Tag Archive : VA underwriting

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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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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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 »

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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 »