Dually Licensed Lisa Jones
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Yes, you can get a new VA loan even if your previous VA loan wasn’t part of your Chapter 7 bankruptcy. However, there are some things to keep in mind:
Key Points:
Bankruptcy Discharge:
Your Chapter 7 bankruptcy must be discharged before you can apply for another VA loan. This usually means waiting two years from discharge to become eligible for a VA loan.
Entitlement Restoration:
It would help if you had enough remaining entitlement to get another VA loan. If your previous VA loan wasn’t included in the bankruptcy and is still open, it could be using up all or part of your VA entitlement. You may need to sell the property, pay off the previous loan to restore full entitlement or use whatever’s left for a new loan.
Creditworthiness:
Lenders will consider your current credit situation despite the bankruptcy since the VA doesn’t set a minimum credit score. Specific requirements vary by lender, but most would like to see at least 620.
Debt-to-Income Ratio (DTI):
Your debt-to-income ratio will also come into play. If your prior VA loan is still open and you are making monthly payments. This can affect your DTI and your ability to qualify for another one.
Residual Income:
According to the VA, specific residual income requirements by region and family size must be met. This helps ensure you have enough monthly money after paying major expenses to financially support yourself or your family.
Documenting The Exclusion:
You might be required to prove why your last VA home alone was not listed under Chapter 7 bankruptcy and provide evidence that it has been maintained well since then.
If you have enough remaining entitlement and meet other eligibility criteria discussed above, contact an approved lender who can evaluate your situation more closely based on these guidelines.
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Certainly, an FHA appraisal can be passed to another mortgage lender. However, the appraisal report is usually valid for 120 days per HUD guidelines. FHA home appraisals can be transferred from one lender to another.
Mutual Agreement: The original lender needs to agree to the transfer of the appraisal to a new lender. In practice, this usually means sending the appraisal from the original lender to the new lender together with a letter allowing for such transfer.
Appraisal Validity: When it is transferred, it must still be within its validity period (120 days). Otherwise, another one will have to be done.
Same FHA Case Number: The new lending company has requested the FHA case number changeover while transferring an appraised credit facility originally assigned by their previous provider.
No Alterations: There should be no alterations or modifications when moving between organizations during the handover process. It must remain exactly as is.
New Lender’s Acceptance: If doubts about quality or authenticity exist, some institutions may ask for additional documents or even refuse to accept already-made valuation reports. They have concerns about meeting their underwriting requirements altogether, although this rarely happens. So, if you plan on doing so, always speak with old and new lenders.
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Indeed, it is possible to secure a mortgage even with good credit scores. This is despite having made a late payment recently. The worst thing anyone can have is a recent late payment in the past twelve months. You can have outstanding collections, charge-offs, and late payments over twelve months or older. However, a recent late payment triggers concerns to creditors, especially mortgage lenders. One 30-day late payment may not be a deal killer, especially if you have other credit tradelines that have been paid timely. Nevertheless, this can prove to be quite difficult. Below are some of the things that could determine whether or not you qualify for a mortgage:
How Late It Was Made And How Severe The Situation Was: Normally, lenders will consider how late the payment was (30, 60, or 90 days) and when it happened in relation to now. A thirty-day late from several months ago might carry less weight than sixty or ninety days just last year.
Your Complete Credit Profile: If there is only one recent late payment alongside an otherwise strong borrowing history, the pros might be more lenient towards such cases. Any other part of your profile, including but not limited to debt ratios (DTI), income levels, and employment records, would also be considered.
The Loan Type: Every loan program has guidelines concerning late payments. FHA loans may be more forgiving than conventional ones. For example, they may allow recent rates under specified conditions, especially if DTIs are low or savings are significant.
Explanation and Documentation: Lenders can also look for good reasons behind these defaults. This is especially true when they are caused by events beyond someone’s control, like illness, which only happens once in a lifetime. Thus, they require proof thereof, too.
