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VA home loan question
#1
Hi all,

I'm about to start law school and the originator we are working with says BAH can't be counted as income for mortgage purposes, which sucks cause its gonna be like 2700 a month. This may seriously restrict our ability to get a mortgage at the needed amount of 350K.

Anywho, we aren't sure we are going to be able to get a mortgage we want given my wifes income.

Is it possible to have a non-military member co-sign a VA home loan if they will not be living in the house? I have family that would be happy to do so. I found some stuff to suggest a 12.5% down payment may allow for it, but I couldn't find a residency requirement.
Thanks all

Mike
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#2
If you have a non-military member co-sign, they'll have to put up half the down-payment, if one is required. Or at least that's what I was told, so I had to settle for a smaller house/mortgage which is okay. I plan to finish fixing it up and selling in another year and upgrade.
NSFgirl [28|Apr 06:29 AM]: Look, I have 3 holes, and 2 are free to be used. Don't be greedy and expect the 3rd too.
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#3
I read that if a non-military member co-signs you need to put 12.5% down, but my mortgage originator said that non-military signer must be residing in the home. My wife and I are both vets, we were hoping to have my mother co-sign because they won't include my wife's part time income when factoring in the DTI ratio, or my BAH for that matter.

Mike
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#4
you may just have to settle for something smaller using just your income until your situation improves or wife starts working FT
NSFgirl [28|Apr 06:29 AM]: Look, I have 3 holes, and 2 are free to be used. Don't be greedy and expect the 3rd too.
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#5
Were all ready looking at settling for something smaller... I find it absurd that someone can get 250K in student loans with no income and no credit, but housing is such a pain the dick.
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#6
That's because housing is actually a physical property that must be provided to you. Student loans simply consist of students owing somebody money.
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#7
That's definitely not the reason. If I default on 250K in student loans sucks for them, if I have a house they can take it and sell it.  The only thing I can think of is there is no bankruptcy protection on student loans and they are government backed... SO basically its just because the slimebag morons in congress only bothered to pass legislation regarding housing because of all the clowns who bought shit with no plan to pay for it the past decade.

But really the cost of skyrocketing tuition is 100% due to government backing all these student loans, which is still obscene. 

Mike
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#8
I'm going to use my VA home loan here real quick. Never used it, but all my return calls are from "VA Specialist" or "Affiliated with VA". Got the info off of military.com this morning. Do I directly go to the VA or are these companies the legit deal? I've been out since '82.
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#9
You want to go to a trusted bank or trusted loan originator, like a full time mortgage advisor. You get your VA authorization letter and then use that when getting your loan.

FYI we ended up getting 30 years at 3.25% which is pretty good.

Bought the house last May.

Mike

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#10
Just find a broker that is well versed with the VA home loan process with good references. VA loans are a pain in the dick for brokers too, so it's hard to find one that knows what they're doing/care enough.
USMCRs Finest [26|Mar 09:11 AM]: I don't mind the bukkake, but some of the other shit is crazy.<br /><br />Plot twist: he is actually Taliban.-ReRun0369
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#11
I bought a piece of land with a commercial loan. Couldnt do VA because land, and bank wouldnt do regular loan. Told them i would grow a garden and sell some produce and it was easy to get the commercial loan. I do not intend to grow anything, just shoot deer and build in the future.

I DID try to get a VA loan on a house, they denied it through the inspection because the crawlspace window was broken and the dirt was wet by the window. Decided to pass anyways after finding a sweet deal on land.
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#12
"... I find it absurd that someone can get 250K in student loans with no income and no credit, but"
Stop at the comma. It IS absurd. Life happens, and you just might not get the high paying lawyer job to pay back. And guess what?

. . ."If I default on 250K in student loans sucks for them. . ." Ummm. . .there is no default on student loans. The only way to not pay them back is to die. Or maybe become disabled. Maybe right now is not the time to buy a house. Live like a broke college student, pay for school with cash, finish debt free, then see what happens.
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#13
You can also just never pay them back... I get that you always have the debt (with some exceptions) but it doesnt give you some magic ability to pay it.

And we bought a house 6+ months ago and my mortgage (tax and ins) is less than rent would have been for a place waaaay bigger. Law school is a free ride and BAH is covering the mortgage.

Mike

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#14
(11-02-2015, 12:10 PM)B4L Wrote: VA home inspectors are brutal. My broker/agent was well versed in VA loans so he told the seller everything that needed to be fixed/ touched up before he would even schedule the inspection.
I bought a piece of land with a commercial loan. Couldnt do VA because land, and bank wouldnt do regular loan. Told them i would grow a garden and sell some produce and it was easy to get the commercial loan. I do not intend to grow anything, just shoot deer and build in the future.

