Comments on: About http://www.jonasloans.com Mortgage, Real Estate, Community | Inland Empire, San Diego | 619.436.8267| jonas@jonasloans.com Fri, 18 Feb 2011 16:57:35 -0800 http://wordpress.org/?v=2.9.2 hourly 1 By: 2011 VA Home Loan Limits San Diego California | FHA Mortgage Blog http://www.jonasloans.com/about/comment-page-1/#comment-1987 2011 VA Home Loan Limits San Diego California | FHA Mortgage Blog Tue, 01 Feb 2011 01:30:58 +0000 http://www.jonasloans.com/?page_id=2#comment-1987 [...] qualify for a VA loan contact a San Diego VA home loan expert at First Priority Financial.  You will be fully approved before looking for a home or spending any [...] [...] qualify for a VA loan contact a San Diego VA home loan expert at First Priority Financial.  You will be fully approved before looking for a home or spending any [...]

]]> By: Bernardo Harrawood http://www.jonasloans.com/about/comment-page-1/#comment-973 Bernardo Harrawood Wed, 16 Jun 2010 17:19:06 +0000 http://www.jonasloans.com/?page_id=2#comment-973 <i>1. Income limitations – your combined household income cannot be greater than a specific amount2. If your wife has an income currently, they will probe until they discover why she’s not going on the loan – they don’t run the spouse’s credit, so that’s a plus, but if she makes income they want her on the loan – so for instance she would have to claim she is not making any money due to job layoff or cutbacks, etc3. USDA has released a statement indicating they will run out of funds by the end of April with no time frame for replenishment. USDA always runs out of funds but the Gov’t replenishes within 2-3 weeks, this time, however, that is not the case.</i> +1 1. Income limitations – your combined household income cannot be greater than a specific amount2. If your wife has an income currently, they will probe until they discover why she’s not going on the loan – they don’t run the spouse’s credit, so that’s a plus, but if she makes income they want her on the loan – so for instance she would have to claim she is not making any money due to job layoff or cutbacks, etc3. USDA has released a statement indicating they will run out of funds by the end of April with no time frame for replenishment. USDA always runs out of funds but the Gov’t replenishes within 2-3 weeks, this time, however, that is not the case.
+1

]]> By: Amery Johnston http://www.jonasloans.com/about/comment-page-1/#comment-966 Amery Johnston Wed, 16 Jun 2010 05:40:05 +0000 http://www.jonasloans.com/?page_id=2#comment-966 <i>1. Income limitations – your combined household income cannot be greater than a specific amount2. If your wife has an income currently, they will probe until they discover why she’s not going on the loan – they don’t run the spouse’s credit, so that’s a plus, but if she makes income they want her on the loan – so for instance she would have to claim she is not making any money due to job layoff or cutbacks, etc3. USDA has released a statement indicating they will run out of funds by the end of April with no time frame for replenishment. USDA always runs out of funds but the Gov’t replenishes within 2-3 weeks, this time, however, that is not the case.</i> +1 1. Income limitations – your combined household income cannot be greater than a specific amount2. If your wife has an income currently, they will probe until they discover why she’s not going on the loan – they don’t run the spouse’s credit, so that’s a plus, but if she makes income they want her on the loan – so for instance she would have to claim she is not making any money due to job layoff or cutbacks, etc3. USDA has released a statement indicating they will run out of funds by the end of April with no time frame for replenishment. USDA always runs out of funds but the Gov’t replenishes within 2-3 weeks, this time, however, that is not the case.
+1

]]> By: Jonas Kruckeberg http://www.jonasloans.com/about/comment-page-1/#comment-394 Jonas Kruckeberg Fri, 30 Apr 2010 23:02:22 +0000 http://www.jonasloans.com/?page_id=2#comment-394 Jerry, You are refinancing, not buying. You cannot be eligible as a first time home buyer if you are refinancing. Jonas Jerry,
You are refinancing, not buying. You cannot be eligible as a first time home buyer if you are refinancing.

Jonas

]]> By: jerry http://www.jonasloans.com/about/comment-page-1/#comment-392 jerry Fri, 30 Apr 2010 12:50:51 +0000 http://www.jonasloans.com/?page_id=2#comment-392 Can I get the tax credit if my wife refinances and puts me on title (i'm not on the lona or title currently)? It would make me a first time home owner, right? If not, why not? Can I get the tax credit if my wife refinances and puts me on title (i’m not on the lona or title currently)? It would make me a first time home owner, right? If not, why not?

]]> By: Jonas Kruckeberg http://www.jonasloans.com/about/comment-page-1/#comment-382 Jonas Kruckeberg Mon, 26 Apr 2010 16:27:28 +0000 http://www.jonasloans.com/?page_id=2#comment-382 Femma, Are you speaking of a Reverse Purchase? If you are, great question. I will look into it. Jonas Femma,

Are you speaking of a Reverse Purchase? If you are, great question. I will look into it.

