overlays, income, debit, and credit for a VA Home Loan
Overlays, income, debit, and credit For a VA Home Loan. Search for a new home in the Waldorf area With Skip Young
The learning objectives about overlays, income, debit, and credit when buying a new home in the Waldorf area, we need to understand a few objectives on these issues.
To understand the VA loan underwriting guidelines.
To be able to explain the general income guidelines
To understand the debts and obligations guidelines
To know what judgments, federal debt and tax liens are.
To understand how credit affects the VA loan approval process.
VA Loan Underwriting
The VA Lenders Handbook states that VA loans involve a veterans benefit. Therefore, lenders are encouraged to make VA loans to all qualified veterans who apply for a loan.
The va's underwriting standards are intended to provide guidelines for lenders Underwriters as well as VA Underwriters.
Underwriting decisions must be based on sound application of the underwriting standards, and Underwriters are expected to use good judgment and flexibility and find guidelines set forth in Cooley including guidance on how to treat income, that's an obligations, credit history and so on, and how to present an analyzed these items on a VA loan analysis form.
VA approved lenders are responsible for
Developing all credit information.
Properly, properly obtaining all required verifications and credit report,
Ensuring the accuracy of all information on which the loan is based,
Complying with the long regulations governing VA underwriting standards, with the va's underwriting policies, procedures, and guidelines, and
Certifying as to compliance with all of these
General Income Guidelines Time Tale Chart
The following chart reflects what VAs general itme requirment for stability of income
General Income Guildelines Time Tale Chart
Type of income
General time requirements
Minimum of 12 Months
Overtime or Part-Time
Continued for at least 3 years
Continuance into the foreseeable future - Case by Case
Documneted history and evidence that the income will continue into the foreseeable future
If you are looking to Buy a Home in Southern Maryland, hire a Southern Maryland Realtor to help you find the Home you are looking for. In either Charles County, St. Mary’s County, Prince Georges County, Calvert County or Anne Arundel County, Finding and Hiring a local Realtor will help you find the right home for the right price. If its New Construction you need, your local Maryland Realtor can help you find the right Community or even find the right On Your Lot with Caruso Homes to build your Luxury Dream Home. What is your house value. Home value comes from the sales of other properties in your community that have sold over the last 6 months. When your house is prepared to go on the market, the value is calculated by Bedrooms, Bathrooms, Square Footage, Garage and Basement. Location also plays a part in the value of your home. If your in a good location, close to shopping, in a great school district, this will attract more potential buyers to your home. Making the home value much higher and also opening up the possibility of selling your home much faster. Taking also into the factor that when buying a New Luxury home from Caruso Home - On Your Lot, you have the opportunity to get your new home built for less than regular market value. Always give New Construction of your purchase a chance to see if you have the 7 - 9 months of build time. Caruso Homes also has communities all around Maryland that have homes that are 30 - 45 days out for you to purchase as well. Buying new will give you the value and equity to grow in your investment.
Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in Washington DC, Maryland or Virginia. Military bases such as:
Hire Skip Young Relator® for your next Home Purchase or Sale
Waldorf Maryland Realtor® - Skip Young Realtor®
If you are stationed here and are looking to purchase or sell a home please contact Skip You are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in Washington DC, Maryland or Virginia. Military bases such as:
Skip Young Realtor® with Reviews as a Realtor®, has an extensive background in working with an Elite Unit while serving his country from 91 - 94. Now an Award-winning Realtor®, located in Waldorf MD, has proven not just in the ranks of the field with an Elite unit in the Army, but also in the Maryland Real Estate Business. By working with every type of client, to include active duty and veterans alike. His dedication to helping those who are serving and need to use their VA loan, need information on leasing a property due to a short-term duty station at any one of the bases here in the Washington DC, Maryland or Virginia. Military bases such as:
There are currently 23 million veterans and service members right in your local community of Washington DC, Maryland, and Virginia. They transact over $153 billion annually in the Local Real Estate purchases and Selling of Property, along with the Rental Market. Learn how you can help tap into and serve the veteran community with VAREP, the Greater Annapolis Chapter. Skip Young your Waldorf MD Realtor® and Veteran is still continuing to serve my country by helping our community of brothers and sisters by representing the Government Affairs division. The position is about assisting in changing the laws that help protect veterans and service members who need to find housing in the Washington DC Maryland and Virginia area.
Skip Young EXP Realty Waldorf MD Realtor® Realtor®, Veteran, New Home Sales eXp Realty
Charles County is a county in south central Maryland. As of the 2010 census, the population was 146,551. The county seat is La Plata. The county was named for Charles Calvert (1637–1715), third Baron Baltimore. Charles County is part of the Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Statistical Area and the Southern Maryland region.
