Question: Are there any silent VA guides for property under 90 days? Answer: VA has no flipping policy (like FHA does) and would allow an immediate resale. However, you can expect close value scrutiny from an underwriter on any flip situation. What that ‘scrutiny’ will entail as far as tolerance for sales price vs seller’s […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: If the appraisal comes in low on VA financing is the borrower allowed to pay the difference between the price and appraised value? Answer: Yes. The borrower can pay the difference. VA will just require that the value on the NOV be used to calculate the LTV. [Article Published in Question & Answer Issue […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Related Article Title: VA Circular 26-21-08, Expanded Home Loan Eligibility Based on Certain National Guard Service, April 15, 2021, Effective retroactively for all current and former National Guard members Written by: Tracey Rumsey, Staff Writer Article Intro Paragraph VA has expanded eligibility to more National Guard members. Read this update to learn the new eligibility […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: My Veteran borrower takes an annual withdrawal from his retirement account. He has provided us with 1099’s for 2020 and 2019. Will VA allow this to be used as income? MC Chart – Retirement Account Withdraws Used as Income – All Agency Guidance Answer: In Chapter 4 of the VA Handbook when it briefly […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
Question: Is it ok for the veteran borrower to pay for the well cert? Answer: Yes, the veteran borrower can pay the fee. This is a necessary test provided by a third party and is not listed as a prohibited fee in Chapter 8 of the VA Lenders Handbook. Reference: VA Lender’s Handbook – Chapter […]
A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.
