Category Archive : VA Loans

VA Loans: Squeezing every dollar from that Payroll Statement for Active Duty Borrowers

       VA Loans

There are three main income entitlements listed on a Veteran’s paycheck stub, known as a “Leave & Earnings Statement”  or LES. The first one is the Base Pay and is easy to compute. However the next two, BAS (Basic Allowance For Subsistence which is supposed to offset meal costs) and BAH (Basic Allowance For Housing) are non-taxable and therefore can…… Read More »

How much can seller pay towards Buyer’s closing costs on a VA loan?

       Uncategorized / VA Loans

There’s much misunderstanding in the Lending industry, even amongst Loan Officers and Underwriters regarding how much the Dept of VA allows a Seller to contribute. The confusion arises from misinterpreting  the VA’s definition of “Seller concessions”. You see, in the VA’s eyes, the term seller concession does NOT apply to normal closing costs- it is anything other than normal closing costs…… Read More »

Little Known Fact About VA Loans: How Much Seller can Really Contribute

       FHA, VA & Conventional Related / VA Loans

The Seller can contribute a total of 8% towards a Veteran’s home purchase There’s much misunderstanding in the Lending industry, even amongst Loan Officers and Underwriters regarding how much the Dept of VA allows a Seller to contribute on a home purchase transaction. The confusion arises from misinterpreting  the VA’s definition of “Seller concessions”. You see, in the VA’s eyes,…… Read More »

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VA Mortgage Guidelines For Veteran Buyers being Deployed

       VA Loans

Many Veterans and their families ask this question: Can the Veteran (homebuyer) who knows he/she is about to be deployed, purchase a home using a VA loan with the intention of occupying the property? Yes and No! Yes in that the Veteran can actually sign the initial Loan application and then ‘take off’ (be deployed), leaving a specific Power of…… Read More »