I separated from active duty a few months ago and applied for a loan. However, the lender told me that even tho my salary was good, I have to have at least 2 years in my current jobs to qualify
Quick Question. I went under contract for my house before Christmas. The Appraisal was ordered on the 22nd I believe. I have already gone thru underwriting because I was already approved for another house. We are supposed to close on the House on the 16th which is next Tuesday. The Appraisal still has not come back yet. No mention of Tidewater or anything from the Appraiser. Have you seen Appraisals come in after the close date? or are they supposed to be mindful of the closing date of the Veteran to get it back as soon as possible.
Good question - a VA appraisal will always be required before you can close on a home. They should be aware of the closing becuase it mentions it in your contract. I would have your MLO reach out and check in on the status. I hope that helps.
Happy New Year Jimmy V. I wish there were more videos available that would cover using the VA Home Loan for "Primary Residence on Out of State Purchase" as it relates to underwriting guidelines on acceptable Income. I am own a business in my current state and will be bringing the business with me, but I have a feeling the VA will not count my business profits in the state I am leaving to qualify. However, I do have monthly: VA Disability, Caregiver Medicaid Pymts for caring for me Son, and because my son is Special Need Adult & will be living with us all his life and receiving SSI; can we count that in? Through approval from SSI; he contributes to current rent and expenses monthly. I am moving to Michigan in June 2024 and I want to use my VA Home Loan, so just trying to understand what monthly fixed income outside of the business income will be used. Thank you in advance Jimmy V for your time.
My pleasure and I appreciate the suggestion. You would definitley be able to use your VAD plus money for the care of your child (assuming there is a 3 year continuance). Regarding moving your business an underwriter would want to make sure you're established in the new community before using that income to qualify. However, if you planned on running your business in the state your departing from and your income would not suffer as a result I think the case could be made for it to be considered.
I have 2 VA loans both a bit less than 200k. Can I still use the rest of my entitlement for a 3rd or maybe even 4th home without refinancing my original loans?
Hey Derrick, you certainly could. We'd want to review a COE for you to determine exactly how much you have remaining. If I can assist you with that please consider reaching out at jimmy@valoansforvets.com
Great video thanks. Will an "Under Honorable Conditions" discharge qualify for a VA loan?
Thanks Brian! Yes sir, it will. Jimmy@valoansforvets.com
I separated from active duty a few months ago and applied for a loan. However, the lender told me that even tho my salary was good, I have to have at least 2 years in my current jobs to qualify
That may be incorrect. Can you contact me to discuss more? Jimmy@valoansforvets.com
Quick Question. I went under contract for my house before Christmas. The Appraisal was ordered on the 22nd I believe. I have already gone thru underwriting because I was already approved for another house. We are supposed to close on the House on the 16th which is next Tuesday. The Appraisal still has not come back yet. No mention of Tidewater or anything from the Appraiser. Have you seen Appraisals come in after the close date? or are they supposed to be mindful of the closing date of the Veteran to get it back as soon as possible.
Good question - a VA appraisal will always be required before you can close on a home. They should be aware of the closing becuase it mentions it in your contract. I would have your MLO reach out and check in on the status. I hope that helps.
@JimmyVercellino Thank you. I got the appraisal back today, 1.11.2024.. we close on Tuesday.. ##semperfi
Happy New Year Jimmy V. I wish there were more videos available that would cover using the VA Home Loan for "Primary Residence on Out of State Purchase" as it relates to underwriting guidelines on acceptable Income. I am own a business in my current state and will be bringing the business with me, but I have a feeling the VA will not count my business profits in the state I am leaving to qualify. However, I do have monthly: VA Disability, Caregiver Medicaid Pymts for caring for me Son, and because my son is Special Need Adult & will be living with us all his life and receiving SSI; can we count that in? Through approval from SSI; he contributes to current rent and expenses monthly. I am moving to Michigan in June 2024 and I want to use my VA Home Loan, so just trying to understand what monthly fixed income outside of the business income will be used. Thank you in advance Jimmy V for your time.
My pleasure and I appreciate the suggestion. You would definitley be able to use your VAD plus money for the care of your child (assuming there is a 3 year continuance). Regarding moving your business an underwriter would want to make sure you're established in the new community before using that income to qualify. However, if you planned on running your business in the state your departing from and your income would not suffer as a result I think the case could be made for it to be considered.
I have 2 VA loans both a bit less than 200k. Can I still use the rest of my entitlement for a 3rd or maybe even 4th home without refinancing my original loans?
Hey Derrick, you certainly could. We'd want to review a COE for you to determine exactly how much you have remaining. If I can assist you with that please consider reaching out at jimmy@valoansforvets.com