Category: VA

Nice to Know! VA does not charge Mortgage Insurance, but they do charge a Funding Fee in order to Guaranty the loan. This funding fee can be financed into your loan amount, and in some cases, disabled Veterans are exempt from the funding fee. If you are a Veteran dreaming of owning a home, let’s talk and make it happen!

Brandon Butler | Posted on January 24, 2020 |

Related Article Title: Financing the VA Funding Fee Question: Is it true that VA is no longer allowing the Funding Fee to be added to the base loan amount? Answer: I assure you that is not the case. The funding fee can still be added into the loan. Reference: Chapter 8 – Section 7a. For […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Did you know that a seller will sometimes contribute closing costs to a person buying their home in order to help make purchasing that home easier? Don’t fall for the myth that it takes a lot of money to buy your next home. Let’s discuss your situation and I’ll help you make a plan!

Brandon Butler | Posted on January 24, 2020 |

Related Article Title: Excess Seller Contributions Applied to Paying Off Debt Question: If I have excessive seller contributions, can they be used toward borrower debt being paid off at closing? Answer: Unfortunately, not. Only VA allows a seller to pay off a borrower’s debts. Reference: 4000.1 II.A.4.d.iii.(H) and II.A.5.c.iii.(H) Inducements to Purchase are treated the […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

If you work in the Marijuana/Cannabis Industry and are a W-2 employee, there are home financing programs available. However, the Federal programs such as FHA, VA and USDA will not consider your income because of the illegality at the Federal level, despite what the state legalizes. If you work in this industry, let’s talk and I’ll help your find the right program!

Brandon Butler | Posted on January 24, 2020 |

Related Article Title: Will Government Agencies Allow Marijuana Income? Question: Do any of the Government loans (FHA, USDA and VA) allow the use of W-2 income from a Borrower who works at a Marijuana company? This person is not a grower or distributor and all of their income is derived from W-2 income. Answer: As […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Financing the VA Funding Fee

Question: Is it true that VA is no longer allowing the Funding Fee to be added to the base loan amount? Answer: I assure you that is not the case. The funding fee can still be added into the loan. Reference: Chapter 8 – Section 7a. For all types of VA loans, the loan amount […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Excess Seller Contributions Applied to Paying Off Debt

Question: If I have excessive seller contributions, can they be used toward borrower debt being paid off at closing? Answer: Unfortunately, not. Only VA allows a seller to pay off a borrower’s debts. Reference: 4000.1 II.A.4.d.iii.(H) and II.A.5.c.iii.(H) Inducements to Purchase are treated the same way for both TOTAL and Manual underwriting. Inducements to Purchase […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.