First Time VA Loan Buyer Options
Under 640 score, over 55% debt ratio, VA home loan purchase that needs to close in 33 days? No way? Yes, Way!!
So often there are times when someone has some hurdles to overcome when purchasing a home and our team is one that will figure out a way to make the loan work if it can be. We were just recently faced with the following scenario:
- 620 credit score
- 57% debt ratio
- No money down
- Active duty service member
- First time buyer
- Need to close in 33 days
The buyer provided us with everything requested up-front which allowed us to obtain underwriting approval in plenty of time prior to closing to make everyone feel at ease. We were able to prove a rent history from the buyer which was paid on time and the mortgage payment is only $80 more per month than the rent which was a huge compensating factor. Also, we were able to figure a little known way to increase the service member’s nontaxable income to get the debt ratio lowered to a better level.
The end result is that we received the final approval for this VA home loan purchase and the file is closing on-time with the closing disclosure to the buyer over 3 days prior to closing!
Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Sanford, Fayetteville, Southern Pines, Pinehurst, Rockingham, Raleigh, Cary, High Point, Garner, Smithfield, Clayton, Asheville, Asheboro, Rocky Mount, Wilson, Burlington, Kannapolis, Goldsboro, Hickory, Wake Forest, Salisbury, Matthews, Charlotte, Monroe, Statesville, Shelby, Lexington, Boone, Morganton, Cornelius, Holly Springs, Fuquay Varina, Kernersville, Kinston, Greenville, Outer Banks, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Lake Waccamaw, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina, Virginia, and Georgia
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.