May 5, 2014
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,……
October 5, 2011
The VA Home Loan just got better a few days ago, in case you didn’t know. If you are a Veteran Homebuyer or know someone who is, see below. The upfront Funding fee has been lowered! This means lower monthly payments for Veterans who even need to pay a funding fee. Click on the Chart image to make it bigger…….
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 ? !
August 12, 2011
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……
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……
February 18, 2011
There are different rules that apply to the “seasoning” period since a foreclosure event, amongst different types of loans (CONV, FHA, USDA, VA). VA Loans offer the lowest such period of time required since the foreclosure . . .i.e just 2 yrs! FHA is presently at 3 yrs and so is USDA. Deeds in lieu of foreclosure (where the Veteran……
