wraps and VA mortgages - Posted by Dave R

import · December 19, 1999, 3:17am

Posted by Dave R on December 19, 1999 at 11:10:55:

Good question,

Does this mean you can do a land contranct but not a wrap on a qualifying VA. In other words do most qualifying VA assumables have some kind of DOS clause.
I realize that when you write a contract you can do almost “anything”, but I wan’t to stand on solid ground.

Thank you for your responses

Dave R

import · December 19, 1999, 3:17am

wraps and VA mortgages - Posted by Dave R

Posted by Dave R on December 19, 1999 at 04:17:14:

Question:

Can you do a legal wraparound on any assumable mortagage or only on the non-qualifying assumables?.

import · December 19, 1999, 8:58am

Re: wraps and VA mortgages - Posted by JPiper

Posted by JPiper on December 19, 1999 at 09:58:45:

You can do wraparounds on any loan…they aren’t ever “illegal”. BUT, they may trigger the DOS clause…a subject you may want to devote some attention to. Non-qualifying loans don’t have a DOS clause…but good luck at finding one…they aren’t widely available today.

Land contracts on VA loans do NOT trigger the DOS clause.

JPiper

import · December 19, 1999, 9:08am

Re: wraps and VA mortgages - Posted by SCook85

Posted by SCook85 on December 19, 1999 at 10:08:24:

Jim,
Is there a distinction between wraps and land contracts as far as a VA loan are concerned?

Steve

import · December 19, 1999, 11:15am

Re: wraps and VA mortgages - Posted by JPiper

Posted by JPiper on December 19, 1999 at 12:15:37:

This only applies to land contracts…the distinction being that the deed is not transferred. There is a VA Handbook online…I had the url for this in my bookmarks but the url is no longer valid. You might do a search at www.va.gov.

JPiper