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Compliance Articles from Q & A Issues:
- VA Partial Eligibility: A Veteran has $11,000 basic entitlement remaining. $25,000 of his entitlement has been used due to original property being assumed and subsequently going into foreclosure. Can he get full entitlement restored? If not, how do I calculate his maximum loan amount with a zero down payment? [Download Chart/Checklist - VA Guaranty Calculation Examples - April 25, 2012
- Multiple VA loans: Can one veteran have more than one VA loan at a time? [Download Chart/Checklist, VA Guaranty Calculation Examples Chart] - February 25, 2012
- VA Original Documents: Does VA require original docs, as opposed to faxed forms such
as VOEs, VOD’s etc.?
- February 25, 2012
- VA Power of Attorney: What documentation do I need for a Power of Attorney and an “Alive and Well statement” for a soldier serving in Kuwait? - January 25, 2012
- VA: Can a Veteran pay for the cost of pest repairs? - January 25, 2012
- VA Reinstate Eligibility: The buyer has a VA loan and is selling that property. They would like to be able to sell that home and at the same time purchase another home using VA financing. What steps do I need to take? [Download Chart/Checklist, VA Guaranty Calculation Examples Chart] - December 25, 2011
- VA Energy Efficient Mortgages: What are the VA guidelines for energy efficient mortgages? [Download Chart/Checklist, Energy Efficient Mortgages & VA Loans]
- December 25, 2011
VA Gift Funds: My underwriter is telling me VA does not allow for gift funds. Is this true? - November 25, 2011
VA Cert of Eligibility Status: Is there an email address at the VA to check the status of a veteran's eligibility? - October 25, 2011
VA Non-Spouse on Loan: A veteran has a significant other and they have a child together. Can she be on the VA loan with him? - October 25, 2011
VA Deferred Student Loan: For a student loan, do I calculate a monthly payment based on unpaid balance, or do I just need proof of deferment and not count any payment against it? - September 25, 2011
VA Assumable Loans: Is an existing VA loan assumable, and does it have to be a veteran that assumes it? [Download Mortgage Talking Points™ flyers, VA Assumptions - Not just for Veterans] - September 25, 2011
VA Pest Inspections: What is required for a VA
loan with regard to a termite and or pest inspection?
[Download Mortgage Talking Points™ flyers, 6 Types of Wood-Destroying Insects to Watch Out For] - September 25, 2011
VA Refinance Inspections: For a VA refinance, what inspections are needed? The old loan we are paying off is not a VA loan. - September 25, 2011
VA Heating Requirement: My client works for an HVAC company and intends to do the furnace repairs BUT not before closing. Is the heat source repair really a must for VA? - August 25, 2011
VA Counting Rental Income: I have a veteran and spouse purchasing an owner-occupied 2-family. Do they have to have landlord experience to qualify? - August 25, 2011
VA Rental Income: What are VA rules when a Veteran is receiving rental income on another home? - July 25, 2011
VA Residual Income: The underwriter told me that if the DTI is over 41%, then the residual income needs be 20% over the minimum. Veteran has worked overtime for over 1 year, gets short-term GI Bill income…UW said we can’t use that either. What’s the rule? [Link to VA Guideline Included] - June 25, 2011
VA Funding Fee: Can a VA Funding Fee be waived on a refinance? - May 25, 2011
VA PUD: A Master PUD that has a swimming pool,
tennis courts, and walking trails, would a VA loan be allowed?
- May 25, 2011
VA Child Support: My Veteran borrower has 3 months of child
support payments remaining. I have a letter from the child’s High School
stating she graduated in May, 2011. Do the payments have to be counted?
- April 25, 2011
VA Cash-Out Refinance: What is the max LTV for cash out refinance on a VA loan when the current 2nd is being subordinated? - March 25, 2011
VA Counting Reserve Pay: The underwriter says we can't use the reserve pay – unless I can get a "guarantee" in writing from his commanding officer who will ONLY say he has 3 years left. My loan is declined. I need to use that income to qualify. [Download VA Military Pay Scale Chart for 2011] - January 25, 2011
VA Allowable Fees: Is a VA buyer allowed to pay for a
structural inspection? Do you have a list of what the buyer is allowed/not allowed to pay?
