VA

Each time a property is going to have a VA loan placed on it (with the exception of an IRRRL loan), a water test must be performed to ensure the property meets VA Requirements.

Related Article Title: VA – Well Testing: Does VA require a well test on a cash-out refinance where the present loan is VA and the new loan is VA? Answer: Yes. Each time a property is going to have a new VA loan placed on it (with the exception of an IRRRL) a water test [...]

2019-06-24T10:17:01-05:00June 25th, 2019|VA|

VA will accept the future income from a valid offer of employment that begins after the closing date. There are items we have to document, so call me first if you are changing jobs and want to qualify for a home using your new income.

Related Article Title: VA – Future Income: How does VA handle future income when the borrower has an employment contract but no paystub? Chart – Expected Income – New Job Starting After Closing – All Agencies Answer: VA does not prescribe a certain time frame regarding commencement of a new job. A paystub is not [...]

2019-06-24T10:19:25-05:00June 25th, 2019|Social Media Posts, VA|

VA – Rental Payment History: VA guidelines now state a requirement of a 24-month payment history, whereas it used to be 12. Are there any exceptions to this rule?

Answer: If you have an AUS approval on less than the 24 months, then the system will accept that history by virtue of the AUS loan approval. However, if you get a “Refer”, the borrower must have a full 24 months of rental payment history for analysis. [Article Published in Question & Answer Issue – [...]

2019-06-19T12:38:25-05:00June 25th, 2019|

VA – EEM [Energy Efficient Mortgage] Program: What types of work can the VA EEM program be used for and how does it work? MTP™ – VA Energy Efficient Mortgages

Answer: EEM’s are fairly simple, but be sure to check first that your company allows them.  Some secondary markets restrict them, so depending on your secondary markets you may or may not be able to offer this loan type. Energy Efficient Mortgages (EEMs) are loans to cover the cost of making energy efficiency improvements to [...]

2019-06-19T12:34:26-05:00June 25th, 2019|

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|