Blog Category: VA mortgages

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Getting A VA Mortgage Approved With Student Loan Debt

Have student loan debt and getting a mortgage? When calculating a student loan payment on a VA loan there are various rules. These relate to what monthly payment is counted on that student loan debt.

What if documentation shows the student loan debt will be deferred at least 12 months beyond the closing date? Then no monthly payment is counted.

What if a student loan is in repayment or scheduled to begin within 12 months from the date of a VA mortgage loan closing? Then the lender must consider the anticipated monthly payment in calculating the debt-to-income ratio. A payment is established by calculating each loan at a rate of 5% of the outstanding balance divided by 12 months. Read More

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Important VA Mortgage Guidelines

A VA loan is a mortgage loan guaranteed by the Veterans Administration. There are numerous mortgage guidelines for a VA mortgage. I wanted to list some of the more important ones below, but you always need to speak to an experienced mortgage loan officer and have them discuss your specific circumstances as there are many other things to consider in addition to the below. Read More

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Tidewater Notices on VA Loans

Tidewater Notices on VA Loans? If you have never even heard of a Tidewater Notice you are probably wondering, what is a tidewater?! I know the first time I heard the term I was confused. My first thought was, “The property isn’t waterfront. What are they talking about tidewater for?

Tidewater Notices on VA Loans

The Tidewater process by the Department of Veterans Affairs (VA) gives borrowers a way to try to combat a low appraisal valuation before it is even official. VA appraisers can notify the lender that it looks like the home’s value will come in below the purchase price. This is known as invoking the Tidewater Initiative, or Tidewater for short. Read More

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VA $0 Down Payment Loans To Infinity?!

Prior to 2020, veterans could borrow more than the Veteran’s Administration (VA) Loan Limits capped amount, but had to have a down payment of 25% of the difference between the maximum loan limit and the sales price. As of January 1, 2020, the VA has started to allow $0 down loans that exceed the county loan limits.

So now, if a veteran wants to buy a home for $1,000,000 with no money down, they can. $2,000,000? Sure thing. $3,000,000? No problem! However, there are rules and guidelines that come with this new change. Read More