Lenders Often Don’t Need Tax Returns

It is a common misconception that lenders always need two years of tax returns for income verification. They don’t. If borrowers are “W2 Wage Earners” only, with no self-employment or side income of any kind, lenders often only need two years of W2s and a month’s worth of paystubs for income verification. These “W2 only” […]Read More

VA Loans Explained

What is a VA Loan? A VA Loan (Veterans Administration Loan) is a mortgage that is guaranteed by the VA for veterans. VA loans have flexible underwriting and down payment guidelines for veterans and their spouses only. VA loans also have low interest rates, no mortgage insurance, and no down payment requirements for most veterans. […]Read More

Reminders: Amendatory Clause; RPA Signatures; Seller = LLC; Deceased Seller

FHA and VA Amendatory Clause. This form is required for all VA and FHA loans. It lets buyers know they are entitled to the appraisal and not bound to buy the property if it does not appraise. This form needs to be signed by all parties and dated prior to the appraisal. Residential Purchase Contracts […]Read More

Commercial Use In Condo Complex Is OK

JVM Lending is open today. This is a reminder that Commercial Use within a condo complex is OK (for Fannie, Freddie, and FHA) as long as the commercial use does not constitute more than 25% of the total complex. Jay Voorhees Founder/Broker | JVM Lending (855) 855-4491 | DRE# 01524255, NMLS# 335646Read More

When VA /FHA Clearly Stronger Than Conventional? Large Down

We often have buyers willing to take VA or FHA financing even though they have substantial funds for down payments. The reason is that they are often bidding on properties that will be difficult to appraise because of the lack of closed comparable sales (necessary to “bracket” the purchase price). In many markets it is […]Read More