[Download Mortgage Talking Points™ flyer, VA Borrower Fee & Seller Expense Matrix] - January 25, 2011
VA Short Sale Time Limit: What is the time limit for a new VA loan after a short sale (he had a conventional loan)? He tells me he has spoken directly with the VA and has been told that 2 years from the date of sale is acceptable but I can't find anything in the guidelines to suggest this. - December 25, 2010
VA Paying Realtor Commission: I have a client buying a FSBO using a VA loan. The buyer wants to pay the Realtor's commissions. Is this allowed? - November 25, 2010
VA Seller Concessions: I am confused on the Talking Points™ flyer on VA concessions. You lost me when the example was given for the 4% concessions. As far as seller concessions covering appliances and microwaves...how is that executed? [Download Mortgage Talking Points™ flyer, What You Need to Know About Seller Concessions & VA Loans] - November 25, 2010
VA Counting Projected Income: I have a veteran returning from Iraq on 10/1. He starts back at his old job on 1/1/2011. Is there an exception for active veterans to use the letter from the employer and close the loan before he actually starts his job? - October 25, 2010
VA Loan Officer Compensation: Can I be paid my loan commission and income reported on 1099? Or do I have to be a W-2 Employee? - October 25, 2010
VA Owner Occupied: I have a client who is moving 100 miles away and has a VA loan on his current home. They want to use FHA financing and qualify for both payments. The underwriter says that we cannot do ANY loan for them as VA requires the current home to be owner occupied at all times? Is this true? - September 25, 2010
VA Short Sales: Does VA have specific rules when a veteran sells a previous home which was a short sale? - September 25, 2010
VA Funding Fee Increase: Had you heard if VA was going to increase their funding fee? - August 25, 2010
VA Low Appraisal Value: I have a VA IRRL, Value on appraisal came in low, and LTV is at 102.308 what are my options? Will investors take a 102 LTV? - August 25, 2010
VA Flipping Policy: I have a borrower purchasing a home that Fannie Mae just took over 1 month ago. The new purchase will be a VA loan. Does VA require 2 appraisals, as FHA does, if the property is purchased within 90 days of the previous sale? - July 25, 2010
VA Cash-Out Refinance: Can you do a VA Refinance, cash-out or rate and term, on a property that currently does not have a mortgage? The VA Handbook is really vague on this issue! - July 25, 2010
VA Non-Taxable Income: Does VA allow grossing up social security income? - June 25, 2010
VA Power of Attorney: I have a client whose husband was deployed to Afghanistan before they could complete the loan. His wife has a Power of Attorney. The title company said he has to be home to sign the papers. Is it possible to do a loan, without him here? - June 25, 2010
VA Allowable Fees: Is the veteran allowed to pay the escrow fee? [Download VA Borrower Fee & Expense Matrix] - May 25, 2010
VA Flipping Rule: Does the VA have a 90-day flipping rule similar to the FHA? - April 25, 2010
VA Financing Townhomes: On a townhome, does VA have any percentage restriction for owner/renters like there is for Fannie? [Download Mortgage Talking PointsTM flyer, How Do I Know If It’s a Condo.] - April 25, 2010
VA Streamline Refinance: Does VA have the same 5% minimum payment reduction in their Streamline loans as FHA? - March 25, 2010
VA Adding Funding Fee: Can you add the VA funding fee on top of the 100% loan amount without the home appraising for the extra money the VA funding fee adds to the loan? [Link to VA Underwriting-At-A-Glance Chart] - March 25, 2010
VA New Construction Rules: Can I do a VA loan on a new construction home that was foreclosed on by the bank when I don’t have any construction documents or builder warranties? [VA Minimum Property Standards included. ] - February 25, 2010
VA Seller Concessions: I've heard that the seller's contribution can EXCEED 4%. What are the rules and allowed fees? [VA Policy on Fees and Charges by the Veteran Borrower included.] - February 25, 2010
VA H06 Condo Insurance: Are the condo insurance rules (HO6 "walls in") the same for VA condo loans (as they are for FHA)? - February 25, 2010
VA Condo Approvals: Is it true that VA is no longer accepting FHA approved condos or something along those lines? [Link to VA Approved Condo List] - January 25, 2010
VA Funding Fees: Where can I find the tables for funding fees for VA loan? [Link to VA Funding Fee Chart] - December 25, 2009
VA Maximum Appraisal Fee: Is there a maximum allowed fee on a VA appraisal? We were just conditioned by our compliance department to obtain proof from the VA that the $400 appraisal fee was allowed. We ordered the appraisal through the VA of course so this is insanity. VA Fee Changes for Select Areas Included - November 25, 2009
