Jim Duffy of Alcova Mortgage, licensed to operate in the South Carolina, Georgia and Florida housing market, shares how to get a VA Loan successfully for a couple where one of them is a veteran with poor credit. How you can use the non-veteran spousal income to offset debts in order to qualify for the VA loan.
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Transcription Of Video
Hey, this is Jim Duffy with Alcova mortgage. There’s something that comes up with a fair amount of frequency with VA buyers and this came up last month with a VA buyer who was told that they didn’t qualify.
Told that their debt ratio was just simply too high to qualify, but it was the veteran in this case who was on the loan and her spouse was not. And so the real estate agent thought well to have us just take a look at it before backing out of that contract and I’m doing that because it takes a while to get a contract these days.
So when we look at the situation is everyone thinks their situation is unique. But actually we’ve seen this several times and it happens more frequently than you would imagine that one spouse has good credit for whatever reason something happens maybe a medical issue or something and the other spouse does not; and we can use the non-borrowing spouse’s income because we’ve seen it before.
We’ve read the guidelines, we understand what VA allows and does not allow; and so we were able to use the non-borrowing spouse’s income to offset some debt to remove that essentially from the other spouse’s income from the veteran’s income and use all of the veterans income then to qualify for that home loan; and it was just a great success story to be able to get them into the home using both incomes, but only one spouse on the mortgage.
So whether it’s this or any other VA anomaly that comes up, we are really good at understanding VA guidelines and structuring the loans such way that it fits the VA guidelines; and you can use your VA eligibility in order to get into your next home.
So if we can help in any way, don’t hesitate, reach out. You can contact me directly. You can click the chat button and I look forward to talking to you and talking through the scenario and seeing if we can help you use your VA loan to get into a home as well.
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