Category Archive : VA Loans
Homebuyers in Temecula, Murrieta and other areas of California can now buy a home with a Downpayment Assistance Grant that does NOT need to be repaid. Yes who read that right. It’s a true grant, not a deferred loan like many other programs. With the Sapphire Downpayment Grant program, California homebuyers can choose to have either 3% or 5% of…… Read More »
As a homebuyer looking to qualify for a VA home loan in California, you must secure a Certificate of Eligibility. The official VA website has the following, helpful chart breaking down the amount of required time in service to be eligible:
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 »
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 »
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 »
VA Loan The answer is yes! (As long as the penalty is included in the max allowable concessions by Seller on a VA loan). This is great news for Homebuyers who are Veterans of the Armed Forces. With Interest rates being as low as they are and house prices as affordable as they are compared to recent times, many Veteran…… Read More »
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 »
The answer is yes, with some restrictions. The Veteran homebuyer has to live in/occupy one of the units as his/her principal residence. The Veteran homebuyer cannot use the rental income he/she will acquire from the other units, to qualify for the VA loan. The good news is that the VA Loan will finance 100% of the purchase price, even on…… Read More »
Yes he/she can! And yes , with a VA loan! Federal Tax Liens are basically the last stage of the collection process by the Internal Revenue Service, after a Levy. A lien basically ties up assets owned by the debtor. How can a VA loan be approved under these circumstances ? If the Veteran has a Payment plan (Installment repayment…… Read More »
If the mortgage the Veteran was foreclosed on was a non-VA loan (e.g. FHA, CONV etc) then he/she is eligible for VA financing after 2 yrs. However if the loan that was foreclosed on was a VA loan, some restrictions come into play. The Dept of VA is going to assess how much their $ loss was through that foreclosure……. Read More »