November 7, 2011
it’s a little known fact amongst Homebuyers, Renters, Realtors and even Loan Officers that both FHA and VA allow a Borrower to purchase a home after they’ve made 12 timely payments on a Chapter 13 BK. Wait! What? Yes you read that right. Why is this important? It’s important because while grappling with many unpaid collections, charge off’s and judgements,……
October 1, 2011
Did you know that whereas FHA loans limit Seller contributions for Closing costs to 6% of the purchase price, with a VA Loan, the Seller can make not only 4% concessions towards Closing Costs but another 4% towards Veterans’ other costs including paying off consumer debt to allow the Veteran to qualify ? !
July 16, 2011
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……
June 14, 2011
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……
April 19, 2011
Basic Facts First: On a VA home loan, the Veteran’s spouse’s debt obligations have to be counted against him/her when qualifying even if the Spouse will not be a borrower on the VA loan (i.e. “non purchasing spouse”). Underwriters therefore add up all the monthly debts belonging exclusively to the spouse and count them against the Veteran (Borrower). And since……
