Posts Tagged “VA mortgage”

The VA Home Loan just got better a few days ago, in case you didn’t know. If you are a Veteran Homebuyer or know someone who is, see below. The upfront Funding fee has been lowered! This means lower monthly payments for Veterans who even need to pay a funding fee. Click on the Chart image to make it bigger. Get the word out to all the Veteran Homebuyers !

VA Funding Fee chart

Comments No Comments »

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 ? !

Comments No Comments »

Many Veterans and their families ask this question: Can the Veteran (homebuyer) who knows he/she is about to be deployed, purchase a home using a VA loan with the intention of occupying the property?
Yes and No!
Yes in that the Veteran can actually sign the initial Loan application and then ‘take off’ (be deployed), leaving a specific Power of Attorney for his trusted family member to execute to continue and complete the home purchase.
The Veteran must return home for a brief period within 6 months

The Veteran must return home for a brief period within 6 months (even for Rest & Recuperation) -for more details on this visit

The Veteran must purchase in the immediate vicinity of where he/she is stationed, and not their hometown necessarily. This means a Veteran who has been relocated to Camp in South Carolina for example, from California could not purchase an owner occupied-home in California at that time.

Another requirement is the need for an “Alive & Well Letter” immediately prior to the funding of the VA loan; this can be obtained from the Unit he/she is serving in.

Comments No Comments »

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

Comments 2 Comments »

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

Comments No Comments »