VA LOAN QUESTIONS

[hersheykisses]

For those of you who have the VA certificate perhaps you can "enlighten" me.  I currently have my house on the market financed with a VA loan, once under contract with a closing date i would LOVE to be able to be under contract with my new house at the same time with a closing date of course AFTER we close on our existing home.  How quick of a turn around time to get the VA certificate back for the new loan?

Also DTI ratio ours is hobbling between 41-44% with a very high income, do you think we will have an issue?

[tjc]

I am in the same situation, my lender told me that all I would need to do was sent him the final HUD or settlement statement and he could get the new COE within a few days. I hope this helps

[tjc]

I am in the same situation, my lender told me that all I would need to do was sent him the final HUD or settlement statement and he could get the new COE within a few days. I hope this helps.

With the DTI my last home my DTI was 55%. It will depend on your residual income (money left over after all the bills are paid) you need to have 120% of the residual income that is required. I would think if you had 1500 mo. Left over after the bills you would satisfy the requirement no matter you situation.

[AVierra]

VA Loans are what I do for a living.

Your lender is correct.  With the HUD1 settlement statement from your current home's sale, they can apply with the VA for you and re-establish your eligibility in just a couple of days.  The VA is pretty quick about this and really helpful.  Only delay is just volume of requests for them.

Regarding your DTI:  shouldn't be a worry.  With good FICO scores, no credit problems, an approval at 45% is easy.  With money in the bank as reserves, may approve as high as 55%.

Good luck.

And please thank the Vet for his/her service to our country.

[MortgageHelper]

May I ask what state you are buying in? If in our VA footprint it would be my pleasure to offer you a competitive quote from our reputable bank.

"Mod Cut"
Edited to remove contact information.Lightnin-myFICO Mod

[hersheykisses]

Were in Maryland