VA Residual Income - The #1 Calculation You Need to Do So Your VA Loan Gets Approved!
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- Опубліковано 23 лип 2024
- #valoan #vamortgage #residualincome
Clearly, I love doing loans! Need a mortgage or want to chat about your scenario? I am licensed in 48 states for purchase and refinances. Here is how to contact me:
1) Book a call with me: calendly.com/jennifer-beeston
2) Apply for a mortgage now at www.zerostressmortgage.com If you apply please text me your full name and email address letting me know so I can look for your app:) TEXT 707-478-0637
3) Call me 707-478-0637
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Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611
Branch Address: 4863 Old Redwood HWY, Suite D, Santa Rosa, CA 95403
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This is why I love Jenn! She's genuine and doesn't bull shit. She's amazing to work with!
Appreciate you!:)
By far my favorite channel when it comes to VA loans.
Thank you Justin!
Luv your Videos Jennifer, Keep it Strong!
Good video as I hope to use a VA loan someday. I'm a single guy. Yey!
Just followed your TikTok 🎉 love the content gonna schedule a call soon
Looking forward to it!! (:
😂 Jen, looking at the home owners insurance here in south Louisiana 💰… I’m a new Realtor and most of my coworkers are talking about hanging up their licenses because the HO Insurance is affecting the housing market here. God Speed if ya find a property in a flood area 😢
Love your channel, looking to use my VA loan for the first time next year moving from Indiana to Missouri and also will be selling my house in Indiana. Recently got my DD214, form 1880, NGB 22 and NGB 23B sent to me.
Love this Your The Best VA Wednesday!!!!!
Thank u for your info , I never heard this before , I will contact you about the VA loan
Look forward to chatting:)
Great video Jen, Just had a veteran get rushed to us for a pre-approval because his house he is renting is being sold. Disability only. Residual income guides for his family size is 990. Actual was $390.00 And DTI is around 70%. The agent insisted he go somewhere else. He doesn't qualify :( Found out he lost out on his $2K earnest money deposit around Christmas time. The agent wouldn't take no for an answer and didn't even want an explanation and said oh this person over here will get it done! Nope! Made me so angry this poor kid was put through the ringer!
I am so sorry to hear that. Realtors, who do stuff like that literally should have their licenses removed.
@@JenniferBeestonyep. My biggest pet peeve. Stay in your lane and don’t have commission breath. Kid called me and said everything that you said would happen happened 😢
I love the phrase commission breath I actually have a video coming out about it next week as this year it has been crazy
It is ridiculous, and you can always tell
Do you look at just the main level and above square footage figure of the home?, or do you include finished basement square footage? (and does it make a difference if the bedrooms/a bedroom is in the basement?)
If I live in an apartment, how is rent calculated in debt to income if I will be using the amount I pay in rent for a new mortgage?
Thank you for your videos. I am currently working on my credit so that I can work with you in the southern WA/ Northern Oregon area. Have a beautiful day!
what are included on the debt to income ratio?
Just found you and I'm really enjoying your channel. However, I'm not understanding a lot of the terminology. In a lot of your videos, for example, you mention VA. Are you referring to veteran loans? Can you please explain exactly what the terminology means for those who aren't familiar or are first time buyers?
There are typically 4 types of loans…USDA for more rural, FHA, lower credit, has more insurance for life of loan, Conventional, mortgage insurance will come off automatically, and VA (Veterans Affairs) for most anyone who served in the Armed Forces. These have no mortgage insurance but can have a funding fee depending if you have a service connected disability of greater than 10%.
Now I’m sitting here thinking, “damn how close are we to passing residual?” Lol
Question...if going for the loan and an adult child is temporarily living with you, is that something that needs to be stated or claimed? Even if it is going to only be for a few months? Wanting to know so we don't screw things up. Thanks in advance.
It is not likely to screw things up. Call to discuss 707-478-0637
Hello. Is it true that we can't use another source of income when we use the VA? For example, if I used my parents income to combine with mine?
You cannot
My sister boards with me in my va home and I’ve included her boarder rent in my taxes last year. Will VA consider this income for a new loan ?
