Buyers that are looking to go VA, here are some helpful tips:
-The 2 buyers MUST be married. It cannot be boyfriend/girlfriend, etc. They cannot have a Non-occupant co-borrower, such as Mom or Dad helping out to show enough income.
Find out what's happening in Stonington-Mysticfor free with the latest updates from Patch.
-The un-remarried surviving spouse of a veteran is eligible for VA. That veteran must have died as a result of service or service-connected injuries.
-It MUST be Owner-Occupied.
Find out what's happening in Stonington-Mysticfor free with the latest updates from Patch.
-If the buyer is on active duty, the spouse may use the VA. If the buyers are stationed out of state, their stationing is considered "temporary", so they will count as owner-occupied, and thus qualify.
- The buyer does not have to pay the VA Funding Fee, if they are either 1.) more than "10% disabled" (determined by the VA), 2.) the surviving spouse of a veteran who passed, or 3.) a veteran who would get disability pay if they weren't already receiving retirement pay.
-There is no mortgage insurance premium on a VA mortgage.
Written by Keith Turner, McCue Mortgage 860-444-0650 NMLS #820813
