VA Loan
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PO1 Dee Lee This article may enlighten but doesn't help: https://www.valoans.com/articles/va-loans-and-divorce/
As CH (MAJ) Luke Phillips alludes, there may still be entitlement available (dollar amount). I tried to do this two VA loan thing in December, but it is an absolute unicorn. I have an MBA and I was confused as all get out. It also negated the no money down part of the VA loan, so it was going to be the same as a conventional loan a slot far as cost. Consult your commercial loan officer for an explanation. In my case, I could not get the closings to line up so that the VA loan was unencumbered before the next house closed. Now I'm stuck for six months before I can refi to a VA loan.
What does your divorce decree direct you to do? I'd read it and read it with a lawyer. It's ridiculous you're stuck with that even though it's not your VA decreed primary residence. If I were your ex (no offense) I'd be working overtime to get any trace of your name off the title or the mortgage. Has he taken a second or a loan on the property? If so that may be an out to legally compel him to absorb the remaining mortgage in your name and free up your benefit. Some counties and towns have this information as a matter or public record. Else I would hook and jab to find out since the default on a second can back splatter on you financially in some cases.
As CH (MAJ) Luke Phillips alludes, there may still be entitlement available (dollar amount). I tried to do this two VA loan thing in December, but it is an absolute unicorn. I have an MBA and I was confused as all get out. It also negated the no money down part of the VA loan, so it was going to be the same as a conventional loan a slot far as cost. Consult your commercial loan officer for an explanation. In my case, I could not get the closings to line up so that the VA loan was unencumbered before the next house closed. Now I'm stuck for six months before I can refi to a VA loan.
What does your divorce decree direct you to do? I'd read it and read it with a lawyer. It's ridiculous you're stuck with that even though it's not your VA decreed primary residence. If I were your ex (no offense) I'd be working overtime to get any trace of your name off the title or the mortgage. Has he taken a second or a loan on the property? If so that may be an out to legally compel him to absorb the remaining mortgage in your name and free up your benefit. Some counties and towns have this information as a matter or public record. Else I would hook and jab to find out since the default on a second can back splatter on you financially in some cases.
VA Loans, Divorce, and Surviving Spouses | VALoans.com
One of the common topics about VA loan eligibility is related to what happens to a VA loan or the ability to apply for one after divorce.
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Hello Dee! To know that answer you have to obtain your COE (Certificate of Eligibility). I can pull your COE for you (its free) as I work for a VA Mortgage Lender and it will tell you how much eligibility you have used already. Most of the time we can instantly print out your COE for you however in other cases we may need your DD214/other docs to upload to the VA portal so they can locate your records and prepare your COE.
The eligibility dollar amount you have used already is going to be the exact dollar amount of the original loan amount you took out when you purchased the home (not the remaining balance of the mortgage). The amount you have left over in eligibility depends on where you are wanting to purchase. The 2019 VA loan limit increased to $484,350 from $453,100 except in 199 high cost counties where they are higher. (see article with info by county: https://militarybenefits.info/va-loan-limits-by-county/). So if you were looking to buy in a county that had the $484,350 limit, and you already taken out a loan for say $200k then you would have $284,350 left of eligibility.
Determining how much eligibility you have left is step 1 and from there you would want to apply for a home loan with an experienced VA home loan expert who will review your credit/income/assets/liabilities to make sure that you have met the VA guidelines and any of the specific lender's requirements such as credit score and enough residual income available for the home loan you are seeking. Make sure to choose your VA Mortgage company and Loan Officer wisely...unfortunately some lenders charge lots of fees, have not the best rates, are inexperienced with VA loans, have many overlays to the actual va guidelines (added regulations for qualification then what the VA actually requires). Pick someone who can easily walk you thru the process, will be honest and prompt.
I hope this was helpful! Please feel free to let me know if you want me to pull your COE so that you can get some much needed info to get you started :)
Take care and thank you for your service to our country!!!
God Bless
The eligibility dollar amount you have used already is going to be the exact dollar amount of the original loan amount you took out when you purchased the home (not the remaining balance of the mortgage). The amount you have left over in eligibility depends on where you are wanting to purchase. The 2019 VA loan limit increased to $484,350 from $453,100 except in 199 high cost counties where they are higher. (see article with info by county: https://militarybenefits.info/va-loan-limits-by-county/). So if you were looking to buy in a county that had the $484,350 limit, and you already taken out a loan for say $200k then you would have $284,350 left of eligibility.
Determining how much eligibility you have left is step 1 and from there you would want to apply for a home loan with an experienced VA home loan expert who will review your credit/income/assets/liabilities to make sure that you have met the VA guidelines and any of the specific lender's requirements such as credit score and enough residual income available for the home loan you are seeking. Make sure to choose your VA Mortgage company and Loan Officer wisely...unfortunately some lenders charge lots of fees, have not the best rates, are inexperienced with VA loans, have many overlays to the actual va guidelines (added regulations for qualification then what the VA actually requires). Pick someone who can easily walk you thru the process, will be honest and prompt.
I hope this was helpful! Please feel free to let me know if you want me to pull your COE so that you can get some much needed info to get you started :)
Take care and thank you for your service to our country!!!
God Bless
2019 VA Loan Limits by County | Military Benefits
The 2019 VA loan limit increased to $484,350 from $453,100 except in 199 high cost counties where they are higher. This represents a 6.9% increase this year.
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Possibly. Depending on the State of where you’d like to buy a home VA allows for what is called “Bonus Entitlement”. Call me and I’ll be happy to explain how this works with a VA Home Lender
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