Posts Tagged “VA bad credit”

The answer is yes, with some restrictions.
The Veteran homebuyer has to live in/occupy one of the units as his/her principal residence.
The Veteran homebuyer cannot use the rental income he/she will acquire from the other units, to qualify for the VA loan.

The good news is that the VA Loan will finance 100% of the purchase price, even on 2, 3, or 4-unit property.

For more information on VA loans, check out the VA Homebuyer Webinar recording here . . .VA Homebuyer Webinar

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Yes he/she can! And yes , with a VA loan!
Federal Tax Liens are basically the last stage of the collection process by the Internal Revenue Service, after a Levy.
A lien basically ties up assets owned by the debtor.
How can a VA loan be approved under these circumstances ?
If the Veteran has a Payment plan (Installment repayment agreement) with the IRS, and has been making the payments on time for at least the past 12 months (which can be documented for the VA Underwriter), then the Veteran can indeed be approved.
How does the VA Underwriter deal with the CAIVRS alert that will surely come up?
The approved repayment plan will allow the CAIVRS to be cleared. (Federal IRS tax liens are allowed to stay unpaid if the IRS subordinates the tax lien to the VA mortgage.)
Watch our VA Homebuyer Webinar series here Click Here : VA Homebuyer Webinar

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How Long After Bankruptcy, Foreclosure, Short Sale Can I Buy a home?

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Yes! True, according to the USDA rulebook, Borrowers can be ‘able’ to get FHA (or VA) financing, but if they have 20% down for an UNINSURED Conventional loan, they’ve apparently got no business applying for USDA :) . Here’s the exact verbiage from the USDA rulebook. (Remember these types of loans were brought in to assist ‘moderate income’ families who didn’t have sufficient cash for a downpayment.

The borrower must not have sufficient assets to obtain other traditional conventional financing. The borrower may, however,
qualify for an FHA or VA loan. In other words, applicants may have liquid assets and be eligible to participate in the GRH Program. Those assets, however, should not be sufficient to meet the down payment and closing cost requirements associated with a conventional uninsured mortgage product (LTV  80%). This means applicants do have a choice of USDA-Guaranteed Rural Housing, FHA, VA, or a conventional mortgage product with private mortgage insuranc
e.”

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There are different rules that apply to the “seasoning” period since a foreclosure event, amongst different types of loans (CONV, FHA, USDA, VA).
VA Loans offer the lowest such period of time required since the foreclosure . . .i.e just 2 yrs!
FHA is presently at 3 yrs and so is USDA.
Deeds in lieu of foreclosure (where the Veteran homeowner handed the deed back to the lender , walking away from the home) as well as Short Sale are considered no different than a foreclosure for seasoning periods.

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