Often you hear many complaining about no one can get a loan, guidelines are too strict, & lenders won’t go the extra mile. So that is why we LOVE sharing our buyers’ success stories. Check out these 3 VA Home Loan Successes!
Contrary to belief, VA will allow excess acreage on appraisals:
Most think that VA loans will only allow a property to have 5 acres. Not so as long as there are sales to support the acreage! For instance, we just received an appraisal on a property that had over 19 acres and a modular home from a VA appraiser and was approved by our underwriting department. Keep in mind that for an appraiser to give value to excess acres like this, there should be sold comparable sales with a similar home and acreage. For instance, often an appraiser is not going to compare a home and 19 acres with 3 homes that have ½ acre because this would cause an across the board or line item adjustment because the acreage would be considered unique. Lenders don’t like unique.
VA purchase approved in NC with spouse working in NY:
We received an underwriting approval today on a VA purchase where the Veteran works and will live in NC, but his wife has worked in NY for years and will continue to do so, but visits the husband 3-4 times per month. The wife will not be moving into the new home for 7+ years when she retires. Because the Veteran will occupy the residence, we are able to use the VA loan but would have to count the wife’s housing expense as well.
Closed a VA purchase where we squeezed out every possible legal way to help a Veteran purchase his new home.
We had a VA purchase that we closed that had the following scenario: 2 self-employed jobs, grossed up nontaxable income, had no credit trade lines with over 7 months of history, paid off a couple small revolving accounts, used alternative credit references and rent to build a credit history, the seller paid all closing costs so buyer didn’t bring money to closing other than paying off two debts, and then it came down to the buyer lowering the insurance quote by $3 per month to finally make it work. Now this Veteran is a happy and deserving homeowner. He did everything we asked him to do to create this success story and we are so proud of him!
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Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Southern Pines, Pinehurst, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.