VA Home Loans

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VA Home Loans

VA Loans Done Right is a group of VA Home Loans mortgage professionals with over 20 years of experience in closing and funding VA Home Loans. VA Home Loans remain one of the best Home Loan Programs with some of the Lowest Mortgage Rates in the United States and can help active and retired military achieve the American dream of home ownership with 100% financing, no mortgage insurance, and reasonable credit guidelines.

VA Home Loans are arguably the best first time home buyer loan in the market.


The VA Home Loans Guaranty

The Veterans Administration offers a stable, government-backed mortgage program that has been around for decades.  Despite recent tightening of mortgage qualification standard, VA Home Loans remain a flexible program designed to help Veterans achieve the dream of home ownership. VA Home Loans rates are competitive with “conventional” rates and payments are low due to no mortgage insurance.

One of our experienced VA Home Loans Experts will give you a free, honest, no obligation consultation to help determine if you qualify for any of the available VA Home Loans!


Purchase a home with VA Financing


Refinance your VA Mortgage


What is the VA Certificate of Eligibility

OK, sounds good, but do you qualify?  The first step to determining if you qualify for any of the VA Home Loans is to order your VA Certificate of Eligibility (COE).  We can obtain your COE in minutes through our VA Portal.  You must have a DD214 or be active military in order to request your COE.  Visit our Certificate of Eligibility page for more information.

Once you have determined your eligibility, the next step is to get pre-approved.  If you are buying a home, the seller will want to see a pre-approval letter submitted with your offer.  Our VA Home Loans Experts can help you get pre-approved today!

Contact John Burke with Great Plains Bank at (877)228-9069 or by filling out the form below.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below:

http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews

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VA Recently Released Clarification On Underwriting Guidelines For Unreimbursed Employee Expenses.

 

This is great news & should help more Veterans qualify for a VA Loan.

Current VA Loan underwriting standards require all Unreimbursed Business Expenses to be listed in Section D, Debts and Obligation, on VA Form 26-6393, Loan Analysis. In order to be consistent with industry standards for the treatment of Unreimbursed Business Expenses reported on IRS Form 2106, VA is clarifying its policy to more accurately reflect income derived from commissioned employees.

3. Clarified VA policy. The following policy will be effective for all VA Loan applications dated on, or after June 1, 2016:

a. For a borrower who qualified using commission income of less than 25% of the total annual employment income: (1) IRS Form 2106 expenses are not required to be deducted from income even if they are reported on IRS Form 2106 and are not required to be added as a monthly liability.

 

(2) Tax returns are not required to document the source of income and deductions.

b. For a borrower earning commission income that is 25% or more of annual employment income, IRS Form 2106 expenses must be deducted from gross commission income regardless of the length of time the borrower has filed the expenses with the IRS.

This is great news. Here’s what it means. Let’s say you made $70,000 but you had $15,000 in Unreimbursed Business Expenses. Before this a lender would have been required to reduce your $70,000 by the $15,000 Unreimbursed Business Expenses for qualifying purposes on a VA Loan.

If you have questions or you want to see how much you qualify for, feel free to call me at (877)228-9069 or fill out the form below.

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VA Underwriting Guidelines Regarding Student Loans!

 

The clarification will apply to Deferred Student Loans and the new policy will provide guidance for Student Loans in repayment or, to begin repayment within 12 months of a VA Loan closing. Student Loans under certain repayment plan types are described at studentaid.ed.gov. This policy applies to all Student Loan repayment types.

How to Calculate a Student Loan Monthly Payment.

a. If the Veteran or other borrower provides written evidence that the Student Loan debt will be deferred at least 12 months beyond the date of closing a VA Loan, a monthly payment does not need to be considered.

b. If a Student Loan is in repayment or scheduled to begin within 12 months from the date of a VA Loan closing, the lender must consider the anticipated monthly obligation in the VA Loan analysis and utilize the payment established in paragraph (1) or (2) below. Calculate each loan at a rate of 5 percent of the outstanding balance divided by 12 months (example: $25,000 student loan balance x 5% = $1,250 divided by 12 months = $104.17 per month is the monthly payment for debt ratio purposes).

(1) The lender must use the payment(s) reported on the credit report for each Student Loan(s) if the reported payment is greater than the threshold payment calculation above.

(2) If the payment reported on the credit report is less than the threshold payment calculation above, the loan file must contain a statement from the Student Loan servicer that reflects the actual loan terms and payment information for each Student Loan(s). The statement(s) must be dated within 60 days of VA Loan closing and maybe an electronic copy from the Student Loan servicer’s website or a printed statement provided by the Student Loan servicer. It is the lender’s discretion as to whether the credit report should be supplemented with this information.

