Home > Blogs > Brent Mendelson's Blog
60,015 views

Brent Mendelson's Blog

By Brent Mendelson | Mortgage Broker
or Lender in Bethesda, MD
  • VA loans are easier to get than conventional. It's true...

    Posted Under: Financing in Hawaii, Agent2Agent in Hawaii, Military Movers in Hawaii  |  June 27, 2014 4:25 PM  |  97 views  |  No comments

    Another small but very important piece for VA loans. Once again this proves the opposite of the myth that VA loans are harder to close than conventional. They are in fact the most lenient with the borrower and much easier to close than other loans IF the loan officer, UW and processor know their VA loans. Here is the exact language from the Cleveland VA loan center.

    Veteran owns and occupies a home, but now wants to rent it out—provided the veteran has a signed lease in place, lenders MAY offset the mortgage payment on that home with the anticipated rents received each month. Lenders can't use the excess income as qualifying income however they should count any shortfall as a debt.

    There is also NO vacancy factor on VA loans. So if the rent is $2,000 you can use the entire amount to offset the mortgage. Conventional makes you deduct 25% of the rent.
    VA doesn't require 30% equity to use rent. Conventional does. So MANY times on conventional we can use no part of the rent. I wrote this because so many times I hear from agents that "VA loans are hard to get approved" so they don't want to accept our offers. Hope this helps put that myth to bed. Hope this was helpful to all military members and those who want to sell their homes to a veteran.

    Thanks,

     

     

    Brent Mendelson
    Senior Loan Officer
    1st Mariner Mortgage
    Office 240-235-5314
    Cell 301-412-0259
    Nmls #111407

    Lending in ALL 50 states

  • Conventional loans are harder to get than VA loans. True story

    Posted Under: Home Buying in California, Agent2Agent in California, Military Movers in California  |  June 27, 2014 4:24 PM  |  97 views  |  No comments

    Another small but very important piece for VA loans. Once again this proves the opposite of the myth that VA loans are harder to close than conventional. They are in fact the most lenient with the borrower and much easier to close than other loans IF <and that can be a big if> the loan officer, UW and processor know their VA loans. Here is the exact language from the Cleveland VA loan center.

    Veteran owns and occupies a home, but now wants to rent it out—provided the veteran has a signed lease in place, lenders MAY offset the mortgage payment on that home with the anticipated rents received each month. Lenders can't use the excess income as qualifying income however they should count any shortfall as a debt.

    There is also NO vacancy factor on VA loans. So if the rent is $2,000 you can use the entire amount to offset the mortgage. Conventional makes you deduct 25% of the rent.
    VA doesn't require 30% equity to use rent. Conventional does. So MANY times on conventional we can use no part of the rent. I wrote this because so many times I hear from agents that "VA loans are hard to get approved" so they don't want to accept our offers. Hope this helps put that myth to bed. Hope this was helpful to all military members and those who want to sell their homes to a veteran.

    Thanks,

     

     

    Brent Mendelson
    Senior Loan Officer
    1st Mariner Mortgage
    Office 240-235-5314
    Cell 301-412-0259
    Nmls #111407

    Lending in ALL 50 states

  • VA loans are easier to get than conventional. No its true!

    Posted Under: Financing in Texas, Agent2Agent in Texas, Military Movers in Texas  |  June 27, 2014 4:16 PM  |  95 views  |  No comments

    Another small but very important piece for VA loans. Once again this proves the opposite of the myth that VA loans are harder to close than conventional. They are in fact the most lenient with the borrower and much easier to close than other loans IF the loan officer, UW and processor know their VA loans. Here is the exact language from the Cleveland VA loan center.

    Veteran owns and occupies a home, but now wants to rent it out—provided the veteran has a signed lease in place, lenders MAY offset the mortgage payment on that home with the anticipated rents received each month. Lenders can't use the excess income as qualifying income however they should count any shortfall as a debt.

    There is also NO vacancy factor on VA loans. So if the rent is $2,000 you can use the entire amount to offset the mortgage. Conventional makes you deduct 25% of the rent.
    VA doesn't require 30% equity to use rent. Conventional does. So MANY times on conventional we can use no part of the rent. I wrote this because so many times I hear from agents that "VA loans are hard to get approved" so they don't want to accept our offers. Hope this helps put that myth to bed. Hope this was helpful to all military members and those who want to sell their homes to a veteran.

    Thanks,

     

     

    Brent Mendelson
    Senior Loan Officer
    1st Mariner Mortgage
    Office 240-235-5314
    Cell 301-412-0259
    Nmls #111407

    Lending in ALL 50 states

  • VA loans are easier to get than conventional. True story!

    Posted Under: Home Buying in West Point, Agent2Agent in West Point, Military Movers in West Point  |  June 27, 2014 4:14 PM  |  92 views  |  No comments

    Another small but very important piece for VA loans. Once again this proves the opposite of the myth that VA loans are harder to close than conventional. They are in fact the most lenient with the borrower and much easier to close than other loans IF the loan officer, UW and processor know their VA loans. Here is the exact language from the Cleveland VA loan center.

    Veteran owns and occupies a home, but now wants to rent it out—provided the veteran has a signed lease in place, lenders MAY offset the mortgage payment on that home with the anticipated rents received each month. Lenders can't use the excess income as qualifying income however they should count any shortfall as a debt.

