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January 2014
Even though a VA loan does not have a down payment requirement (100% financing), the borrower may be required to have sufficient cash to cover certain expenses (if not paid by the lender or seller). The VA loan underwriter will examine the borrower’s assets when making this determination. Assets may be necessary to pay items such as closing […]
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The VA loan underwriting process goes beyond just examining the credit report which was explained in Part 1 How VA Underwriters Examine a Borrower’s Credit Report and History. Underwriting other debts and obligations is necessary because some may or may not be included on the credit report. Very often, debts are reported by the applicant, […]
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Part of the process of obtaining a VA loan is the examination of the contents of the entire loan file which must include specific documentation. The file creates a story of the borrower’s borrowing habits, working background and savings history. Examining a borrower’s credit report and history is one of the first items that will […]
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There are multiple credit scoring methods that companies use to give a consumer a “score”. These scores can have different scales, use slightly different data to calculate this score, and often can be misleading. Most lenders use one of the FICO variations to determine a credit score for a customer who is looking for credit. […]
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The Department of Veteran Affairs reached a record number of loans guaranteed for 2013 of nearly 630,000 in its 70th year which is fantastic. See article here “The number of loans guaranteed by the Department of Veterans Affairs reached a record high in 2013, perhaps marking the peak of an upward trajectory that began after […]
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