Category: VA Loans
-
VA Manual Underwrites – Have You Recently Been Denied for a VA Loan?
One of the most rewarding Veteran Affairs benefits in which members receive is that in most cases, qualified homebuyers are not required to put money toward a down payment. The main goal of a VA mortgage is to make it easier for service members to receive financing by offering loans that don’t require down payment…
-
VA Loans – What Is Needed To Be “Approved”
VA loans involve a veteran’s benefit. VA encourages lenders to make VA loans to “qualified” veterans. By definition a “qualified” veteran is one that has satisfactory credit and has present and anticipated income that allows the veteran to make all terms of repayment (VA Pamphlet 38 CFR 36.4337). The good thing about VA loans is…
-
(VA) Veterans Association Loans
VA loans involve a veteran’s benefit. VA encourages lenders to make VA loans to “qualified” veterans. By definition a “qualified” veteran is one that has satisfactory credit and has present and anticipated income that allows the veteran to make all terms of repayment (VA Pamphlet 38 CFR 36.4337). The good thing about VA loans is…
-
Seller Paid Closing Cost Limits for FHA, VA, Conventional & USDA Loans
Seller contributions or sales concessions can be a great help for prospective home buyers looking to purchase a new home. However there are limits based on the type of financing being used. FHA, VA, Conventional, or USDA limits how much a seller can pay as a contribution to the buyers closing costs and prepaid expenses.…
-
How Do Collection Accounts Affect A Mortgage Application?
Collections are credit accounts that have not been paid over a period of time. FHA defines collection accounts as “a Borrower’s loan or debt that has been submitted to a collection agency by a creditor”. When applying for a home loan, collections play a key part in whether or not your mortgage will be approved. Collections are handled differently by…
-
Departure Income FHA, VA, Fannie, and Freddie
In the context of establishing a borrower’s DTI or debt to income ratio, departure income is defined as income derived from leasing out your current primary residence (the departure residence) when purchasing a new primary residence. If you currently own a primary residence there are three ways to deal with that property if you are…