VA Recognizes Spousal Income In Same-Sex Marriages

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VA Recognizes Spousal Income In Same-Sex Marriages

 

In Circular 26-13-18, the Veterans Benefits Administration of the Department of Veterans Affairs announced new lender processing guidelines that allow the income of same-sex spouses to be considered when qualifying veterans for VA mortgage financing. The purpose of this change is to allow the benefits for same-sex married couples to be consistent with the process used for opposite-sex married couples.

Previously, if a veteran obtained  a VA mortgage loan with anyone other than his or her opposite-sex spouse, VA could only guarantee the veteran’s portion of the loan. VA will now review applications for the home loan guaranty benefit submitted by married same-sex couples. Since state laws are not uniform on same-sex, marriages, these reviews will be on a case-by-case basis to determine whether same-sex married couples can use both spouses’ incomes to qualify for a loan.

When processing a mortgage loan application for same-sex married couples, lenders will be required to submit the following information the the VA Regional Loan Center for the state where the subject property is located:  (1) date and state of marriage; (2) state of residence at the time of marriage; (3) state where the subject property is located; (4) current state of residence; and (5) estimated date of loan closing. The VA staff will then notify the mortgage lender if both spouses’ incomes may be applied.

Real estate professionals may wish to share these new guidelines with same-sex married couples that wish to use VA mortgage financing for the purchase of a residence.

 

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Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

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Ambassador
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Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

Roy, this must flow directly from the Supreme Court ruling.  Makes sense to me.

Oct 03, 2013 01:51 AM #1
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Roy- definitely makes sense.  Good to know!!!

Oct 03, 2013 11:52 AM #2
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Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Roy.  Great move by the VA.

Oct 03, 2013 08:32 PM #3
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you for stopping by. It is good to see this announcement from the Veterans Administration. They have been a little slow to take action on this need.

Have a great day and an outstanding weekend.

 

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Oct 03, 2013 08:36 PM #4
Rainmaker
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David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

yeH we are seeing this in colorado too. i guess laws need to catch up for these right

Oct 05, 2013 02:16 PM #6
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

MC311 is Montgomery County’s source for non-emergency government information and services. You can reach MC311 by calling 311 in the County or 240-777-0311 from anywhere, Monday-Friday 7am – 7pm

Oct 12, 2017 05:45 AM #7
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