This is great news & will ensure Veterans will still be able to qualify for a VA Loan even if they have Student Loans!

*FYI – Fannie Mae just updated their guidelines regarding Student Loans to allow lenders to count IBR payments!

If you have questions or you want to see how much you qualify for, feel free to call me at (877)228-9069 or fill out the form below.

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VA Cuts County Loan Limits For Mulit-Unit Properties in 2017!

VA Guaranty Is Based On The One-Unit Limit For 2017

 

Click Here to check the loan limit in your county.

 

While a Veteran may use the VA Mortgage to acquire a property up to 4-units in size, VA’s County Loan Limit amount will be based on the One-Unit (single-family residence) limit, as prescribed by FHFA in the aforementioned table. For example, if a Veteran plans to purchase a four-unit dwelling for $700,000, in a county where the FHFA One-Unit (single-family residence) limit is $424,100, then VA’s County Loan Limit amount would be 25% of the $424,100.”

This is a big change from years past where VA’s County Loan Limit increased based on the number units.
 

If you would like to learn more about VA Loans and Multi-Unit Properties, please call John Burke at 877-228-9069 or fill out the contact form below.

 

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UPDATE MAY 3, 2017

Can You Get A VA Mortgage With An Open CAIVRS Report?

Yes you can, depending on why you’re in the system.

Call me at (877)228-9069 for more information or help.

If you have applied for a VA Mortgage and had your loan denied because of the CAIVRS report you probably wondered why and what it is.

CAIVRstands for Credit Alert Interactive Voice Response System. The U.S. Department of Housing and Urban Development maintains this system, which includes federal tax liens and information from governmental agencies like VA, FHA, USDA & SBA to name a few. 

For example, Veterans who have yet to settle over-payments on education or disability income may trigger a hit in the CAIVRS system.

Perhaps the most common CAIVRS Report issue is tied to defaulted Student Loans so staying current on Federal Student Loans is critical.

* UPDATE – If you have Student Loans that are in default and reporting in the CAIVRS system, it is still possible to get approved for a VA Mortgage!*

* UPDATE # 2 – Basically you can find yourself in the CAIVRS system anytime you owe the Federal Government money. So let’s say you owe Restitution to the Federal Government, you’ll be in the CAIVRS system BUT that doesn’t mean you are not eligible for a VA Mortgage!

I’ve had several people contact me after getting turned down by other lenders that had filed chapter 7 Bankruptcy and included an FHA Mortgage in the Bankruptcy.

The Bankruptcy isn’t an issue once it has been discharged for 2 years under the VA guidelines for a new VA Mortgage. The problem is when FHA pays a claim, you end up with a CAIVRS Report. Pretty much every VA Mortgage lender out there will tell you there is no way you can get approved for a VA Mortgage until you clear up your CAIVRS Report but the only way to do that is to pay off the claim or wait it out! The wait time will be 36 months from when the claim was paid!

The good news is I can get your VA Mortgage approved & closed even though you have an open CAIVRS Report as long as the CAIVRS Report was the result of an FHA or VA Mortgage being included in a Bankruptcy or through foreclosure and it’s been at least 2 years since the discharge or the foreclosure sale!

*A new update on the whole situation of including a mortgage in Bankruptcy & when you’re eligibility starts. A lot of lenders will tell you that if you stayed in the home & did not make a payment on the mortgage, you are not eligible for a VA Mortgage until 2 years after the bank forecloses on the home! This is NOT what VA requires so it’s a lender overlay. I can go by the discharge date of the Bankruptcy regardless so don’t let anyone tell you that you have to wait longer!

Here are some reviews from Veterans that I’ve helped get a VA Mortgage for a new home with an open CAIVRS hit.

These reviews are not made up testimonials on my own site, these reviews are on my www.Trulia.com & www.Zillow.com profiles.

http://www.trulia.com/mortgage-lender-profile/993995/

3/24/2017

Easiest home purchase ever

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John Burke and his team at Great Plains Bank made my mortgage process extremely easy. This was our third home purchase, so I had somewhat of an idea what the steps were. The part I was concerned about was the fact that in 2014 we had filed chapter 7 Bankruptcy and lost a home to foreclosure. The home we lost was an FHA loan which of course landed us on the CAIVRS list. For any of you curious, the CAIVRS list is the governments do not lend list which will bar you from receiving a government-backed loan such as an FHA or VA. There is little information published about it, but the rules for lending afterward can be very confusing. Most banks will just write you off, trust me I had inquired with at least 6 different lenders.