Jonas

]]> By: femma polimeni http://www.jonasloans.com/about/comment-page-1/#comment-378 femma polimeni Sun, 25 Apr 2010 14:25:21 +0000 http://www.jonasloans.com/?page_id=2#comment-378 can you get the tax credit and also apply for a reverse mortage????? or must you wait the designated time limit. can you get the tax credit and also apply for a reverse mortage????? or must you wait the designated time limit.

]]> By: Jonas Kruckeberg http://www.jonasloans.com/about/comment-page-1/#comment-174 Jonas Kruckeberg Fri, 19 Mar 2010 15:43:17 +0000 http://www.jonasloans.com/?page_id=2#comment-174 Hi Omar, It is tough to find this type of specific information as each person's scenario is different. You have some options so that's a good thing. First, VA will only recognize the short sale from your wife's credit if there were significant late payments during the sale. Say if you went 90 days or beyond to accomplish the sale, the lender may feel your history is risky. VA takes into consideration the spouse's debt but will place very little scrutiny on the short sale if the late payments were minimal or non-existent. If this is the case, your wife can actually go on the VA loan with you. If she's off the loan, her credit/debt will still be considered. Second, Conventional loans is certainly a good option if you have 20% down. Third, USDA Guaranteed Rural Home Loans are the most solid option when it comes to leaving a spouse's credit completely off the table. Go back to my website and watch this 3 minute video on some highlights, plus read the article as well to get the remaining bullet points to the advantages. Here are three things that could make your USDA loan go sideways: 1. Income limitations - your combined household income cannot be greater than a specific amount 2. If your wife has an income currently, they will probe until they discover why she's not going on the loan - they don't run the spouse's credit, so that's a plus, but if she makes income they want her on the loan - so for instance she would have to claim she is not making any money due to job layoff or cutbacks, etc 3. USDA has released a statement indicating they will run out of funds by the end of April with no time frame for replenishment. USDA always runs out of funds but the Gov't replenishes within 2-3 weeks, this time, however, that is not the case. In conclusion, I suggest you try VA first. If 20% is too much then stay away from Conventional for now. USDA is a good choice but the three disadvantages above could make it a distant third in priority. Lastly, you have inspired me to write several columns about situations like these. Short sales from one spouse are not uncommon. People need to know their options and you Omar have a great option with VA. Let's continue this discussion if you'd like on the phone or in person at my office in Temecula. I'm here to help. Hi Omar,

It is tough to find this type of specific information as each person’s scenario is different. You have some options so that’s a good thing.

First, VA will only recognize the short sale from your wife’s credit if there were significant late payments during the sale. Say if you went 90 days or beyond to accomplish the sale, the lender may feel your history is risky. VA takes into consideration the spouse’s debt but will place very little scrutiny on the short sale if the late payments were minimal or non-existent. If this is the case, your wife can actually go on the VA loan with you. If she’s off the loan, her credit/debt will still be considered.

Second, Conventional loans is certainly a good option if you have 20% down.

Third, USDA Guaranteed Rural Home Loans are the most solid option when it comes to leaving a spouse’s credit completely off the table. Go back to my website and watch this 3 minute video on some highlights, plus read the article as well to get the remaining bullet points to the advantages. Here are three things that could make your USDA loan go sideways:

1. Income limitations – your combined household income cannot be greater than a specific amount
2. If your wife has an income currently, they will probe until they discover why she’s not going on the loan – they don’t run the spouse’s credit, so that’s a plus, but if she makes income they want her on the loan – so for instance she would have to claim she is not making any money due to job layoff or cutbacks, etc
3. USDA has released a statement indicating they will run out of funds by the end of April with no time frame for replenishment. USDA always runs out of funds but the Gov’t replenishes within 2-3 weeks, this time, however, that is not the case.

In conclusion, I suggest you try VA first. If 20% is too much then stay away from Conventional for now. USDA is a good choice but the three disadvantages above could make it a distant third in priority.

Lastly, you have inspired me to write several columns about situations like these. Short sales from one spouse are not uncommon. People need to know their options and you Omar have a great option with VA. Let’s continue this discussion if you’d like on the phone or in person at my office in Temecula. I’m here to help.

]]> By: Omar http://www.jonasloans.com/about/comment-page-1/#comment-172 Omar Fri, 19 Mar 2010 08:58:58 +0000 http://www.jonasloans.com/?page_id=2#comment-172 Ive been looking for info all over the net but have no clear answer. My wife bought a condo in Temecula while we were married. I was never on the loan or title and it never showed on my credit. She recently short sold the condo. Am i still eligible for an FHA loan by myself without including her income or credit even though we are still married? or do I have to include her info? I also have never used my VA Loan eligibility but am pretty sure I would have to include her info. Is a conventional loan my only option in excluding her on the loan? Thank you ahead of time for any clarity. Ive been looking for info all over the net but have no clear answer. My wife bought a condo in Temecula while we were married. I was never on the loan or title and it never showed on my credit. She recently short sold the condo. Am i still eligible for an FHA loan by myself without including her income or credit even though we are still married? or do I have to include her info? I also have never used my VA Loan eligibility but am pretty sure I would have to include her info. Is a conventional loan my only option in excluding her on the loan? Thank you ahead of time for any clarity.

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