“No Problem, We’ll get Married Right Away”
Joe,
Thank
you for educating us on VA mortgages. Here are answers to some of the
questions that you asked. The modification was approved in November of
2014 and was modified in March of 2015. My ex-wife and I started a loan
modification because I was laid off from my job for almost a year. There
was no deficiency when the property was sold. Subsequently,
BOA modified the loan under the settlement with the Department of
Justice as seen in the attachment. We sold the home in October of 2015.
The
price range we are looking at is between $200,000 and $240,000. Since I
now know we can’t use my fiancé income unless we are married, it will
mean that we have to move up our marriage. I will have that discussion
with her today.
In
order to use both incomes for a VA mortgage for these folks, they need
to be married. Unfortunately in this situation the veteran doesn’t make
sufficient income to qualify for a VA mortgage on only his income.
They
would qualify for an FHA loan but a 3.5% down payment would be required
and there would also be monthly mortgage insurance. A VA loan was
definitely the best solution, as the monthly mortgage insurance would
add about $150 to the mortgage payment and a $7,000 to $8,500 down
payment would be required.
The good thing here, they were planning on getting married this Spring or Summer.
