Posts Tagged “VA home loan”

Did you know that whereas FHA loans limit Seller contributions for Closing costs to 6% of the purchase price, with a VA Loan, the Seller can make not only 4% concessions towards Closing Costs but another 4% towards Veterans’ other costs including paying off consumer debt to allow the Veteran to qualify ? !

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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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