VA Allowable Closing Costs: How do I know which fees "count" towards the 4% limitation on seller concessions? VA Borrower Fee & Expense Matrix Included - October 25, 2009
VA Eligibility Quirky Eligibility Rule: I currently have a veteran buyer who has a home that she bought with her spouse using her VA. They own the home free and clear. They have been living apart for some time (no legal paperwork). She would like to purchase a new primary residence for herself using her VA eligibility. Is there a rule on VA eligibility reinstatement - even though it is free and clear? - September 25, 2009
VA Calculating Rental Income: When calculating rental income or loss on a VA loan, can you average the last 2 years or is the income only calculated off of the most recent tax year? - August 25, 2009
VA Flipping Guidelines: Does VA have a "Flipping" guideline? Seller purchased home for $57,000 1 month ago, and is now selling the property for $108,000. - August 25, 2009
VA Condo Financing Guidelines: What are the requirements for VA Condo financing? (Includes VA Handbook – Condo Project Requirements – Chapter 16) - August 25, 2009
VA Self-Employment Income: Veteran borrower is self-employed and has been for the last 1.5 years. The Veteran is in the same field as his military training. Good credit score, ratios and he will also have 5 months of reserves available after closing. Will I get this through underwriting? - July 25, 2009
VA Funding Fee Chart: My veteran first time homebuyer has served in the National Guard for 10 years but he was deployed to Iraq last year for 6 months. What funding fee do I use? - June 25, 2009
VA Eligibility: My veteran borrower purchased his first home with VA financing 20 years ago. He refinanced the property to a conventional loan 5 years after purchasing, retained the property as a rental and purchased another primary residence with his VA eligibility. He has now sold his primary residence and wants to purchase another primary residence with VA financing. VA will not restore his eligibility. Why not? - June 25, 2009
VA Condos: What are the "condo approval" requirements for VA loans? (Includes - VA Common Interest Communities, Condos & PUDs Pamphlet Included) - May 25, 2009
VA Cash Out Refi: My client lives with his father and was recently added to the property title. He is VA eligible. Can he do a cash-out refinance on this property? - May 25, 2009
VA IRRL Appraisals: Is it true that I now have to get an appraisal on VA Interest Rate Reduction Loans (IRRL)? - April 25, 2009
VA Housing Allowance: Does VA allow an active duty veteran to use his military housing allowance as income to buy a home? - March 25, 2009
VA Short Sale: If a veteran does a short sale on his current VA loan, can he get another VA loan without paying the loss to the federal government? - February 25, 2009
VA Eligibility: If a veteran only has $8,500 of eligibility left, what is the maximum loan that VA would insure with zero down? - February 25, 2009
VA Purchase Home Active Duty: Are Veterans allowed to purchase homes while at a duty station away from the primary residence they wish to buy? - January 25, 2009
VA Refi-Combined Loan-To-Value: Do I have to consider CLTV on either a VA Interest Rate Reduction Refinance Loan or on a VA cash-out refinance? - January 25, 2009
VA Refi Conventional to VA: Can a Veteran who has never used his eligibility refinance a conventional loan into a VA loan? - January 25, 2009
VA Repair Escrows: Is there any VA program that would allow for repair allowance either contributed from the seller or added into the loan? - December 25, 2008
VA 100% Refinance: Is it true you can do 100% VA cash out refinances? - December 25, 2008
VA Refinance Subordination: Can we refinance a first mortgage into a VA loan and keep the existing equity line? Assuming 5% closing costs/funding fee 1st LTV would be about $424,000 (81 LTV). Total CLTV would be about 88 CLTV. - December 25, 2008
VA Refinance: If a veteran buys a home on lease/purchase option, what are the VA rules? - November 25, 2008
VA Renting Current Home, Buying VA: What are the rules to use rental income from a home that will be rented when buying another home via VA? - November 25, 2008
VA Maximum Loan Limits: Did VA increase their loan limits? What is the maximum VA loan? - October 25, 2008
VA Training Manuals: Where could I find online or booklet training for VA loans? - October 25, 2008
VA Case Number Assignments: Can a veteran request and move their VA case number and appraisal without consent from the bank? - September 25, 2008
VA Jumbo Loans: Thank you for writing the article on Super Max VA Loans (from the February 2008 Q&A about VA Jumbos). The template for calculating the maximum loan was excellent. My question - is it possible to use this factoring to Debt Consolidate? (Guarantee VA Formula Included) - September 25, 2008
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