Waldorf's original name was Beantown. During his post-assassination flight, John Wilkes Booth told a road sentry he was headed to his home in Charles County near Beantown and was allowed to proceed. In 1880, the General Assembly of Maryland by an act changed the name to "Waldorf" in honor of William Waldorf Astor (1848–1919), the great-grandson of John Jacob Astor (1763–1848), who was born in Walldorf, Palatinate, Germany. On July 29, 1908, the city of Plumb Valley in Waseca County, Minnesota, changed its name to Waldorf after Waldorf, Maryland. Once a tobacco market village, Waldorf came to prominence in the 1950s as a gambling destination after slot machines were legalized in Charles County in 1949. The boom lasted until 1968, when gambling was once again outlawed. Its subsequent substantial growth as a residential community began with a 1970 loan package from the Department of Housing and Urban Development which fueled the giant planned community of St. Charles, south of Waldorf. St. Catharine, or the Dr. Samuel A. Mudd House, was listed on the National Register of Historic Places in 1974.[6
Indian Head is a town in Charles County, Maryland, United States. The population was 3,844 at the 2010 U.S. Census. It has been the site of a naval base specializing in gun and rocket propellants since 1890. Production of nitrocellulose and smokeless powder began at the Indian Head Powder Factory in 1900. The name of the base has varied over the years from Indian Head Proving Ground, to Naval Powder Factory, to Naval Propellant Plant, to Naval Ordnance Station, to the present Naval Support Facility Indian Head. The facility's main tenant activity is the Indian Head Naval Surface Warfare Center (NSWC/IH). Advanced research in energetic systems takes place at NSWC/IH. NSWC/IH absorbed the function of the closed Naval Ordnance Laboratory, formerly in White Oak. The base currently employs 3,700 people
According to an unconfirmed local story, the town was named by one Colonel Samuel Chapman, whose family owned 6,000 acres (24 km2) of land in Charles County. The Colonel traveled to South America with his son George, who had contracted tuberculosis, in search of a cure. In his travels, the Colonel had apparently encountered the Río de la Plata, which flows through Argentina and Uruguay, thus naming a portion of his property "La Plata." In the 1870s, a section of the Pennsylvania Railroad had been constructed through the town of La Plata, leading to its 1888 incorporation. The La Plata courthouse had been built soon after the 1819 Port Tobacco courthouse caught fire in 1895 under suspicious circumstances. In 1904, the historic Christ Episcopal Church in Port Tobacco, which dates to 1683 and was reconstructed in 1884, was dismantled and its stones were then transported by oxen and cart to its current lot in La Plata. In 1940, the opening of the then Potomac River Bridge (later, the Governor Harry W. Nice Memorial Bridge), which carries U.S. Route 301 over the Potomac River, provided a link to King George, Virginia and brought long-distance east coast traffic through the town as an alternative to U.S. 1 and, later, Interstate 95.
This was historically the territory of Algonquian-speaking peoples, especially the Potapoco and the more dominant Piscataway. Settled by the English in the 17th century and established in 1727, the town on the Port Tobacco River soon became the second largest in Maryland. The first county seat of Charles County, it was a seaport with access to the Chesapeake Bay and Atlantic Ocean. It declined rapidly after river traffic was cut off by silting and the town was bypassed by the railroad. The town incorporated in 1888, but in 1895 the county seat moved to nearby La Plata, which drew population away but left the town with its historic significance intact.
Bennsville (spelled Bensville by the United States Census Bureau) is a census-designated place (CDP) in Charles County, Maryland, United States. The population was 11,923 at the 2010 census. The area is not an official postal designation, but is part of the Waldorf or Pomfret postal area. The Bennsville area is growing with new residential development, encouraged by the extension in the 1990s of Maryland Route 228 which provides quick access to Maryland Route 210. Bennsville has experienced the 2006 opening of North Point High School and the straightening of Middletown Road in 2008.
