Q&A - March 25, 2016

Maximum Income – Employer Business Reimbursements: How do I determine what income is and is not included from the W2 and Tax Returns so that I don’t exceed the Maximum Allowable Income?

Answer: Getting the income wrong on a USDA loan can mess up your eligibility. I’m the USDA expert, so call me first. We are attaching the full guideline from the 3555 Manual, for your reference. However, here is the part you may want to reference. A. Income that is Never Counted (ref: 3555 9.3 Annual [...]

2017-12-27T13:05:21-05:00November 3rd, 2017|

Continuous Service Letter: Does the continuous service letter need to state the date that the veteran is leaving the military?

Answer: Typically, the certification letter is a requirement of some Certificates of Eligibility, and is required simply to ensure that the service member is still on active duty at the time of loan closing. It’s most common when National Guard members are ‘called up’ on active duty. While the VA manual doesn’t specify details required [...]

2017-12-27T13:05:21-05:00November 3rd, 2017|

Escrow Accounts – Requirements: Are escrow accounts mandatory on a VA loan?

Answer: Ch. 9, 11. a.: Requirements VA does not require the lender to establish escrow accounts for the collection and payment of property taxes, hazard insurance premiums, and similar items. However, it is the lender’s responsibility to ensure that these items are paid timely. A lender who chooses to escrow for taxes and insurance must [...]

2017-12-27T13:05:21-05:00November 3rd, 2017|

Interested Party-Contributions: Are there any restrictions when the real estate agent is using part of their commission for closing costs or discount points?

Answer: VA does not have any restrictions on other interested parties to the transaction paying points to buy down the rate. They only have limitations on the seller and builder. Real Estate Agents: Part of your commission can be used to help a Veteran buy a home. Call Me! Copyright – 2016 – MortgageCurrentcy.com   [...]

2017-12-27T13:05:21-05:00November 3rd, 2017|