VA

Question 1

Maximum LTV: VA

Answer 1

100% (or maybe 104% if you use seller concessions to pay for closing costs)

Question 2

Max Seller Concession: VA

Answer 2

4% (but certain closing costs can be paid by the seller without regard to this limit)

Question 3

Max DTI: VA

Answer 3

65%

Question 4

VA funding fee: first-time VA

Answer 4

2.1%

Question 5

VA funding fee: second-time

Answer 5

3.3%

Question 6

VA funding fee: service-related disability

Answer 6

0%

Question 7

VA - reestablishing satisfactory credit:

Answer 7

Adverse Data
Reestablished Credit: In circumstances not involving bankruptcy, satisfactory credit is generally considered to be reestablished after the veteran, or veteran and spouse, have made satisfactory payments for 12 months after the date the last derogatory credit item was satisfied. For example, assume a credit report reveals several unpaid collections, including some which have been outstanding for many years. Once the borrower has satisfied the obligations, and then makes timely payments on subsequent obligations for at least 12 months, satisfactory credit is reestablished.

That being said, a borrower can be approved with outstanding collections - especially w/ compensating factors.

Question 8

VA: Commission income history of receipt

Answer 8

2 years, kind of.

*between 1 and 2 years if borrower has training for the job

Less than 1 year can “rarely qualify”, and requires “in-depth development” in order to justify the conclusion that this income is stable.