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Financing in South Dakota : Real Estate Advice

  • All15
  • Local Info1
  • Home Buying5
  • Home Selling6
  • Market Conditions1

Activity 23
Thu Oct 20, 2016
Nlgf4897 asked:
My husband and I closed on a home 4 months ago through a local mortgage company and FHA in SD. Apparently, FHA has decided to audit the loan and found an error in the application. We were…
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Fri Jul 1, 2016
Joecooll88 asked:
Divorce decree did not contain details or dates, only that she would take over the mortgage. It's been 6 years.
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Wed Mar 30, 2016
USMortgageRanger answered:
You would have to refinance the home in your name to release his VA home loan benefits. I would be delighted to assist you in making your dream a reality.

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Wed Nov 18, 2015
Robertlendingsolution answered:

* No Collateral Required!
* No Upfront Fees
* 0% interest for 6-24 Months
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Fri Jul 3, 2015
Lance Petway answered:
Good morning, yes you can be added on the mortgage with your boyfriend. This of course will automatically put you on title as well. Do you know what both your credit scores are?
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Thu Jul 2, 2015
My NC Homes Team answered:
First congratulations on your recent marriage.

You cannot use a VA loan to buy part of your new wife's home. You should check with a local attorney but now that your married you may legally own half the house if you reside in either a community property state or in a state that has spousal rights. {They are not one and the same}

You could possibly use your VA loan to do a refi and use this money to compensate your wife or legally assume an equal responsibility for the mortgage. Again I think a conversation with a local attorney would be the way to start so that you understood all the possible ramifications
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Thu Jun 25, 2015
Bryan Horn answered:
No, he has to be the borrower on the loan and you could be the co-borrower.

What is his credit score? Is there a recent short sale or foreclosure?

Wells Fargo and I can go down to 590 on the credit score and we don't charge a lender fee on VA loans!

Call or email with any questions. 858-805-5347
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Mon Feb 23, 2015
Brian Martucci answered:
Depending on what is wrong with your credit, usually a good mortgage lender can help you be put on a path to increasing your credit scores, I don't know that you necessarily need to pay a credit restoration firm. Find a lender who is experienced, and has helped people fix their credit, to me that would be the best place to start. Feel free to contact me directly if you think I can help myself. Thanks. ... more
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Sat Dec 13, 2014
Bryan Horn answered:
I just had this scenario last month. Student loans need to be deferred at least one year with a Wells Fargo VA home loan and they will not count against your debt level.

If you have concerns of a high level of debt or DTI - debt to income ratio then you should seek out a veteran loan officer who can find ways to put your loan scenario in the best possible position to get approved through underwriting.

I am up for that challenge!

I recently got a Veteran approved for a $498,000 home purchase loan despite him having been unemployed for 5 months this year and his job is a 4 hour drive from home...

Contact me via text or talk 858-805-5347
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Mon Oct 13, 2014
The short answer is yes, but would need to have 25% in equity in your current home (to obtain a second FHA loan for this reason). Depending on income, liabilities and credit scores you might want to consider 5% down conventional financing: ... more
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Fri Aug 8, 2014
The veteran always needs to be on the loan application for a VA loan. The vet does not need to have income. As long as her income qualifies for the home you wish to purchase, you will be just fine.

Joe Metzler, NMLS 274132
Lending in MN, WI, and SD
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Sat Jul 26, 2014
Lee Harding answered:
Be careful of expecting to get financing easily even with a great credit score. I have found recently that some banks are now tightening down on employment history with the approval process on mortgages even when you stay within the same field. ... more
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Thu Dec 5, 2013
Pamela Hoefert answered:
If you have $40,000 down and have good credit a conventional could be a better choice. The VA does not allow for a second person on the loan unless you are married. If you are buying in a rural area there is a program called Rural Development and their program mirrors the VA loan with minor differences. With $40,000 down unless you get a VA disability check the VA the conventional could beat out the VA loan even if you are married. Pam Hoefert RE/MAX Professionals Inc 606 W 33rd St Sioux Falls SD 57105 cell 605-366-7119 ... more
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Sun Oct 13, 2013
Michael Kirkutis answered:
You can use this website to verify that someone(or a business) is a licensed mortgage professional:
Good Luck!
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Fri Mar 8, 2013
First I want you to know that the VA did not deny your loan, it was the lender who is you are working with. Now with regards to your denial under the conditions you write, that's impossible! We VA lenders use any VA pension and SSI as credible income to qualify for a home loan. My suggestion is to find another lender, as this one needs their head examined.

Best of Luck!
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Fri Dec 9, 2011
Jim Zeck answered:
yes you could do it the easiest way would be to get a second mortgage or if you have some colatteral get a conentional loan.
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Fri Dec 9, 2011
Jim Zeck answered:
I recommend calling Kevin Unzen at Frost mortgage company located in Sioux Falls at 605-331-5773
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Mon Oct 17, 2011

When applying for a VA home loan, I can just look at the Veteran's credit status, but both of the spouses may be on the title to the property. When applying, just place the informaiton on the application for one person, rather than both before an appointment is made to discuss the options available. The VA loan program is excellent and I highly recommend it. We are experts at this loan and can walk you through the process quite easily.

I hope to hear from you.

Craig Markhardt, CRMS
Sr. Mortgage Banker
... more
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Sat Jun 5, 2010
James Gordon ABR SFR SRS answered:
Lorna if you like Scott's answer so much please give him credit for it.
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