Mortgage PUSHES Marriage

By
Mortgage and Lending with Hunt-Miller Insurance Agency

Today I received a response from VA on the final prior to docs condition for my eligible veteran.  The plans were to close this Friday and the response has been anticipated as positve since June 6th.  Surprise, surprise...VA only insured my borrower for half of the purchase price.  The borrower is an Eligible Veteran.  The Co-Borrower is his fiance' (they aren't married yet - but have planned their wedding).  They are qualifying with both of their incomes and assets.  It is LP Approve/Eligible.  Good scores.  Great buy on house.  100% financing.  I think wedding bells are going to be ringing a little earlier than planned... well it is June.  I guess it'll make for a good story for their future children and grandchildren.

Comments (11)

Linda Greco Rich, ABR, SRES
Exit Preferred Realty - Bel Air, MD
Harford County Specialist

Just went through the same situation. Isn't it romantic that your wedding date was pushed forward for a VA loan.

Jun 11, 2008 02:04 PM
Linda Greco Rich, ABR, SRES
Exit Preferred Realty - Bel Air, MD
Harford County Specialist

Just went through the same situation. Isn't it romantic that your wedding date was pushed forward for a VA loan.

Jun 11, 2008 02:04 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Melissa,

Wow, I haven't heard of this in years. We used to experience it every now and then "back in the day" as they now say. Otherwise the only way they would count the income (other than marriage) would be if the co-borrower is also an eligible Vet. We've only had that happen once.

Good luck and happy wedding bells for your clients.

Jun 11, 2008 02:10 PM
Melissa Cochran
Hunt-Miller Insurance Agency - Macon, GA

Linda,  I would love to hear more about your story.  Especially if the nuptuals and marriage license satisfied VA and how quickly VA responded with approval at the full requested sales price.

Jun 11, 2008 02:13 PM
Melissa Cochran
Hunt-Miller Insurance Agency - Macon, GA

Lynda of Orange County RE... I've never experienced this situation.  It has really thrown me. 

 

Jun 11, 2008 02:18 PM
Travis Neliton
Caliber Home Loans CHL NMLS# 15622 - Portland, OR
Travis Neliton NMLS 283894

Lynda stole my response! I was just about to type Wow! :) I have never heard that before, I am so used to putting people's "partners" on loans here in Portland that I never had thought of or have heard of this. Holy smokes, thanks for sharing!

Be Blessed!

Travis

Jun 11, 2008 02:25 PM
Melissa Cochran
Hunt-Miller Insurance Agency - Macon, GA

Travis,

That is the case with me as well.  I always put the occupying co-borrower on the mortgage transaction.  Watch out for VA though...  they definately have higher scruples than even us here in the "bible belt".  I'm just wondering what their folks are saying and if they are going to invite me to the wedding?  Trying to keep a little humor here...

Jun 11, 2008 02:36 PM
Joe Virnig
RE/MAX Gold Coast REALTORS, Ventura County, California - Ventura, CA
No Ordinary Joe

I remember a rushed wedding once a loooooong time ago when my buyers wanted to use a VA loan and needed the spouses income to qualify. 

Jun 11, 2008 02:36 PM
Melissa Cochran
Hunt-Miller Insurance Agency - Macon, GA

Thank you all for your comments.  UPDATE.  My borrowers are getting married.  Marriage Certificate will be provided and the transaction will be cleared to close.  Lender has reassured us that it will meet the regulatory VA guidelines with the marriage certificate.

Jun 12, 2008 02:42 AM
Dan Hartman
Province Mortgage Associates - NMLS #2861 - Providence, RI

Thanks for sharing the story!  I will keep this in mind for any similar situation I encounter in the future.

Dan

Jun 12, 2008 03:13 AM
Melissa Cochran
Hunt-Miller Insurance Agency - Macon, GA

UPDATE... marriage license came over the fax today, uploaded to underwriter, clear to close... you may now kiss the bride and cross the thresh-hold.

Jun 16, 2008 12:42 PM