Comment

Comment by Scott on June 17, 2014 at 8:44am

Has anyone ever been asked to provide a SCRA form?  I asked the processor what that was and she couldn't even tell me. 

 

Comment by Corinn on May 22, 2014 at 2:46am

They also allowed a POC on the buyer's side to make up the difference that the 2nd lien holder wanted.

Comment by Corinn on May 22, 2014 at 2:44am

$4500

Comment by Guerry Clegg on May 22, 2014 at 2:39am

Corinn, thanks. That's good to know. How much did they allow?

Comment by Corinn on May 22, 2014 at 2:31am

Guerry, Closed on a VA Compromise Sale w/ Everhome in Nov. 2013.  Their required net was met and they allowed money to the junior lien.

Comment by Guerry Clegg on May 22, 2014 at 2:26am

Thanks Jeff and Wendy. I knew the guidelines stated that, but was not sure if they were being enforced literally, and it sounds like there's a possibility of paying a little on the junior -- if ST will accept it.

Comment by Wendy Rulnick on May 22, 2014 at 2:18am

I've got to had here, though, that the bottom line -meeting the net of 85.05% of appraised value is the key to approval, and in reality, they don't care what gets paid (junior lien, buyer closing costs, home warranty included), as long as the net is met.

Comment by Kevin - Greenville, SC on May 21, 2014 at 4:08pm

There must be no second liens or other liens (unless the amount is insignificant). In situations whereby there are second liens or other liens, the seller can request that the lien holder consider releasing the lien and converting the loan to a personal loan. 

Comment by Kevin - Greenville, SC on May 21, 2014 at 4:06pm

the servicer can allow some at their discretion though.

http://www.benefits.va.gov/roanoke/RLC/forms/COMP-SALEProgramTraini....

Comment by Kevin - Greenville, SC on May 21, 2014 at 3:55pm

Guerry, per the guidelines it's actually zero.  

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