Interest Rates Impact: Even if one qualifies for a mortgage, they should expect slightly higher rates after making late payments recently. According to them, you become somehow riskier. Hence adjusting rates accordingly.
Compensating factors: Other positive aspects, such as substantial savings and low DTI, can help alleviate the impact of defaulting on your repayment plan at some point.
If you’re worried about how this might affect getting approved for another loan, try contacting different lenders. They will consider everything else besides the fact that somebody once failed to honor their obligations.
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You can be approved for a W-2 income mortgage without paying tax returns. This is possible even if commissions are a big part of your pay. However, it depends on the particular lender and how they compute income.
Things to remember
W-2 Income Income that includes Commissions: As a rule of thumb, lenders normally want to see that you have received a steady income stream over two years. Mortgage lenders want to verify if the commissions make up most of your earnings. While they may not need your tax returns, these financial institutions will review your recent pay stubs and W-2 forms to affirm the consistency in earnings from the commission.
Lender prerequisites:
FHA Loans: If you can prove regularity in earning through your W-2s and pay stubs, then some FHA lenders might accept this arrangement, in which no tax return is given.
Conventional Loans: Some conventional lenders may provide loans based only on W2 forms, particularly when commissions are indicated there instead of being treated as self-employed revenue. Mortgage lenders could still insist upon additional paperwork, wanting more proof of stability linked to one’s commission-based income.
Non-QM Loans: Alternative financing and non-QM loans could be suitable for people with large amounts from commissions. Non-QM loans do not wish to use tax returns as their basis for the application. Typically, such loans have less stringent documentation requirements.
Income calculation:
The qualifying income is usually determined by finding an average over 24 months earned from selling houses or other jobs under a real estate sales agent license. If there are significant fluctuations within different periods during this two-year time frame, then one should expect lower averages than in recent times, hence lowering the mortgage amount qualified for.
Documentation: Your last two W2 forms, recent pay stubs, and a Verification Of Employment (VOE) from your employer may be required as evidence supporting the level of income you claim.
Next steps:
Mortgage Broker or Lender Consultation: W2-only loan programs are offered by some lenders. Therefore, talk with any mortgage broker so that they can guide you on how to apply for loans that suit your case best because only W-2 forms will be used.
Documentation Gathering:
Have all W2s and recent paystubs ready. Income documents need to show consistency in earnings over time. More documents indicating stability improve chances. A good lender who understands commission-based income is essential for a smooth approval process, even though there might not be tax returns when seeking a mortgage loan. This type of revenue forms a large portion of one’s salary.
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Mortgage rates on FHA loans are lower than rates on conventional loans.
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The claim that Joe Biden has passed away and been substituted with a look-alike has been news to me since 2019. First and foremost, I have no respect for Joe Biden. I never did and never will and have reasons to justify my opinions. Joe Biden never had a job in his life. He was a politician all his adult life, not a good one. He has done many evil things throughout his political career.
Furthermore, how can a politician become a multi-millionaire on a politician’s salary? Joe Biden has committed treason and crimes against humanity and has enriched his family through getting payoffs and bribes. However, I will not go off in a different direction and stick to the topic of Joe Biden being dead. According to news reports, the concept of Joe Biden being dead and being dead for some time first broke on social media sites such as YouTube, Rumble, and various internet forums. Let’s take a closer look:
Origin and Dissemination of the Theory
Social Media and YouTube: YouTube and Rumble have greatly spread this baseless theory. Many posts or videos manipulate images or clips to prove their point.
Lack of Reliable Sources: A credible news organization and verified global news media source have supported this theory. It relies purely on conjecture backed by witnesses, data, and hearsay.
Claims Review
Visual Changes: Advocates of the theory often cite apparent discrepancies in Joe Biden’s physical appearance over time. If you compare the photos and videos of Joe Biden before 2019 and after 2019, you will see two different people. Aging, illnesses (or other health-related issues), and different photographic contexts and lighting can account for these.