Bryans Road is a census-designated place (CDP) in Charles County, Maryland, United States. As of the 2010 census, it had a population of 7,244, up from 4,912 at the 2000 census. Bryans Road was named after Oliver Norris Bryan, a 19th-century farmer and scientist who owned and operated Locust Grove Farm near Marshall Hall. The area consisted mostly of tobacco farms until the establishment of the Naval Proving Grounds at Indian Head in 1890. Some commercial establishments came about by the early 1920s, when the name "Bryans Road" first appeared on maps. The construction of Maryland Route 210 (Indian Head Highway) during World War II brought new traffic. By the early 1960s, Bryans Road became an established bedroom community for both Indian Head and Washington. At the main intersection of Bryans Road, a shopping center includes supermarkets, gas stations, and assorted retail stores that serve the community. Local residents commute to work at the Indian Head Naval Surface Warfare Center, while others commute to employment centers throughout the greater Washington, D.C. metropolitan area. In 1998, plans for a massive housing development project at Chapman's Landing were thwarted by the Maryland state government, which bought the property to preserve green space under its smart growth policy. Marshall Hall was listed on the National Register of Historic Places in 1976, and Mount Aventine was listed in the Register in 1996.
Bryantown is an unincorporated community and census-designated place in Charles County, Maryland, United States, adjacent to Maryland Route 5. As of the 2010 census, it had a population of 655. Bryantown stands on land known as Boarman's Manor, a 4,000-acre (16 km2) manor granted to Major William Boarman in 1674. Bryantown is associated with the flight in 1865 of President Abraham Lincoln's assassin John Wilkes Booth, and its St. Mary's Catholic Church is the burial place of Dr. Samuel Mudd, who lived 5 miles (8.0 km) to the north, and who in November 1864 had first met Booth at the church.
Oakland was listed on the National Register of Historic Places in 1983. The Bryantown Historic District was listed in 1985, and The Lindens in 1990.
Cobb Island is a small island located at the confluence of the Potomac and Wicomico rivers in southern Charles County, Maryland, United States. It is located approximately 45 miles (72 km) south of Washington, and is considered to be within the Washington, D.C. MSA. Cobb Island is separated from the mainland by Neale Sound and connected to it by a 0.11-mile-long (180 m) fixed bridge carrying Maryland Route 254. The unincorporated community and census-designated place (CDP) of Cobb Island is located on the island. As of the 2010 census, the CDP had a population of 1,166. The community has a small post office, a volunteer fire department and rescue squad, a Baptist church, a large community green space (Fisherman's Field) and a small playground for children. Commercially, there are two seafood restaurants with marinas (Captain John's Crab House, and Shymansky's Restaurant & Marina), The Rivah, a marina with a pizzeria restaurant chain (Ledo Pizza), a small bar and grill (The Scuttlebutt), a seasonal coffee shop, art gallery and bakery (The Cove at Cobb Island), and a small market (Cobb Island Market).
Hughesville is located at 38°32′1″N 76°46′56″W (38.533731, −76.782220). According to the United States Census Bureau, the CDP has a total area of 11.2 square miles (29.1 km2), of which 11.2 square miles (28.9 km2) is land and 0.08 square miles (0.2 km2), or 0.69%, is water. Hughesville was a tobacco market town. The former tobacco warehouses are now used for second-hand thrift stores and boutique gift and craft shops. A multi-lane bypass of the town by Maryland Route 5 opened in February 2007, which has alleviated previous rush-hour traffic backups at the single traffic signal; beside it are two unusual side-by-side traffic roundabouts. Because Hughesville, though small, is considered the strategic geographic center of the tri-county Southern Maryland region, it houses institutions such as the headquarters for the Southern Maryland Electric Cooperative, an animal shelter, an economic development council, a board of realtors, and a homeless women's shelter, which serve the tri-county area. There is also a Girl Scout camp. The town has no traditional grid-layout streets, but consists of merely businesses along the highway and some very small outlying housing developments. It was announced in 2013 that the College of Southern Maryland is building their fourth campus in the town. A 5.5-MW solar farm near Hughesville generates enough power for 600 homes, and offsets the pollution of 1,600 cars.Ω
Pomfret is a census-designated place in Charles County, Maryland, United States. As of the 2010 census, it had a population of 517. Maurice J. McDonough High School is located at the south end of the CDP, just north of Maryland Route 225. The active historic Catholic church established by Father George Hunter, S.J. in 1763 is located in Pomfret. The current structure dates from 1849. Mother Catherine Spalding was a native of Pomfret, according to a brass plaque inside the front entrance to St. Joseph's. In 2009, Charles County Station 13 was built in the community. Station 13 is the Charles County Dive Team, and only provides services related to water emergencies in the county and surrounding jurisdictions. Station 13 does not house any apparatus/equipment, or provide fire protection or emergency medical services to the community. http://www.ccdr.net/, http://www.ccvfireems.org Acquinsicke, Green's Inheritance, McPherson's Purchase and Pleasant Hill are listed on the National Register of Historic Places.
