September 12th, 2014
Happy Friday! Hope this finds you well. More FAQ's for you this week.
- We are looking at purchasing home. The property is a duplex, and my friend and I want to buy it together. We both have VA eligibility and are not married, how does this work? You would use, what we term, split eligibility. Each of you would use the appropriate portion of your entitlement. This type of transaction does have to be reviewed by VA.
- We are purchasing a property. We have a 1031 exchange we will be using as down payment. We also have some credit card debt that is paid by our company. How does this work? With the 1031 exchange, the property would be considered an investment property. Any credit card debt paid by your company would have to be verified by providing 12 months canceled checks to validate.
- We purchased a home just over 6 months ago. We renovated the home using our own funds. We would like to refinance and pay ourselves back for the renovations. We live in the home. What is our next step? You can proceed with a cash out refinance as long as you have 6 months seasoning of title, 6 months from the date of the note. At that time, we would compare the appraised value of the property to what you owe to determine how much cash is available to you.
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, Sr Mortgage Consultant, NMLS# 101837
Tidewater Home Funding, 757-272-4199