HOME in 5 DPA Changes Fees

As we anticipated, HOME in 5 has undergone a few changes in response to the OIG’s recent investigation.  The changes in this case are much simpler than the changes we saw come through last week for HOME PLUS (click – HERE  for more on HOME Plus).  Quick recap, the issue the OIG had was that the discount point charged on the HOME in 5 program was not being used to lower the borrower’s rate.  This prompted changes with HOME Plus last week and today, HOME in 5 announced their changes.  Home in 5 … [Read more...]

Delays in VA Home Loan Processes

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 related items may take just a bit longer … [Read more...]

Seller Can Pay Veteran’s Debt on VA

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 home-buyer 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 regulations.  If a military veteran home-buyer does not meet … [Read more...]

High Debt to Income VA Loan Approval

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 ("dti"). VA mortgage regulations typically cut veteran … [Read more...]

Fixing CAIVRS Report w/ a 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 applicant registers a "hit" on a CAIVRS report pulled by … [Read more...]