    There is also NO vacancy factor on VA loans. So if the rent is $2,000 you can use the entire amount to offset the mortgage. Conventional makes you deduct 25% of the rent.
    VA doesn't require 30% equity to use rent. Conventional does. So MANY times on conventional we can use no part of the rent. I wrote this because so many times I hear from agents that "VA loans are hard to get approved" so they don't want to accept our offers. Hope this helps put that myth to bed. Hope this was helpful to all military members and those who want to sell their homes to a veteran.

    Thanks,

     

     

    Brent Mendelson
    Senior Loan Officer
    1st Mariner Mortgage
    Office 240-235-5314
    Cell 301-412-0259
    Nmls #111407

    Lending in ALL 50 states

  • VA loans are easier to get than conventional. It's true!

    Posted Under: Financing in Colorado Springs, Agent2Agent in Colorado Springs, Military Movers in Colorado Springs  |  June 27, 2014 4:13 PM  |  87 views  |  No comments

    Another small but very important piece for VA loans. Once again this proves the opposite of the myth that VA loans are harder to close than conventional. They are in fact the most lenient with the borrower and much easier to close than other loans IF the loan officer, UW and processor know their VA loans. Here is the exact language from the Cleveland VA loan center.

    Veteran owns and occupies a home, but now wants to rent it out—provided the veteran has a signed lease in place, lenders MAY offset the mortgage payment on that home with the anticipated rents received each month. Lenders can't use the excess income as qualifying income however they should count any shortfall as a debt.

    There is also NO vacancy factor on VA loans. So if the rent is $2,000 you can use the entire amount to offset the mortgage. Conventional makes you deduct 25% of the rent.
    VA doesn't require 30% equity to use rent. Conventional does. So MANY times on conventional we can use no part of the rent. I wrote this because so many times I hear from agents that "VA loans are hard to get approved" so they don't want to accept our offers. Hope this helps put that myth to bed. Hope this was helpful to all military members and those who want to sell their homes to a veteran.

    Thanks,

     

     

    Brent Mendelson
    Senior Loan Officer
    1st Mariner Mortgage
    Office 240-235-5314
    Cell 301-412-0259
    Nmls #111407

    Lending in ALL 50 states

  • VA loans in KY are easier to get than conventional.

    Posted Under: Home Buying in Kentucky, Agent2Agent in Kentucky, Military Movers in Kentucky  |  June 27, 2014 4:09 PM  |  94 views  |  No comments

    Another small but very important piece for VA loans. Once again this proves the opposite of the myth that VA loans are harder to close than conventional. They are in fact the most lenient with the borrower and much easier to close than other loans IF the loan officer, UW and processor know their VA loans. Here is the exact language from the Cleveland VA loan center.

    Veteran owns and occupies a home, but now wants to rent it out—provided the veteran has a signed lease in place, lenders MAY offset the mortgage payment on that home with the anticipated rents received each month. Lenders can't use the excess income as qualifying income however they should count any shortfall as a debt.

    There is also NO vacancy factor on VA loans. So if the rent is $2,000 you can use the entire amount to offset the mortgage. Conventional makes you deduct 25% of the rent.
    VA doesn't require 30% equity to use rent. Conventional does. So MANY times on conventional we can use no part of the rent. I wrote this because so many times I hear from agents that "VA loans are hard to get approved" so they don't want to accept our offers. Hope this helps put that myth to bed. Hope this was helpful to all military members and those who want to sell their homes to a veteran.

    Thanks,

     

     

    Brent Mendelson
    Senior Loan Officer
    1st Mariner Mortgage
    Office 240-235-5314
    Cell 301-412-0259
    Nmls #111407

    Lending in ALL 50 states

  • Conv loans are harder to get than VA. Yes really!

    Posted Under: Home Buying in Delaware, Agent2Agent in Delaware, Military Movers in Delaware  |  June 27, 2014 4:08 PM  |  96 views  |  No comments

    Another small but very important piece for VA loans. Once again this proves the opposite of the myth that VA loans are harder to close than conventional. They are in fact the most lenient with the borrower and much easier to close than other loans IF the loan officer, UW and processor know their VA loans. Here is the exact language from the Cleveland VA loan center.

    Veteran owns and occupies a home, but now wants to rent it out—provided the veteran has a signed lease in place, lenders MAY offset the mortgage payment on that home with the anticipated rents received each month. Lenders can't use the excess income as qualifying income however they should count any shortfall as a debt.

    There is also NO vacancy factor on VA loans. So if the rent is $2,000 you can use the entire amount to offset the mortgage. Conventional makes you deduct 25% of the rent.
    VA doesn't require 30% equity to use rent. Conventional does. So MANY times on conventional we can use no part of the rent. I wrote this because so many times I hear from agents that "VA loans are hard to get approved" so they don't want to accept our offers. Hope this helps put that myth to bed. Hope this was helpful to all military members and those who want to sell their homes to a veteran.

    Thanks,

     

     

    Brent Mendelson
    Senior Loan Officer
    1st Mariner Mortgage
    Office 240-235-5314
    Cell 301-412-0259
    Nmls #111407

    Lending in ALL 50 states

« Read older posts
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer