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  1. Hi Robert, Yes, you may have 2nd tier or bonus entitlement available. The conforming loan limit in pretty much every county in GA is $510,400 so your VA entitlement would be ($510,400 X 25%)= $127,600. Now subtract what you used on your home in Kentucky & that will tell you what your max loan amount is without a down payment. For example: If your house in KY was $200,000, you used $50,000 of your entitlement. That means you would have enough entitlement ($127,600 - $50,000 = $77,600) to buy a home for up to $310,400 without a down payment. NOTE: Your new loan has t
  2. You're going to be limited to 75% of the appraised value on a cash-out refi & the rate is going to be ugly with your scores.
  3. The OP specifically stated they are looking to go VA so..... FHA, VA & USDA loans are normal mortgages (whether you personally think so or not) so not sure what you're talking about.
  4. Hi BrashDesigns, 1) Not if you're both going to be on the loan. 2) Yes, there's nothing crazy about it. 3) Unfortunately you're stuck because you did not immediately buy a new home when you left WI. Here are the VA guidelines: If the borrower has multiple properties, the borrower must have 3 months PITI documented for each property to consider the rental income. If there is not a lien on the property, 3 months reserves to cover expenses such as taxes, hazard insurance, flood insurance, homeowner’s association fees, and any other recurring fees
  5. Hi beachdreaming777, No, you don't necessarily have to pay off your collections & charge offs to get approved for a VA mortgage BUT there are a couple of caveats. 1) VA now requires lenders to count a payment in the debt ratio if a collection agency reports a minimum payment on credit. Where this really becomes a problem is CAs generally report the balance as the minimum payment. 2) Charge offs can become collections so you may want to settle them (for way less than the amount owed) to keep that from happening. This can also help your scores.
  6. Sorry but you're mistaken, FHA & VA both ignore unpaid COs.
  7. Since it's an FHA requirement, a flow test is always required. In order to meet FHA standards, the flow must be 3 to 5 gallons per minute. Anything lower than that implies an issue with the well. FHA will not allow the loan to close until the issue is resolved unless you're able to do a repair escrow or a 203K loan.
  8. HI Wj250, VA is going to be the best bet for your parents because it's more forgiving on credit issues & the rate is going to be better. In addition, VA is the only option 2 years post bankruptcy except for FHA. They need to get something going soon though because VA cash-out refis are going to be reduced to a maximum 90% Loan To Value next month.
  9. A charged off account is not a derogatory account like a collection. Charge off is the status of the account which is derogatory so if you settle the account it goes from CO to paid. Thus you change the status from derogatory to positive. A collection account is the exact opposite. Meaning it doesn't matter what the status is of a collection account, it could be paid or you could owe $10,000. In either case the account is going to negatively affect your credit. That's reason why you want to negotiate PFDs on collection accounts because that is the only way to improve your scores.
  10. Hi Ronkar, What type of mortgage did you do the DIL on? Was it FHA, VA, USDA or conventional?
  11. FHA will allow you to go up to 85% of your home's appraised value on a cash-out refi. HELOCs or 2nd mortgages typically require higher scores & lower debt to income ratios because they are in 2nd position which is a higher risk for the lender. I think FHA is going to be your best bet.
  12. Hi Seeking, I do this all of the time. Here are a couple of options. 1) Contact the lenders with your car loans & ask them for a 1 time "good will" delete of the most recent late payment. 2) Settle the charge offs. For example: If you owe $1,000 offer them $200 to settle it. This does 2 things. 1) It settles the account so you don't have to worry about it being sold to a collection agency & then being reported on your credit as a collection. 2) It changes the status of the account from negative (charge off) to positive (paid) which can increas
  13. Ideally your file will get approved through an Automated Underwriting System so the lender won't require a 12 month verification of rent history. Otherwise you'll want to wait until you have a clean 12 month history. If the down payment for your new home is coming from the sale of the existing home, I can see an underwriter asking for a 12 month payment history. What type of loan did you have on your existing home & what type of loan are going to apply for on the new home?
  14. Hi Bmfmustang, Yes, it sounds doable. I would have your file pre-approved through underwriting upfront to make sure you don't run in to any issues.
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