Planning for St. Charles was started in 1965 by St. Charles City, Inc. That developer sold the undeveloped land in 1968 to Interstate General Co. (now known as American Community Properties Trust). According to the developer, it is halfway through completion as outlined in its master plan. When completed, St. Charles will comprise five villages — Smallwood and Westlake, which have been completed; Fairway, which is under development; and Piney Reach and Wooded Glen, which remain undeveloped. Each village has three to four neighborhoods. Residents in St. Charles have access to a variety of community amenities, including walking paths, swimming pools, scenic lakes, playgrounds and neighborhood centers. Many residents commute out of the County to work, including military residents who are stationed at Andrews Air Force Base, Bolling AFB, Patuxent River NAS, or the Pentagon. Many civilian residents are federal employees. St. Charles Town Center is a 1,200,000-square-foot (110,000 m2) 2-level regional shopping mall serving residents of a large four-county area.[full citation needed] It opened in 1988 and was remodeled in 2007. Many sections of St. Charles are still in development, including a retirement community for persons 60 years and older, and several themed restaurants west of U.S. Route 301. Hampshire, Lancaster, Dorchester, Sheffield, Heritage, Bannister, Wakefield, Huntington and Carrington are the already existing neighborhoods of St. Charles. In 2008, St. Charles Parkway was connected with Rosewick Road, providing a new alternative route to the county seat La Plata.
Waldorf's original name was Beantown. During his post-assassination flight, John Wilkes Booth told a road sentry he was headed to his home in Charles County near Beantown and was allowed to proceed. In 1880, the General Assembly of Maryland by an act changed the name to "Waldorf" in honor of William Waldorf Astor (1848–1919), the great-grandson of John Jacob Astor (1763–1848), who was born in Walldorf, Palatinate, Germany. On July 29, 1908, the city of Plumb Valley in Waseca County, Minnesota, changed its name to Waldorf after Waldorf, Maryland. Once a tobacco market village, Waldorf came to prominence in the 1950s as a gambling destination after slot machines were legalized in Charles County in 1949. The boom lasted until 1968, when gambling was once again outlawed. Its subsequent substantial growth as a residential community began with a 1970 loan package from the Department of Housing and Urban Development which fueled the giant planned community of St. Charles, south of Waldorf. St. Catharine, or the Dr. Samuel A. Mudd House, was listed on the National Register of Historic Places in 1974.
Bel Alton is an unincorporated community in Charles County, Maryland, United States. It is marked by old-style motels, a popular "bikers'" tavern, and other small businesses along U.S. Highway 301 catering to local residents and interstate travelers. A series of interpretive signs on a side road mark various spots where, in April 1865, John Wilkes Booth stopped to hide during his flight south after assassinating President Abraham Lincoln. St. Ignatius Church and cemetery, the oldest continuous Roman Catholic parish in the United States (although this claim is contested by another church in New Mexico), is two miles west of Bel Alton on a scenic bluff overlooking a wide inlet of the Potomac River. The county fairgrounds are also nearby. The former Bel Alton African American high school building is now used for community activities. Before 1891, Bel Alton was known as Cox's Station after a local resident. The area is poised for growth as construction has started on a housing development, "Stagecoach Crossing", two miles north. Rich Hill was listed on the National Register of Historic Places in 1975. References U.S. Geological Survey Geographic Names Information System: Bel Alton, Maryland "National Register Information System". National Register of Historic Places. National Park Service. April 15, 2008. vte Municipalities and communities of Charles County, Maryland, United States County seat: La Plata Towns Indian HeadLa PlataPort Tobacco Village CDPs BenedictBensvilleBryans RoadBryantownCobb IslandHughesvillePomfretPotomac HeightsRock PointWaldorf Other communities Bel Alton Chicamuxen Dentsville Doncaster Faulkner Glymont Ironsides Issue Malcolm Marbury Mason Springs Masons Morgantown Mount Victoria Nanjemoy Newburg Newport Patuxent Pisgah Pomonkey Popes Creek Port Tobacco Ripley. CharlesSwan PointWelcomeWhite Plains Flag of Maryland.svg Maryland portal Flag of the United States.svg United States portal
Dentsville is an unincorporated community in Charles County, Maryland, United States, marked by a convenience store dating from the turn of the 20th century, two cemeteries, and adjacent small businesses, including the Dentsville Rescue Squad and Auxiliary founded in 1998 on Maryland Route 6, east of La Plata. Dentsville was named after the Dent family, who have resided locally since colonial times. Dentsville's first appearance on a map of Maryland dates from 1886.
