VA

If a borrower has 12 months’ evidence that someone else is paying a debt they are obligated on, we do not need to count that against them for FHA, VA, Conventional or USDA!

Related Article Title: VA- Co-Signor Obligation: My veteran client co-signed for both siblings on 2 separate cars.  One I can prove 12 months paid by another and the other is only 10 months.  Help!  [Debts Paid by Others Chart] Answer: VA doesn’t have a ’12-month rule’ like FHA and Fannie/Freddie when it comes to contingent [...]

2019-04-21T18:48:29-05:00April 25th, 2019|Social Media Posts, VA|

Did you know that VA will allow a seller concession up to 4% that can be used to pay off credit cards and judgments? Yes, as an experienced VA lender I can help your clients own a home. That’s why it’s so very important that I talk with them before they shop for a home!

Related Article Title: Did you know that VA will allow a seller concession up to 4% that can be used to pay off credit cards and judgments? Yes, as an experienced VA lender I can help your clients own a home.  That’s why it’s so very important that I talk with them before they shop [...]

2019-04-21T18:45:13-05:00April 25th, 2019|Social Media Posts, VA|

VA- Co-Signor Obligation: My veteran client co-signed for both siblings on 2 separate cars. One I can prove 12 months paid by another and the other is only 10 months. Help! [Debts Paid by Others Chart]

Answer: VA doesn’t have a ’12-month rule’ like FHA and Fannie/Freddie when it comes to contingent debt payments from the primary borrower.  (See the guideline below.)  Unfortunately, (but understandably), it is usually the standard that an underwriter will rely on to determine that there appears to be no reason that the co-signor will have to [...]

2019-04-19T17:52:35-05:00April 24th, 2019|

VA Derogatory Credit & Collections: I have a veteran with a low 623 credit score, collections and spotty history on other loans, which is why I have a refer/eligible. How will the underwriter handle the collections on a manual underwriting?

Answer: Your underwriter will be using the criteria below to evaluate your borrowers.  From the information you’ve provided, I’m not sure that they will be able to meet the requirements below.  In these situations, the underwriter decides if they can approve the loan, but it sounds like your underwriter will want to see a solid [...]

2019-04-25T00:37:59-05:00April 24th, 2019|