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Answers (8)
- Clay Branch, "Georgia Loans"
- Contributions:7835
Wayne did a great job explaining VA loans, Norm on DTI, Nic on rebuttal, and Oscar for VA loans are for veterans.
- wayne lancaster, "funds2"
- Contributions:1174
VA loans offer no variance for self employed borrowers but are unique and offer eligible veterans many benefits besides no money down option..... no Funding Fee if disabled vet, one ratio of 41% so if veteran has little or no debt they could qualify for higher house payment/sales price, seller can pay all of buyers closing cost up to 6% of sale price, can use VA eligibility more than once, loan is assumable with qualifying by veteran or non-veteran, and loans up to $417K no down and $1M with down payment.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
ditto.
she's not even close.
and in regards debt to income ratio question; it's 41.000% and meeting residual requirements or can exceed 41.000% if it exceeds the residual requirements by 20% (i.e. 120% of residual).
the same requirements applied to self-employed.
she's not even close.
and in regards debt to income ratio question; it's 41.000% and meeting residual requirements or can exceed 41.000% if it exceeds the residual requirements by 20% (i.e. 120% of residual).
the same requirements applied to self-employed.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Marney did a great job explaining VA loans.
No she didn't.
No she didn't.
- Clay Branch, "Georgia Loans"
- Contributions:7835
" so the self-employed borrower would have to show much more proof of income than other mortgages."
Marney, proof of income is proof of income, it's called filed taxes. Does not matter if Conv, FHA, VA, USDA, JUMBO, etc, income is calculated the same way.
Marney, proof of income is proof of income, it's called filed taxes. Does not matter if Conv, FHA, VA, USDA, JUMBO, etc, income is calculated the same way.
- Peggy Lyn Speicher and Team, "Peggy Lyn Speicher"
- Contributions:299
Jason --
Marney did a great job explaining VA loans. If you would like more information, there is a great web site dedicated to VA loans -- http://www.valoans.com/va_facts_whatis.cfm
Thanks,
Peggy Lyn Speicher
RE/MAX Realty Centre, Inc.
Marney did a great job explaining VA loans. If you would like more information, there is a great web site dedicated to VA loans -- http://www.valoans.com/va_facts_whatis.cfm
Thanks,
Peggy Lyn Speicher
RE/MAX Realty Centre, Inc.
- Marney Kirk, "realtormarney"
- Contributions:251
Jason, VA stands for Veterans Administration. VA secured loans are for veterans or currently active military servicemen and women.
To thank those who serve our country, the VA will insure no money down loan programs.
They tend to be much more strict with their underwriting guidelines, so the self-employed borrower would have to show much more proof of income than other mortgages.
I hope this helps!
Thank you!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
To thank those who serve our country, the VA will insure no money down loan programs.
They tend to be much more strict with their underwriting guidelines, so the self-employed borrower would have to show much more proof of income than other mortgages.
I hope this helps!
Thank you!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
VA loans are for veterans. They are more conservative in regards to qualifying for income purposes but the down payment requirement is a true no money down program.
Are VA-Loans basically just for people who need down-payment loans?
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