We currently have two expensive new cars with a 1500 total payment a month. Making 100k a year. Should we sell them and buy cheaper cars before buying a home to have lower debt to income? We are VA thanks
Depends on the rest of your debt load. I would not make any moves without a lender looking at first. Feel free to call me. 707-478-0637
So, I need help. What are they counting against me for residual? You’re saying square footage? Is it the mortgage and debts? Taxes taken out from income? What are they taking out so I can calculate my residual income?
The beautiful thing about VA is it’s all very transparent. Check out this link they actually have a sheet where you can calculate your residual www.benefits.va.gov/ROROANOKE/rlc/formsrlc/prequal-04.xls
My wife has been a stay at home mom for the past 6 years. However she is planning on returning to work very soon. How soon after she begins employment can we use her income on a VA mortgage application? At present our DTI is a tad too high to qualify in our selected area. My wife has a masters degree and was previously employed prior to having our first child.
A 6 year work gap can be a challenge to use income immediately however not impossible. We need to discuss this 707-478-0637. If you get me VM just say beeston only as I would be the one presenting to an underwriter and want to get the facts perfect. Happy to discuss Monday
Hello. I’m a retired Veteran with benefits. How far out should I start the process? My current lease is up in May.
We should get you preapproved in February. Early in the month
What's your take on calculating residual income with a self employed borrower?
Income is income as long as it is positive income
If my husband has 4 kids total but only 2 live with us full time (our kids) and the other 2 visit 2 months a year and we pay child support on them, how does that effect residual income?
I would only count the full time kids as we are already hitting you with child support for the other two and they are “visitors”
What if the spouse already has a mortgage through FHA as a cosigner and we want to purchase another home? Could I use her income and credit history toward a VA loan? Thanks, I myself don't have any debt and excellent credit score.
If they are moving into the new house with you and will be on loan then yes
What if you have no debt but a bad credit history? Does credit history matter?
Yes credit history matters but don’t disqualify yourself Feel free to call me Monday and let’s walk through it 707-478-0637
👍👍👍👍
I am interested in a 168k house. If I were to offer the seller a 147k cash purchase of the home, do you think they would be likely to accept?
No idea. So many factors.
Please help me, I am 68 years old and have never owned a home. Please help me get started.
Happy to help Louise:). I am at 707-478-0637 if you want to give me a call tomorrow.
This information is so insightful. My husband is getting out of the military in 4 months and we’re wanting to purchase a house. How does the residual income work in this case? Do we have to wait until he gets a job a part from the military to qualify?
I believe we texted today:)
Whit if I am divorced and share custody of kids, how would I count them ?
If you share custody of your kids, I would include them in the residual
How do I break the will of a seller that keeps relisting their property every 50+ days and won't work with me on price?😁
🤣🤣🤣 I would write a lower offer each time they relist. Make a game of it.
@@JenniferBeeston love this idea.
You're are saying 100% disabled veterans net income is used to calculate residual income. If you have 3 credit cards with $300 balance monthly on 1 card (1% utilization) how is that calculated on the residual income?
We use the minimum payment
So "Residual Income" = Expenses.
Did u ever get an answer to this?
no@@kawaiisenshi2401
How can I get a hold of you ? Jennifer
Grab a time here to discuss your questions
calendly.com/jennifer-beeston/preapproval-q-a
Can I get you a cup of decaf? 🍵
Well that dummy should have never had her on Home Owner insurance is not obligated to and that’s like you buy a house get approved and then adopt 2 kids … you were approved and bought the house then it’s up too you to keep it. Water under the bridge ya get approval for a $$ amount based on you not anything after or going on at a present time so have to really strongly say it’s the clients business 👍
“The #1 Calculation you need to do…” …. Doesn’t give a single formula to calculate. What???? Should have been titled “The #1 thing to consider”
Most people do not even know the residual income calculation is a thing including lenders. That is what this video is about. If you would like to do the calculation, Google it. VA residual income calculation. Go to the VA website. They have an in depth worksheet.
Has anyone ever told you that you look a lot like Nicole Kidman?
How does residual income work when you have 50/50 custody of kids?
They probably basis this on court order of who has school location for the child. Child support is counted against you.