Question about VA loans
Hello, I was contacting in regards to a question I was hoping could be answered for me.Looking into VA loans and talking with a bank , I was told that because I am a Temp to Perm ( I work for Apex Systems Inc, and Contracting for Dell, until I get hired) that I would not be able to qualify for a VA Loan? I want to use the VA loan and not the FHA loan so is this correct? If so, is there any workaround to get a VA loan for me? Thank you for your time. by nicholas.merryfie... from Dallas, Texas. Aug 8th 2014
MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions
HI THRE NICHOLAS: I JUST SENT YOUR REQUEST TO MY GOVT UNDERWRITER. WE DON'T HAVE ANY BANK OVERLAYS ON GUIDELINES WE FOLLOW FHA OR VA GUIDELINES DIRECTLY. THERE IS ANOTHER PROGRAM 3% DOWN NO UPFRONT NOR MONTHLY MI IF U WANT TO HEAR MORE. BANK LENDING NATIONWIDE (NMLS 754875) MIKE 703 505 5300
Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions
It depends on how long you have been employed at the temp company. If you have a two-history at the temp company you should be okay.
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
Hi Nicholas, Thank you for your service. The tough thing about getting a VA mortgage given your Temp To Perm status is per the VA underwriting guidelines, the underwriter has to determine whether or not your income is stable and reliable, anticipated to continue during the foreseeable future and sufficient in amount. Like Sean said if you've been employed with Apex as Temp To Perm for at least 2 years that generally will meet the VA requirements. Please feel free to contact me for more information or help. John Burke | Senior Mortgage | Great Plains National Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states |
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