May I suggest you contact a mortgage broker to answer all the VA loan questions. I recommend contacting Ed Dubinsky: Phone: 215-808-5353 E-mail: firstname.lastname@example.org.
Good luck with everything. If you need any other assistance, again, please feel free to call me anytime.
It's always nice to be able to help a fellow Veteran.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
However having liquid assets will always be helpful, as it is called a "compensating factor" and is one of a variety of ways to make an underwriter feel more comfortable with your loan. For example I had a VA client with a debt to income ratio over 50% and our underwriter required we document compensating factors in order for the loan to get approved - one of the compensating factors was funds in a retirement account.
So to answer your other questions, yes, 60% of the vested amount in retirement accounts can be used as liquid assets when qualifying for a VA loan. You also must be able to access the funds without retiring, etc. (so in a situation where it's a pension that can't be touched until retirement, that can't be used). If it's a regular 401k or IRA those usually have no problem being used.
I am very experienced with assisting veterans. My father is a Vietnam vet (Navy flight deck) and recently won a volunteer award for his help at his local VA clinic. I would be HONORED to help you get into a home.
I have assisted many buyers with VA loans. Feel free to give me a call, I'd be happy to help.
Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
Member - AREAA Philadelphia Metro
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