VA-Requesting Appraisals without the Certificate of Eligibility Determination, Circular 26-19-12, Dated – May 16, 2019 – Effective Immediately

Written by: Tracey Rumsey, Staff Writer Important news if you work with VA loans. Read through this article to find out all the details and changes you may need to make in your process. Rule Synopsis: As of May 16, 2019, VA appraisals may only be ordered when the Certificate of Eligibility for the veteran [...]

2019-06-07T10:45:11-05:00June 10th, 2019|

VA – Child Care Calculation DTI & Residual: Does Child Care need to be included in the DTI and Residual Income Calculation, or just the Residual Income Calculation? NEW – VA Residual Income Calculator

Answer: The VA Loan Analysis form is where BOTH the Ratios and the Residual Income are calculated. Child Care is listed in the Debts and Obligations section of the VA Loan Analysis and is deducted for both the DTI and Residual Income Calculations. Social Media Post VA will count child care costs in when qualifying [...]

2019-05-23T14:23:51-05:00May 24th, 2019|

Veterans who are exempt from the VA Funding Fee are exempt on any VA mortgage loan transaction. It is not just a one-time benefit. Curious if you’re exempt? Contact me and let’s discuss!

Related Article Title: VA – Disability Income Exemption: If a borrower receives disability income from VA, are they exempt from the funding fee on subsequent loans? VA Funding Fee Chart – NEW MTP™-Who is Exempt from the VA Funding Fee? Answer: An eligible veteran is exempt from the funding on all VA loans they obtain.  [...]

2019-05-23T14:33:34-05:00May 24th, 2019|Social Media Posts, VA|

VA – Overtime Income: If we have fewer than 2 years’ overtime income, is it an automatic denial with VA or is there some flexibility? VA Chapter 4 Changes – Chart

Answer: VA wants to see a 2-year history of overtime (see guideline below).  Note that they will allow overtime income earned for 12 months or more to offset debts of 6-24 months in duration, which can be a deal-saver is certain cases. Reference: h. Income from Overtime Work, Part Time Jobs, Second Jobs, and Bonuses [...]

2019-05-23T15:07:57-05:00May 24th, 2019|

VA – Discount Points on an IRRRL: Does VA require an appraisal when any discount points are being charged on an IRRRL? VA Refinance Comparison Chart

Answer: VA only requires an appraisal on an IRRRL when a fixed rate is refinanced to an ARM rate and the 2% reduction in rate was produced solely from discount points.  (See the details below.) Reference: VA Guidelines – Chapter 4 Fixed to ARM: New rate must be 2% lower and the new rate can’t be [...]

2019-05-23T12:38:41-05:00May 24th, 2019|