I DID try to get a VA loan on a house, they denied it through the inspection because the crawlspace window was broken and the dirt was wet by the window. Decided to pass anyways after finding a sweet deal on land.
USMCRs Finest [26|Mar 09:11 AM]: I don't mind the bukkake, but some of the other shit is crazy.<br /><br />Plot twist: he is actually Taliban.-ReRun0369
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#15
Ours actually wnet very well considering how much work the house needed.

Mike

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#16
There were a few things that were let to slide, but I knew the previous owners and they went out of their way to hook me up.


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#17
This is starting to be a nightmare for a number of reasons.
*Ms. Hitman has no credit...not even on the radar. 1 ding.
*I qualified highly and have basically gotten the home, except:VA is nitpicking us to death, was closing on the 23rd, now its the 28th. Got the letter sent from HR letting them know I do work a number of hours overtime and that's why my base pay fluctuates from payday to payday.
*Now they want records from the school district wanting to know if child care we paid for isn't buying Mini Hitmans meals at school. He gets his meals free as we're gparents raising him. District is closed for the holiday. 2 dings.
*They are being rather petty IMO. Hope this sob closes soon.
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#18
(12-21-2015, 07:59 AM)AKA_HITMAN Wrote: This is starting to be a nightmare for a number of reasons.
*Ms. Hitman has no credit...not even on the radar. 1 ding.
*I qualified highly and have basically gotten the home, except:VA is nitpicking us to death, was closing on the 23rd, now its the 28th. Got the letter sent from HR letting them know I do work a number of hours overtime and that's why my base pay fluctuates from payday to payday.
*Now they want records from the school district wanting to know if child care we paid for isn't buying Mini Hitmans meals at school. He gets his meals free as we're gparents raising him. District is closed for the holiday. 2 dings.
*They are being rather petty IMO. Hope this sob closes soon.

VA can be great when they aren't being dicks, but VA appraisers can work against you when they vastly under-appraise a home. Sellers are increasingly unwilling to work with buyers on bringing the price down (especially with a VA loan) when their house appraises under-value. So buyers end up having to pay the difference in cash if they really want the house or there's no deal. Sellers don't want to lower their price to appraisal value because they can just get another buyer who is doing cash or conventional loans, whose appraisers won't lowball the house. The most well-known VA appraiser out here in DFW is notorious for under-appraising homes, and I'm starting to think he's doing it on purpose. His word is final no matter what, he won't take comparables that show he's wrong. Once he's determined value, that's it, and he has killed innumerable deals.

Not to mention, sadly, that VA loans have required repairs and those repairs really disqualify a lot of homes, either if the sellers are unwilling to do said repairs, or if a sale is as-is.

If you can do it on your credit alone, could always try conventional or FHA loans. Depending on what state you're in, you could use a state-offered loan program for veterans that may be less of a hassle.

The VA won't change this shit anytime soon.

(03-13-2015, 06:47 AM)crazymjb Wrote: That's definitely not the reason. If I default on 250K in student loans sucks for them, if I have a house they can take it and sell it.  The only thing I can think of is there is no bankruptcy protection on student loans and they are government backed... SO basically its just because the slimebag morons in congress only bothered to pass legislation regarding housing because of all the clowns who bought shit with no plan to pay for it the past decade.

But really the cost of skyrocketing tuition is 100% due to government backing all these student loans, which is still obscene. 

Mike

People get loans paid back in some cases by putting liens on your house, so, I wouldn't say "sucks for them if I don't pay back my student loans."
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#19
He actually appraised it higher than we paid. Bonus. Even said it was move in ready, did comps in the neighborhood...etc.
There were foundation issues, but the warranty is transferred to us. Everything looks good for a house built in '67.
The buy went real quick, till the LAST MINUTE. Now it's little shit to slow the process down. Mortgage company said I make too good of money to get hammered like this when It's ready to close. Ms. Hitman has been a champ thru out, but its taxing her right now. Fingers crossed.
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#20
(12-21-2015, 09:53 AM)AKA_HITMAN Wrote: He actually appraised it higher than we paid. Bonus. Even said it was move in ready, did comps in the neighborhood...etc.
There were foundation issues, but the warranty is transferred to us. Everything looks good for a house built in '67.
The buy went real quick, till the LAST MINUTE. Now it's little shit to slow the process down. Mortgage company said I make too good of money to get hammered like this when It's ready to close. Ms. Hitman has been a champ thru out, but its taxing her right now. Fingers crossed.