I saw a post somewhere where John Burke had mentioned depending on the circumstances he could probably make a VA Mortgage happen. I contacted him, sent all the required documents and had a pre approval in a few days. I will say that prior to the Bankruptcy and after my wife and I had pretty decent credit. I will admit, I was very skeptical that I was going to invest a lot of time and money into finding a house, getting all the appraisals and inspections completed to be told oh sorry, we can’t do this. I was wrong. We found a house, had an accepted offer on February 12th, 2017. We closed on the house March 10th, 2017. John is a man of his word.

I will end by saying if you have made some decisions in the past that have put a mark or two on your record that would cause most banks to deny you, give John a few minutes of your time. If there is a way to get you into a home, he will do it.

2/17/2017

Amazing Lender Who Will Work Hard For You!

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Working with John Burke was more like dealing with an old friend than a mortgage professional. John was extremely thorough and professional. I know that for me, not feeling like I’m just another account was probably one of the most enjoyable parts of the whole home buying process. John never once hesitated to answer any of my questions or phone calls, which is rare these days! He explained all the paperwork and options to us with patience and clarity, and walked us through the process with steady and responsive communication. I felt that he wanted the best for my family the entire time, and for these reasons I can never thank him enough. You will not be disappointed if you use John. So glad I decided not to use a “big bank” that would have just shuffled me through. Thanks John!

Highly likely to recommend

7/12/2016 at 3:14 PM – cadj62

CLOSED PURCHASE LOAN.

I can’t say enough good things about John Burke and his team. We had to file chapter 7 Bankruptcy in 2012 to get out from under a home that got caught in the housing meltdown and had lost over 60% of it’s value and being faced with my job being relocated to CO. We relocated to CO in 2013 and did the right things after the Bankruptcy such as rebuilding our credit and score and applied for a VA Mortgage after 30 months. At this time we were told we had an open CAIVRS and we were instructed to call the government agency to inquire about the date it was filed. We called only to find out nothing was ever filed therefore there’s no date. It’s considered an “open” CAIVRS which is basically a dead end to this agency. The best they could do is tell us to call the mortgage company that financed the house in NY and ask them why they never filed a claim?? I was about to give up for a year and found John Burke’s name and read the stories from others who struggled with similar situations. I contacted John and he took my application over the phone, he asked for copies of a few things and I had my pre-approval letter the same day. Within two weeks we found the perfect home and had an accepted offer. John and Brittany the processor were awesome. In fact my realtor made a comment that it’s probably the smoothest financial transaction he has been involved in. Today a month after closing, me and my family are enjoying our new home. It’s truly a blessing considering the nightmare we endured in NY. If you have a similar issue contact John Burke he will help you in any way he can.

If you have questions or you want to see how much you qualify for, feel free to call me at (877)228-9069 or fill out the form below.

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Does my spouse have to be on my VA Loan?

 

When it comes time to buy your home with your VA Loan, having your spouse or significant other (more on that in another post) on your VA Loan can be a good thing or a bad thing.

 

If your spouse works/has stable, dependable income & has decent credit, adding them to the VA Loan may mean you qualify for more house but what if your spouse has bad credit or significant debt?

 

Well as long as you’re not in a community property state, you can leave your spouse off the loan & you can qualify for your VA Loan based on just your income, assets & credit.

 

But what if you’re buying in a community property state like Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin?

 

The answer depends on the lender you’re dealing with & your specific scenario.

 

Most lenders will tell you that you have to count your spouse’s debts against your income even if the spouse is not going be on your VA Loan in a community property state! This would only apply to your spouse’s individual debt whereas any joint debt you have together would already be counted.

 

So let’s say your spouse has some credit issues & they do not meet the minimum requirements. You could leave them off your VA Loan application but you would not be able to include their income & you would have to include their debts & qualify under the debt to income ratio requirements with just your income in a community property state. If you’re in any of the other 41 states, this is not applicable!

 

Now for the good news. If your spouse has their own source of income & it’s enough to cover their individual debts, those debts do NOT have to be counted against your income when applying for a VA Loan in a community property state when the spouse is not on the VA Loan! 

But you need to find a VA Loan expert like John Burke with Great Plains Bank who knows the actual VA Loan guidelines & who has investors that will follow them.

 

The other benefit is you spouse does not to be counted as a dependent when calculating the minimum residual income requirements for a VA Loan.

 

To get a VA Loan in a community property state or in any other state, contact John Burke with Great Plains Bank at (877)228-9069 or by filling out the form below.

 

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link;

http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews

 

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