Mortgage Loans

[MrChairman]

My wife just called me and she said the BofA LO told her that the VA guidelines changed two weeks ago and the max DTI he can do now is 31%. We're currently at 48%. Is this most likely a BofA guideline or is this a baseline for the VA now. I have an app in underwriting thru NVR and they haven't mentioned this to me.

[K_J]

I think it is BofA thing, I am building very close to you and my DTI is 42% and no one mentioned that to me.

[DallasLoanGuy]

VA guidelines didn't change.....

Call another lender who doesnt have this guideline added to the VA guidelines.

All lenders have 'lender guideline overlays'  <= this means that they just add to VAs guidelines

[tsu1112]

If you are not a member then join Navy Federal Credit Union. They are the best.

[ballinonabudget]

I agree BOA is the one saying 31 percent but VA limit is still I think 41 percent though. 48 percent DTI is very high.

[Missy_Bell]

What makes NFCU better than any other lender? Thanks!!

[JM-AM]

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Missy_Bell wrote:

What makes NFCU better than any other lender? Thanks!!

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Its just a matter of preference. Some prefer one place over another, just as some prefer brokers over LO's.

Since many of the members on this forum including myself are military or ex military, and most members coming out of rebuilding stages have better experiences with credit unions, NFCU is a great place to obtain many financial needs.

But once again it is still an opinion, and a matter of preference.

For myself I prefer to deal locally when I buy, purchase, or do any type of business. For example, while many may choose to purchase a Big Screen TV from Amazon to save a few dollars, I prefer to buy locally at Best Buy or where ever as long as locally. But this is only my preference.