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Financing in 30501 : Real Estate Advice

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  • Home Buying3
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Activity 1
Thu Aug 30, 2012
William Polack answered:
A couple of things to know about VA loans: great product with 100% financing. Seller can pay up to 6% of the closing costs. No mortgage insurance. Debt versus income through an auto approval system can go as high as 50% if the credit ans assets are good.
However, 620 score requirement. VA uses net income to satisfy residual income after dabts, mortgage and utilities are paid. Have to pass that test to qualify. The house can't have any issues unless the seller is willing to fix it prior to close. There is a funding fee added to the 100% that is financed into the loan unless the service member is at least 10% disabled. Appraisal is ordered through the VA and you nor the loan officer can contact the appraiser (to speed things up, for example). I'm a veteran and my first loan was FHA because the house needed repairs. FHA is more expensive, even though the rate is better because of the MI payment. But, it's more liberal to qualify with (scores to 580). It allows up to 56% DTI and you can buy foreclosed properties with $100 down. I'm throwing this in here, not for you but for others reading this.
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