June 14th, 2013
- What does it mean to use split eligibility to purchase a home using a VA loan? Split eligibility is where a borrower and co-borrower both have VA eligibilty, and both borrowers' eligibility is used for the mortgage. You may have different situations where this is a possibility. Two friends purchasing a home, married borrowers who need to use both certificates of eligibility, or non-married family members. Eligibility must be divided evenly between the two borrowers also the file must go to VA for final approval for borrowers that are not married.
- We are interested in buying a home, we want to borrow 90% for a loan amount of 750,000. Do we have any options? As a matter of fact, we do have a 10/1 JUMBO ARM with lender paid mortgage insurance that would allow you to borrow up to 90% or 750,000 or 85% up to 850,000. The rates given the programs flexibiity are very competitive. You may also use this program to refinance a first and second mortgage as long as there have not been any draws on the second in the last 12 months. Let's talk about the details of your transaction, so I may properly quote.
- I have heard of the Federal Home Loan Bank grants, but I am unsure as to who has any of these monies available. Do you know anything about them? We have been approved to offer these grants for down payment or closing cost assistance. There is a very particular way income must be calculated in order to determine eligibility. The maximum subsidy is $5,000 per loan and home buyer counseling is required. Income limits for a 1-person household is 25,700 to an 8-person household of 48,400. This program is for first-time homebuyers.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients.
Jennifer Keenan, Senior Mortgage Consultant
NMLS# 101837, Tidewater Home Funding (757) 366-8690