“No Problem, We’ll get Married Right Away”
Thank you for educating us on VA mortgages. Here are answers to some of the questions that you asked. The modification was approved in November of 2014 and was modified in March of 2015. My ex-wife and I started a loan modification because I was laid off from my job for almost a year. There was no deficiency when the property was sold. Subsequently, BOA modified the loan under the settlement with the Department of Justice as seen in the attachment. We sold the home in October of 2015.
The price range we are looking at is between $200,000 and $240,000. Since I now know we can’t use my fiancé income unless we are married, it will mean that we have to move up our marriage. I will have that discussion with her today.
In order to use both incomes for a VA mortgage for these folks, they need to be married. Unfortunately in this situation the veteran doesn’t make sufficient income to qualify for a VA mortgage on only his income.
They would qualify for an FHA loan but a 3.5% down payment would be required and there would also be monthly mortgage insurance. A VA loan was definitely the best solution, as the monthly mortgage insurance would add about $150 to the mortgage payment and a $7,000 to $8,500 down payment would be required.
The good thing here, they were planning on getting married this Spring or Summer.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
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