va debt to income ratio: VA Loan Answers: Using VA Loan Entitlement For A Second or Third Home - 06/07/13 05:13 AM
A reader asks, "I have used the VA loan on two houses that have been paid off. Is the limit by VA two loans, or will they allow more if the loans have been paid?"
The rules for VA loans are spelled out in The VA Lender's Handbook, also known as VA pamphlet 26-7. Chapter Two, Section Six has the answers to this reader question.
According to Chapter Six, the borrower is normally required to sell the home purchased with a VA loan before eligibility can be restored for another home loan purchase. But VA loan rules do allow the borrower to … (0 comments)

va debt to income ratio: VA Loan Rules: IRRRL Underwriting - 06/06/13 04:48 AM
VA loan options include the choice to refinance an existing VA mortgage using a VA Interest Rate Reduction Refinance Loan or IRRRL. The VA IRRRL rules include the following statement found in VA Pamphlet 26-7, Chapter Six:
"No credit information or underwriting is required unless:
the loan to be refinanced is 30 days or more past due (see section 2 of this chapter) or, the monthly payment (PITI) will increase 20 percent or more." Some borrowers are confused by this rule, which basically states no credit check is required for a VA IRRRL unless one or both of the following circumstances … (0 comments)

va debt to income ratio: VA Loan Reader Questions: VA MPRs and Building Codes - 06/05/13 04:15 AM
A reader asks, "I am a Real Estate Broker working with a couple that wants to use a VA loan to purchase their home—which happens to be a barn conversion; it is now a large 4 BR/2 bath home."
"It is vinyl-sided, has 1.5 stores, a metal roof, front porch, etc. Will this pose any problems since it was not always a “traditional” style of home? There is a 4-stall barn on the property, so this structure is definitely not anything other than a single-family home. Thank you!"
While it's impossible to say (based on the contents of a reader question) whether … (2 comments)

va debt to income ratio: VA Loan Reader Questions: Refinancing For Surviving Spouses - 06/04/13 01:54 PM
A reader asks, "I am an unremarried surviving spouse whose Active Duty husband died in the line of duty last year. Our home which is a VA loan, is the home we purchased in 2008 and the home I have been living in since he died. I have been making the mortgage payments on time, but still under my husband’s name if you will."
"Due to my my husband being the major breadwinner everything was based on his income and credit. I have no credit card utilization, making my credit score 572. I want to apply for the VA irrl in my … (0 comments)

va debt to income ratio: VA Loan Reader Questions: Is an Escrow Account Required? - 06/03/13 05:47 AM
A reader asks, "I just finalized our refi using VA loan at 15yrs fixed with 2.25 interest rate. I asked the lender about paying the property tax and home insurance--if I need to have an escrow account. They said it is required on VA loan. I have setup a saving account for this purpose but im unable to use it, because i want to send the payments to this account in order to pay for the taxes and home insurance. Please advise."
The rules for escrow accounts for a VA home loan are simple. The Department of Veterans Affairs does not require the … (1 comments)

va debt to income ratio: VA Loan Income Verification and Special Military Pay - 03/04/11 11:05 AM
In our last blog post we discussed military pay and allowances, some of which are acceptable to the Department of Veterans Affairs to be included as verifiable income. Some military pay is either not available long enough to be counted or offered infrequently enough to be excluded from the VA loan applicant’s verifiable income.
But many of the areas where the military provides additional payment aren’t rejected automatically–or accepted without question. The lender must examine the pay, the circumstances under which it’s given, and make a determination based on the facts.
Here is a list of some military pay and allowances … (1 comments)

va debt to income ratio: Verifiable Income, Personal Debt Issues, and VA Home Loans - 02/16/11 10:34 AM
“Debt-to-income ratio” is one phrase a newcomer to home loans hears a lot of when applying for a VA home loan. Before analyzing this ratio becomes an important part of a borrower’s financial planning, how the ratio is arrived at can be a bit of a mystery. It’s one thing for a borrower to sit down and study the bills and the pay stubs to see how much is left over at the end of the month–but how does the lender do it for the purposes of approving a VA home loan?
The lender’s goal in studying the borrower’s debt-to-income ratio is to identify verifiable income–money … (3 comments)

 
Bruce Reichstein,  VA Home Loan Expert +26 yrs -  www.VALoans.com (VALoans.com - Mortgage Banker - RE Agent Trusted Lender) Rainmaker large

Bruce Reichstein

VA Home Loan Expert +26 yrs - www.VALoans.com

Houston, TX

More about me…

VALoans.com - Mortgage Banker - RE Agent Trusted Lender

Address: 3730 Kirby Drive, Suite #1200, Houston, TX, 77098

Office: 281-398-6111

Office: 800-411-3768

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