Tag Archive : VA residual income

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The VA Mortgage Loan Just Got Better !!

       General

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……. Read More »

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Amazing Fact About VA Loans You May Not Know !

       General

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 ? !

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A little known tip re: dealing with Spouse's debts on a VA Loan

       FHA, VA & Conventional Related / VA Loans

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…… Read More »