DYK – Employment Gaps, Credit Pulls, and Shopping Mortgages
A post within our Vetted VA Facebook Group recently outlined this scenario –
I understand that it is valuable to shop around for lenders. My question is more geared toward finding lenders to work with your particular circumstance. In my case, credit and such is fine but I have an employment gap. So I would be also looking for a lender that could figure out if/how to use my current
VA Guidelines – Manual Underwriting
Second Chance
If your lender is unable to get an automated underwriting approval, or if you’ve been turned down with no explanation, it’s possible that it’s your lender, and not you, who is not qualified.
VA manual underwriting guidelines are designed to give an Underwriter guidance and the guidelines for manually underwriting, and approving a loan application.
There are many lenders that simply do not manually underwrite VA loans. When choosing
Refinance After Forbearance Guidelines Released
Refinance or Purchase After Forbearance
May 19th, 2020 – Fannie Mae released an important update to its guidance on the Impact of COVID-19 on Originations: Temporary eligibility requirements for purchase and refinance transactions.
This was much-anticipated guidance as the prospect of being locked out of traditional financing options for 12 months following a forbearance due to COVID-19 is creating a lot of pressure for lenders
Mortgage Forbearance is NOT Forgiveness – Read This First!
Mortgage Forbearance Fears
As part of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) recently signed into law by the President, forbearance has made the news in a big way. The CARES Act provides for some additional forbearance protections for homeowners that do not normally exist outside of the COVID-19 pandemic.
Under the CARES act, the servicer of any Federally backed mortgage is
VA IRRRL Guidelines After CARES Act Forbearance
VA IRRRL After Forbearance
The COVID-19 coronavirus pandemic has hit Americans hard. Millions of lives have been abruptly disrupted.
The economy shuddered to a slow roll in a very short period of time, and millions of families are experiencing financial hardship as a result.
Financial hardship is a horrible experience for anyone, and it’s amplified if
VA Purchase or Refinance after COVID-19 Forbearance Guidelines
The COVID-19 coronavirus pandemic hit everyone hard. Millions of lives disrupted.
The economy shuddered to a slow roll in a very short period of time, and millions of families are experiencing financial hardship.
This hardship is amplified if you are a homeowner with a mortgage payment.
On March 27th, 2020 the Federal CARES Act was passed to offer a clear path to payment relief options for homeowners impacted by
