June 27th, 2014
- We are interested in prequalifying for a mortgage. We have disputed several items on credit, does this matter? When you dispute something on credit, the item is actually removed from your score calculation. Adverse information or negative credit reporting does not affect your score as it would normally. Fannie Mae and Freddie Mac are now treating people with credit disputes as if they are purposely testing the limits of the system. New possible requirement is to explain disputed credit for the last 10 years.
- We are interested in purchasing a new home. My husband is self-employed. The way his taxes are reported, he claims the gain from his business as a capital gain. So we have consistently larger capital gains for the last three years. Someone told us we could not use capital gains as income. Actually you can. If you can prove the capital gains have been received for three years, and there is a likelihood they will continue, they can be used as part of your income.
- I am buying a home with my fiancée. I want to use my VA eligibility, can she be on the loan or on the title? If you are not married or she is also not in the military - no. VA does not allow a non-spouse or non-veteran to be part of a VA transaction.
Jennifer Keenan, Senior Mortgage Consultant
NMLS# 101837, Tidewater Home Funding (757) 366-8690