VA’s Taking Days – Delays in VA Mortgage Processes

VA is Taking a Bit Longer Than Normal Low mortgage rates, great home prices and summer weather add up to one thing - a high demand housing market.  Veterans looking to use their VA home loan benefits are not immune from this frenzied housing cycle.  More veterans are taking advantage of the amazing benefits that the VA offers them through the utilization of a VA mortgage.  However, what impact does the traffic jam of Veteran buyers have on the VA Mortgage process?  Ordering certain VA … [Read more...]

VA Mortgage: Seller Can Pay Off Buyer’s Debts

VA Mortgage: Seller Pays Buyers Debt to Save the Deal VA home loans are among the best residential financing options available in today's Real Estate market.  One of the unique VA guidelines (that Dodd Frank actually ripped off from VA) is residual income. Residual income measures how much free/spare cash a VA homebuyer has left after paying all normal bills and living expenses including their new mortgage payment.  VA sets a specific residual income limit as a part of their standing … [Read more...]

High Debt to Income Ratio VA Home Loan Approval

VA Loan Approval - High Debt to Income Over the past few years (with the help of  Dodd Frank most recently) home loan debt to income ratios have tightened.  For example, the once lofty 65% debt to income ratio on Conventional loans was pushed to 45-50%.  One of the most flexible and "make sense" mortgage options available is a VA mortgage.  With the assurance of VA insurance, Arizona Lenders can often make exceptions to standard mortgage guidelines such as debt to income ratio … [Read more...]

Getting Around a CAIVRS Report – Divorce

Getting Around a CAIVRS Report due to Divorce If you've found this article than you probably already know how a CAIVRS report hit can throw a monkey wrench in your FHA, VA or USDA mortgage plans (for more detail on what a CAIVRS is check this CAIVRS link out). In short, a CAIVRS report hit reveals when a borrower applying for a new government insured home loan (or other government insured debt) is delinquent or default on other government related debt. Typically, when a mortgage … [Read more...]

VA Certificate of Eligibility Process Change

VA Certificate Of Eligibility Processing Time Change VA has changed the turn time involved with processing manual VA Certificate of Eligibility requests – this could impact you.   Based on a management change, VA is now quoting that manual VA certificate of eligibility requests (“VA COE”) are taking up to 14 calendar days to process. This is very significant when working on a VA loan transaction.  Many VA COE’s are processed for us/lenders instantly when we/VA lender requests them through … [Read more...]