In this week’s episode of the Mortgage Monday show Jim Cardinal and Alexis Meeks discuss Qualifying for a VA Loan. Jim had previously discussed VA Loans here and now expands upon a few scenarios around qualifying for a VA Loan.
There are two relatively new caveats to qualifying for a VA Loan that Jim and Alexis discuss this week:
- Child Care Expense – When trying to qualify for a VA Loan you now have to add the amount of money you pay for child care on a VA Loan application document. This is the dollar amount that shows on the 4506 Tax Form under the child care deduction.
- Residual Income – VA Loan underwriters are taking into account how much residual income is left over after expenses which can include things like child care expense and heating cost of the home.
Watch and learn more:
(if you can’t see the video click here)
Thankfully we have Jim Cardinal, Branch Manager for Syracuse Securities {visit his website to learn more} and Alexis Meeks of Karp, Ackerman, Skabowski & Hogan CPAs {Connect with Alexis on LinkedIn} to explain what is happening in the mortgage industry, how issues will impact the home buying process and what actions to take moving forward.
You can reach them by phone at:
- Jim Cardinal | (518) 281-0077
- Alexis Meeks | (518) 828-7618
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Ryan Hanley, CIC