paid points" are where the seller pays points to reduce the interest rate on your mortgage.  Consider a home where the list price is $300,000 and the seller is willing to accept a bottom line of $291,000.  If the seller reduces the price by $9,000, you would be able to purchase the home for $291,000.  Both you and the seller would be happy.  

However, what if you purchase the home for $300,000 and ask the seller to contribute $9,000 toward your closing costs?  The seller still walks away with his/her bottom line of $291,000.  However, there are four extra benefits to you in this scenario:

#1 - Lower Interest Rate and Lower Monthly Payment

Your mortgage interest rate would likely be 0.5% - 0.75% lower if the seller pays 2 or 3 points on your behalf. This means that your monthly payment will likely be lower as well. This is true even though your mortgage balance would be slightly higher, and based on a $300,000 purchase price vs. $291,000 purchase price.

#2 - Less Interest Cost Over the Life of the Loan

Your total savings over the life of the loan is likely be significantly more with seller-paid points vs. a reduction in purchase price. In our example, if you purchase the home for $291,000, you would save $9,000 vs. the list price. ...


According to a new joint survey on student loan debt and housing released by the National Association of REALTORS® and SALT®, a consumer literacy program provided by nonprofit American Student Assistance®, 71% of non-homeowners repaying their student loans on time believe their debt is impeding on their ability to purchase a home.

The results also revealed that student debt postponed four in 10 borrowers from moving out of a family member’s household after graduating college. A little over a majority of those polled (52 percent) expect to be delayed by more than five years from purchasing a home because of repaying their student debt.

In the last 10 years, students themselves have gone from paying 30% of college costs, to paying close to 50% of their own college costs.  This has resulted in driving up the outstanding student loans in the US from $350 billion to a staggering $1.2 trillion over the past 10 years.  

Here are three things you can do right now to help your children or grandchildren prepare for the first major investment of their lives:

  1. Engage the student early on so that they start thinking of college as more of an investment in their future vs. simply another life experience. Otherwise, it could be one heck of an expensive experience for them and for you!  Talk to them ...

Research estimates more than 50 percent of households lack enough retirement funds to maintain their pre-retirement standard of living—even if they work until 65.

The good news? If you’re a homeowner, you have options:

Reverse Mortgage – A reverse mortgage is a loan that homeowners aged 62 or older can use to convert part of the equity in their home into a usable asset, without giving up title or ownership of the house.

The reverse mortgage option should be viewed as a method for responsible retirees to create liquidity from an otherwise illiquid asset.  Reverse mortgages require no monthly payment and do not have to be paid off until the last borrower permanently leaves the home. You have the option of taking the loan proceeds as a lump sum, a fixed monthly or tenured payment, or as a line of credit.

Reverse mortgages also feature a non-recourse provision that protects you from ever owing the lender more than the value of your home, even if the house is "underwater" when you are ready to sell.

You are still responsible for paying your property taxes, homeowner's insurance and upkeep expenses, or risk the loan being called due and payable.

Home Equity Line of Credit (HELOC) – A HELOC establishes a line of credit based on a percentage of the value of your home. You can access this credit during a predetermined amount of time called a ...


These loans help homeowners complete renovations with a loan amount that is based on an appraiser's estimate of what the property value will be with completed improvements. This is also an option for aspiring homeowners who purchase properties that need repair. Whether a home purchase or a refinance, this option finances the renovations and mortgage in one loan.

Your bank may not be the best source for what color to paint your room or which walls to move, but it can help you identify your financial options. Each option has its associated benefits and considerations, and your bank can provide valuable information to help you make informed decisions about which options are right for you.

As you prepare for your renovation, it’s important to review your financing options based on the size of the project, your intended repayment plan and whether you plan to use a contractor or do it yourself. Some financing options to consider:

The 203k loan insured by the FHA is designed to make financing for properties in disrepair more accessible by combining the estimated costs of repairs and the home's purchase price in a single loan. Suggesting this option to buyers may help them see the possibilities in a property and lead to a sale.

The FHA 203k loan program offers a number of advantages:

- Unsafe homes can be made inhabitable, improving the ...


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