Behavioral Analysis: Allegations about changes in behavior are subjective judgments that can be swayed by selective information presentation.
Official Appearances Made By Joe Biden Versus Body Double
Joe Biden’s constant public outings, meeting world leaders face-to-face and interacting with journalists during press conferences, would make it difficult even for one best body double.
Fact-Checkers’ Rebuttals
Many credible sources have similar claims by providing evidence against them and pointing out reputable sources supporting them.
Psychological & Sociological Perspectives
Why People Believe Conspiracy Theories: Some people are skeptical of mainstream media or official narratives. Hence, conspiracy theories like these become appealing. They also contribute to fact-checked sources about politicians and other public figures.
Confirmation Bias: Those who hold onto belief systems will only accept facts that favor them while discarding contradictory evidence, thus failing to test fair-mindedness applied here, i.e., confirmation bias at work.
The theory that claims Joe Biden is dead and has been replaced by a body double needs more data to prove it is true. Right now, it thrives on less-regulated social media platforms where fact-checking is not stringent enough. Snopes has verified similar claims with proof, crediting them and pointing out their lack of trustworthy sources backing up such statements. Politifact found some basis for these allegations during its review process. From continuous public appearances coupled with engagements involving different world leaders and media organizations, President Joe Biden seems to be in seclusion due to getting coronavirus again.
https://youtube.com/shorts/f7lms092xz8?si=evT7Swow2N95kifT
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This reply was modified 8 months, 1 week ago by
Gustan Cho.
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This reply was modified 8 months, 1 week ago by
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Can you please explain the biography of actor Michael J. Fox: The great times, tradgedy, and life of Michael J. Fox, his parents, his wife, his children, his pets, and what he is doing today.
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Barack Obama has not endorsed Kamala Harris for the 2024 presidential election. However much he loves Joe Biden, he does not back Harris either, according to an insider familiar with his thinking who spoke anonymously. Reports have suggested that Obama worries she could lose to a strong Republican like Donald Trump. He wants Democrats to have an open primary — so they can pick the best candidate without anyone’s help, even his. Barack Obama has told people in private that he would never publicly endorse Kamala Harris because of her reputation for sleeping her way into powerful positions and destroying anyone who gets in her way. There are whispers that it was Joe Biden she slept with for Vice President, but now that he has dementia, there’s no getting anything out of him.
This approach is consistent with Obama’sObama’s past habit of waiting until there is a clear frontrunner before giving his support – as he did in 2016 when Hillary Clinton ran against Bernie Sanders during their primary campaign season together within the Democratic Party for POTUS. It is also seen as reflective of his desire for thoroughness and competitiveness among candidates seeking nomination by Democratic Party leaders ahead of the November General Election Day ballot casting process on which candidate should run under the party affiliation banner towards the White House Oval Office. Everyone knows these rules all too well.
https://www.youtube.com/watch?v=u6Tvb56BCCA&ab_channel=TheYoungTurks
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What is this I hear about Kamala Harris getting her start in politics due to Former San Francisco Mayor Willie Brown. Can anyone please explain the fact that Kamala Harris had a romantic relationship with Mayor Willie Brown, who was married at the time and Kamala Harris knew the fact that Willie Brown was married. How did Willie Brown help Kamala Harris rise up the ranks of the political chain of getting Harris a job as a deputy district attorney to getting elected to District Attorney in San Francisco, to getting elected to Attorney General of California, and again getting elected to the U.S. Senate to eventually becoming Vice President of the United States. Is Kamala Harris still sleeping with Willie Brown? Is getting involved in romantic relationships the way Kamala Harris gets promoted in politics? This is very concerning. Watch this video clip from Megyn Kelly on the Megyn Kelly Show.
https://www.youtube.com/watch?v=vfR7Lzs_ja8&ab_channel=MegynKelly