Sentences with phrase «if military borrowers»

The Department of Veterans Affairs will not back a loan if military borrowers don't meet or exceed a minimum residual income threshold which varies by individual family size, and by the cost of living by geography.

Not exact matches

If the borrower is creditworthy and has made payments for the past 24 months on time, or is on active military duty, no additional action is taken.

When a borrower defers a loan — or temporarily suspends repayment because of unemployment, financial hardship, enrolling in active military duty or another reason — interest will still accrue if the loans are unsubsidized.

That said, Veterans United Home Loans clearly caters to borrowers who are military veterans, leaving few reasons to choose this lender if you don't qualify for a VA loan.

That said, Veterans United Home Loans clearly caters to borrowers who are military veterans, leaving few reasons to choose this lender if you don't qualify for a VA loan.

This ARBITRATION AGREEMENT not applicable to or binding on Military Lending Act Covered Borrowers: Notwithstanding the provisions of the foregoing ARBITRATION AGREEMENT or of any other provision referencing arbitration contained elsewhere in this Agreement, it is our intent, and we hereby agree with you, that the ARBITRATION AGREEMENT would not and will not be applicable to or binding on you if, at the time you establish your Account, you are a «Covered Borrower».

As used in this paragraph, a «Covered Borrower» means any person who, at the time such person becomes obligated on a loan transaction or establishes an account for consumer credit, satisfies the requirements under any one or more of the following classifications, or is otherwise under applicable laws deemed to be a «Covered Borrower» under the Military Lending Act, 10 U.S. Code Section 987: (a) An active duty member of the Army, Navy, Marine Corps, Air Force or Coast Guard, or a person serving on active Guard and Reserve duty (a person described in this clause (a) of the definition of «Covered Borrower» is hereinafter referred to as a «Service Member»); or (b) Any of the following persons, relative to a Service Member: (1) The spouse; (2) A child under the age of 21; or (3) If dependent on the Service Member for more than one half of such person's support, any one or more of the following persons: (i) A child under the age of 23 enrolled in a full time course of study at an institution of higher learning; (ii) A child of any age incapable of self support due to a mental or physical incapacity that occurred before attaining age 23 while such person was dependent on the Service Member; (iii) Any unmarried person placed in legal custody of the Service Member who resides with such Service Member unless separated by military service or to receive institutional care or under other circumstances covered by Regulation; or (iv) A parent or parent - in - law residing in the Service Member's hoMilitary Lending Act, 10 U.S. Code Section 987: (a) An active duty member of the Army, Navy, Marine Corps, Air Force or Coast Guard, or a person serving on active Guard and Reserve duty (a person described in this clause (a) of the definition of «Covered Borrower» is hereinafter referred to as a «Service Member»); or (b) Any of the following persons, relative to a Service Member: (1) The spouse; (2) A child under the age of 21; or (3) If dependent on the Service Member for more than one half of such person's support, any one or more of the following persons: (i) A child under the age of 23 enrolled in a full time course of study at an institution of higher learning; (ii) A child of any age incapable of self support due to a mental or physical incapacity that occurred before attaining age 23 while such person was dependent on the Service Member; (iii) Any unmarried person placed in legal custody of the Service Member who resides with such Service Member unless separated by military service or to receive institutional care or under other circumstances covered by Regulation; or (iv) A parent or parent - in - law residing in the Service Member's homilitary service or to receive institutional care or under other circumstances covered by Regulation; or (iv) A parent or parent - in - law residing in the Service Member's household.

The average VA purchase loan last year was about $ 261,000, so don't assume a military borrower won't be able to put some skin in the game if necessary.

If a borrower is sent overseas, then repayments on military auto loans can be suspended.

Federal Housing Administration loans let borrowers put down as little as 3.5 %; if you or your spouse served in the military, you're truly in luck: Veterans Affairs loans are available with 0 % down.

If a borrower was in school or military within the recent two full years, he or she must provide evidence supporting this claim such as college transcripts or discharge papers.

Veterans Administration: The government agency that offers benefits to Military Veterans and in the case of home loans, offers a guarantee that a portion of the loan will be repaid if the borrower defaults.

If you are a military borrower in California or Arizona interested in refinancing your VA loan, Wholesale Capital Corporation has loan officers who can answer your questions.

If the borrower indicates a preference for a short sale or, more generally, not to retain the property, the servicer may not stop collecting documents and information from the borrower pertaining to available home retention options solely because the borrower has indicated such a preference, but the servicer may stop collecting such documents and information once the servicer receives information confirming that the borrower has an applicable hardship under requirements established by the owner or assignee, such as military Permanent Change of Station orders or employment transfer.

Assume applicable requirements established by the owner or assignee of the mortgage loan provide that a borrower is ineligible for home retention loss mitigation options if the borrower states a preference for a short sale and provides evidence of another applicable hardship, such as military Permanent Change of Station orders or an employment transfer more than 50 miles away.

49.30 % of borrowers would serve in the military, if it meant that they would have no more student loan debt.

Borrowers are entitled to deferments if they meet the requirements, which can be met by proving extended unemployment or other financial hardship, active military duty, or one of the other situations (full list here).

If a borrower was in school or military within the recent two full years, he or she must provide evidence supporting this claim such as college transcripts or discharge papers.