Posted by JPiper on March 16, 2000 at 07:32:45:
The guideline is for ALL VA guaranteed loans (don’t know on direct VA loans). I might add again however that if you call different regions you may get different answers…they aren’t necessarily familiar with the intimate details of the Guidebook. If you called a lender I would expect NO familiarity with the Guidebook.
Same thing with FHA. You’ll get wide differences in answers regarding specifics on FHA loans depending on who you talk to within the FHA. The lenders at times have next to NO knowledge at times on the details of FHA guidelines.
As far as VA eligibility goes…a note can offset loan liability for income purposes. However, “entitlement” is a separate issue. A Veteran is “entitled” to a certain maximum loan amount under VA (currently something in excess of $200K). While a note can be used for income purposes, it is NOT used for entitlement purposes. You can have VA loan(s) up to your maximum entitlement, assuming you qualify from an income standpoint.