Question Answer
How can a veteran get 100% financing for $2,000,000 when the entitlement is $36,000? If the borrower has FULL entitlement, there is no loan limit for VA. JMAC’s maximum loan amount is $2M.
Is it more difficult to get a condo approval with VA than it is with Fannie Mae? No. It may require more documentation.
Is the 48-hour response time for Tidewater business days or truly 48-hours where weekends/holidays count? Business days.
Do we need to get the COE or will the underwriter obtain it? Typically, you are required to submit with the COE. JMAC can assist with this.
Can we hold off on charging the borrower for an appraisal until closing? VA requires the appraisal to be paid within 30 days.
If a client has a VA loan and a second mortgage can they get a cash-out? Yes. Maximum LTV including FF is 90%.
For cash-out would they have to get a lower rate than what they have presently on the VA? VA has a list of Net Tangible Benefits. The borrower must meet at least one.
How long does the Reconsideration of value take? it depends on the Construction & Valuation center.
Is it more difficult to get a condo approval with VA than it is with Fannie Mae? No. It may require more documentation.
How would we know we need to get a termite report? The SAR would condition it for on the NOV (Notice of Value).
Do borrowers need to be in the military for a certain amount of time to qualify for a VA loan? Yes. This is why you need the DD214. Here is the VA Chapter on Entitlement
If both borrowers were in the military, will entitlement be used for both or just the spouse who was in longer? Most of the time we only use one of the veteran's entitlement. Remember that the military personnel or the veteran must be the first borrower on the loan.
What if the COE states Non-Exempt - No SC Combined Percentage for the funding fee? Non-exempt means the borrower needs to pay a funding fee. No SC combined means it is a first time use Funding fee.
What if the borrower is receiving disability but COE says Non-Exempt? This is because it is not a military related disability. It must be a service-related disability.
With VA IRRRL, it says 6 payments and 210 days. What does that mean? That they can apply for VA IRRRL after 180 days (6 payments) AND 210 days? Or a total of 390 days? If the installment debt is less than 10 payments and the payment is greater than 5% of the total qualifying income, you MUST include the debt in the DTI.
Can the 4% closing costs credit come from anyone other than the seller? Agents or Lenders? Must be from seller, agent, broker or lender.
What if installment debt is less than 10 months? If the installment debt is less than 10 payments and the payment is greater than 5% of the total qualifying income, you MUST include the debt in the DTI.
Can the 4% closing costs credit come from anyone other than the seller? Agents or Lenders? Must be from seller, agent, broker or lender.
With VA IRRRL, it says 6 payments and 210 days. What does that mean? That they can apply for VA IRRRL after 180 days (6 payments) AND 210 days? Or a total of 390 days? For VA IRRRL and type I cash-out: VA & GNMA require that the borrower has made at least 6 payments AND there has been 210 days from the first payment of the existing loan to the proposed NOTE date.
Can a sibling of a married veteran be the co-borrower in a VA Loan? No, only the spouse.
What is the process when a NOV comes back as "subject to? When the work is completed, whomever ordered the appraisal can send an email to the VA appraiser for a re-inspection.
Can one request a waiver regarding MPRs? Typically, if it is a MPR requirement, we are unable to waive it. The veteran would need to contact the VA construction & valuation department to request a waiver.
If a borrower has a current VA loan and wants to purchase a second property, do they need to pay off current one first in order to apply for other VA loan? No. As long as they have sufficient entitlement for the second VA loan.