Jennifer Keenan's Friday FAQs!

Happy Friday!  Oh my goodness!  Is it really September?!  Football season is starting!

  • We are purchasing a new home with a VA loan.  Our purchase price is 457,000,  If the area limit is 458,850, why am I required to have a down payment?  When your loan amount plus funding fee is higher than the area's limit, VA requires a maximum loan calculation to determine if a down payment is required to maintain the 25% guarantee.  With a subsequent use of entitlement, the down payment requirement on your purchase price would be 3,308.       
  • I want to purchase a new home.  I have a small base pay, mileage and bonuses as my pay.  What do you need from me?  If your income has these components, we will need to average mileage and bonus over a two-year period to determine that portion of your income.  This type of income is not necessarily consistent nor guaranteed and can fluctuate.  
  •  I reduced my hours at work to assist my parents.  They are now in a home, and I have returned to work full-time.  I would like to buy a home -do I have any good options?  Technically, you should return to work full-time for 12 months before using your current income; however, if we can prove a track record of previous income and that you reduced your hours to take care of your parents, FHA would be an option.           

Please feel free to contact me with any questions you might have.  I look forward to working with you and your clients.  Please remember, I am licensed in Virginia, North Carolina and Florida.

Jennifer Keenan, Senior Mortgage Consultant

757.366.8690 -

NMLS# 101837, Licensed in Virginia, North Carolina & Florida

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