"Cooksey's Store (Site Number CH-608)". Maryland Inventory of Historic Properties. Maryland Historical Trust. Retrieved 31 January 2016.
"Cooksey/Dent Cemetery (Site Number CH-658)". Maryland Inventory of Historic Properties. Maryland Historical Trust. Retrieved 31 January 2016.
"Dent Family Cemetery (Site Number CH-682)". Maryland Inventory of Historic Properties. Maryland Historical Trust. Retrieved 31 January 2016.
U.S. Geological Survey Geographic Names Information System: Dentsville, Maryland "Dent's Palace (Site Number CH-40)". Maryland Inventory of Historic Properties. Maryland Historical Trust.
Ironsides is an unincorporated community or "post village" in Charles County, Maryland, United States with zip code 20643. The Post Office was established in 1897 and remained open until at least 1976. Today Ironsides area residents have Indian Head or Nanjemoy addresses. The nearby historic post offices of Nanjemoy and Doncaster, dating from 1800 and 1855, are often associated with historical records of Ironsides.
Newburg is an unincorporated community in Charles County, Maryland, United States. Newburg has two stores, a lodge hall, and a fire department, as well as Piccowaxen Middle School and Dr. Thomas L. Higdon Elementary, both serving the entire Cobb Neck peninsula (i.e. all along MD 257 to Cobb Island). Newburg also is the northbound terminus of the Harry Nice Memorial Bridge serving U.S. Route 301.
"Geographic Names Information System". Newburg (Populated Place). U.S. Geological Survey. 2009-11-14.
Welcome is an unincorporated community in Charles County, Maryland, United States. The designated zip code is 20693. It is located seven miles from La Plata on Rt 6 West. The Goose Bay campground and marina are also located in Welcome. Rosemary Lawn, a plantation owned since the 18th century by the Barnes-Compton family, was listed on the National Register of Historic Places in 1992.
White Plains is an unincorporated community in Charles County, Maryland, in the United States, just south of Waldorf. It is at latitude 38°35'25" N, longitude 76°56'26" W. The United States Postal Service has assigned White Plains the ZIP Code 20695. While the commercial portion of White Plains lies along U.S. Route 301, the largest concentration of residences with the White Plains mailing address is six to seven miles to the west in developments near Billingsley Road. The area is experiencing population sprawl from the adjacent unincorporated communities of Waldorf and St. Charles and features new office parks and a scenic new rail trail. The Charles County Department of Health is headquartered in White Plains, and a public golf course is also there. Plans to complete an east–west connector road in the area were mired in controversy because of alleged adverse effects on the environment. The historic home Spye Park was listed on the National Register of Historic Places in 1990.
"White Plains". Geographic Names Information System. United States Geological Survey.
Indian Head Rail Trail; Maryland (Rails-to-Trails Conservancy); Parks and Outdoor Sports (Charles County, Maryland)
"Dent Family Cemetery (Site Number CH-682)". Maryland Inventory of Historic Properties. Maryland Historical Trust. Retrieved 31 January 2016.
"National Register Information System". National Register of Historic Places. National Park Service. April 15, 2008.
Highly likely to recommend
05/23/2018 - homeoftherot
Sold a Single Family home in 2002 in La Plata, MD.
When I was first introduced to skip young I was selling a house that most people were not even going to look at let alone buy..Skip assured me that he would find a buyer and he went outside of the realm to get it done.Then he quickly found aNother house I was highly interested in and helped with that purchase as well. I have now live in that house for the last 13 years. So you say to yourself well would you call Skip again the answer is absolutely.
Highly likely to recommend
02/28/2018 - cpope122
Bought a Single Family home in 2008 in Waldorf, MD.
I bought my first home in 2008. Skip was so helpful and patient with me. He helped me along in the whole process and fully explained everything so I felt comfortable. He found me so many houses to see. I would definitely recommend him!
I tried unsuccessfully for four years to sell my home in Mechanicsville. Two different real estate companies declined to renew my listing. Thank goodness for Skip Young. He never gave up and never made any excuses - and this was at a time when the real estate market was at it’s absolute worst. We had some offers that fell through at the last minute. Skip never wavered. His attitude was always positive. Thanks to Skip’s tenacity and professionalism my house sold and I got the fresh start I needed. Thank you Skip
- William Richmond
Highly likely to recommend
01/03/2015 - redgirl99
Bought a Single Family home in 2004 in Indian Head, MD.
I am thinking about buying or building another home and the first person I thought of was Skip Young. He was my real estate agent for my first home I purchased in 2004. Wow he made that experience a memorable one. Awesome person and most of all the best real estate agent I had ever came across.
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