Tag: VA

Married Veterans Separating & Refinancing a Property

Question: My client and her husband are both Veterans.  Both of them are on the current VA loan, yet we only used her VA benefit.  They have decided to divorce, but the paperwork is not finalized. She is moving to another state and would like to buy another home using her VA benefits and her […]

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Guideline for a Veterans’ Alive & Well Certification

Question: We have a Veteran who is closing with a Power of Attorney.  What are the guidelines that require a certification that the Veteran is alive and well?  Mortgage Currentcy Refinance Comparison – VA Loans Answer & Reference:VA Chapter 9, 8-cVeteran’s Status as Alive and not MIA The lender must always verify that the Veteran […]

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VA Loan Limits – VA Circular 26-21-01- Effective January 1, 2021.

Written by: Tracey Rumsey, Staff Writer Prior to 2019, VA had loan limit ceilings.  The Blue Water Navy Vietnam Veterans Act of 2019 was a game-changer for Veterans and loan limits. Read this article to update your knowledge for 2021 limits. Rule Synopsis: Effective date January 1, 2021 Summary Veterans with Full Entitlement The Blue […]

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VA Charge Off Requirements

Question: We are trying to do a rapid rescore on a VA loan.  The feedback is that we should have them pay off a charged off account.  I thought VA did not require a charge off to be paid. Answer: Charge offs are not considered in the DTI calculation on a VA loan. VA only […]

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Seller Requesting a Leaseback Beyond the 60-Day Occupancy Requirement

Question: VA requires the borrower to occupy within 60 days of closing, but the seller has a new construction home that is not ready for another 30 days beyond that.  Will VA allow any additional time frame? Answer: It looks like a leaseback will be fine with a letter of explanation in the file that […]

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