Unrembursed expenses

[VALoanMaster]

Veterans Untied has overlays & they're a little on the conservative side.

[Anonymous]

Really? Who would you recommend? Do you know much about quicken loans?
Could you explain overlays please?

[VALoanMaster]

Overlays are additional guidelines that lenders add on top the VA guidelines. For example: VA does not have a minimum credit score requirement so lenders add their own. Another example is debt to income ratios. As long as you get an approval through an automated underwriting system the DTI can go over 70% but a lot of lenders will limit you to 50 or 55% maximum. I yuck every is another lender that most people will tell you to stay a way from. I'll pm you.

[Anonymous]

Thank you... Please pm me

[StartingOver10]

VA loans beat FHA loans hands down.

VALoanMaster is an expert in this field. 

[Anonymous]

Thank you for your help. I will be in touch with VAmaster today.

[DallasLoanGuy]

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@Anonymous wrote:
Hi, we are applying for a VA loan. Im a disabled veteran with 90% rating. VA is trying to push the loan through.
No! Im not self employed. I am a truck driver. I took mileage, and depreciation. However, i received a compensation summary from my job last week which I didn't include on my taxes. I am not sure if I need to amend my return. It shows the amount that I have paid in health insurance and union dues which was 22k.
I am paid by mileage so I m not sure if that counts as commission.
I thought about contacting freddie mac to get their advice.

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the mileage deduction covers gas and oil/repairs. it is an expense. if you tell the irs you had expenses... you have to tell the lender the same.

we can add back the depreciation (un-deduct it from income) that might help

[Anonymous]

Thanks for the information