All mortgage companies do this anyway, it's not really the loan officer, it always comes down to the underwriters, whose job it is to nit pick and take their time.
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#21
While I didn't go through VA for my house we did get some last minute bullshit pulled by the loan company as well.

Our agent finally just got fed up with the bullshit, found the number for the president of the loan agency, and called him asking wtf.
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(05-06-2016, 02:33 PM)NSFgirl Wrote: You're a terrible person, wongtastic.
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#22
(12-21-2015, 07:59 AM)AKA_HITMAN Wrote: This is starting to be a nightmare for a number of reasons.
*Ms. Hitman has no credit...not even on the radar. 1 ding.
*I qualified highly and have basically gotten the home, except:VA is nitpicking us to death, was closing on the 23rd, now its the 28th. Got the letter sent from HR letting them know I do work a number of hours overtime and that's why my base pay fluctuates from payday to payday.
*Now they want records from the school district wanting to know if child care we paid for isn't buying Mini Hitmans meals at school. He gets his meals free as we're gparents raising him. District is closed for the holiday. 2 dings.
*They are being rather petty IMO. Hope this sob closes soon.

Why does the VA give a shit about closing day? That should be the purview of the realtor


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Hey guise. I bought a house a little over a year ago and I got freedom mortgage blowing up my phone saying I should refinance to an IRLL loan. Is this shit legit? Sounds like it is, and I asked my bro in law who's an insurance adjuster but he's not even 100% on it. Sounds too good to be true. What's the other shoe?


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#23
VA underwriter picked apart everything, including my bonuses,overtime and possibility of getting more overtime. We close the 30th and actually get some coin back. Realtor and the mortgage company finally put a stop to the bs and evidently what was originally a simple procedure, some bean counter had an issue with a $1000 gift from my family. Can't explain it...
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#24
I nearly lost ou house deal because the USMC paid me travel advances and what not from random ass accounts like MCRD and 2MEF.
Yossarian [29|Sep 07:53 AM]: oh god. imagine a mustang seabee chaplain?!
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#25
(12-24-2015, 10:28 AM)hussaf Wrote:
(12-21-2015, 07:59 AM)AKA_HITMAN Wrote: This is starting to be a nightmare for a number of reasons.
*Ms. Hitman has no credit...not even on the radar. 1 ding.
*I qualified highly and have basically gotten the home, except:VA is nitpicking us to death, was closing on the 23rd, now its the 28th. Got the letter sent from HR letting them know I do work a number of hours overtime and that's why my base pay fluctuates from payday to payday.
*Now they want records from the school district wanting to know if child care we paid for isn't buying Mini Hitmans meals at school. He gets his meals free as we're gparents raising him. District is closed for the holiday. 2 dings.
*They are being rather petty IMO. Hope this sob closes soon.

Why does the VA give a shit about closing day? That should be the purview of the realtor


Sent from my iPhone using Tapatalk

Hey guise. I bought a house a little over a year ago and I got freedom mortgage blowing up my phone saying I should refinance to an IRLL loan. Is this shit legit? Sounds like it is, and I asked my bro in law who's an insurance adjuster but he's not even 100% on it. Sounds too good to be true. What's the other shoe?


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The VA cares less about it than the mortgage company. To close they have to send documents to the title company, without that, no close. They can take their time but they really have to meet closing deadlines, any extensions on the closing beyond like one extension looks really suspicious to sellers (and should to you, too) and they will be loathe to extend again when they have their house off the market for you and have no guarantee that they haven't kept it off the market just for you to not end up getting to buy the house after all. The VA can ding houses for required repairs, which is hard on the sellers mostly. You wouldn't be able to buy, say, a house that is being sold as-is because that's the sellers saying they aren't going to do repairs.

Basically, the VA requires that houses be in almost pristine condition before they will guarantee a loan. That's really great for buyers using a VA loan, and shitty for sellers who can't do repairs for whatever reason.

(12-25-2015, 08:43 AM)AKA_HITMAN Wrote: VA underwriter picked apart everything, including my bonuses,overtime and possibility of getting more overtime. We close the 30th and actually get some coin back. Realtor and the mortgage company finally put a stop to the bs and evidently what was originally a simple procedure, some bean counter had an issue with a $1000 gift from my family. Can't explain it...

Yeah UW will nitpick the shit out of everything like I said before. Nothing is safe from them, and you'd better be damn sure you told them about every little money-related thing you remember. It's usually best when buyers don't hide shit from them. Not saying you did, but UW for anyone, not just VA, can be a bitch when they halt a loan for a $20 gift you received from your grandma last year.
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