Subject: Consideration of the Spouse's Credit History on VA loans - tip of the day

Good Morning.

Today is Friday, February 10, 2012

All wholesale staff is available.

Turn times are 48 hours.

Tip of the day – Consideration of the Spouse's Credit History on VA loans

ECOA prohibits requests for, or consideration of, the credit of a spouse who will not be contractually obligated on the loan except:

•	if the applicant is relying on alimony, child support, or maintenance payments from the spouse (or former spouse), or

•

in community property states.

–	If the property is located in a community property state, VA requires consideration of the spouse’s credit (whether or not the spouse will be personally liable on the note and whether or not the applicant and spouse choose to have the spouse’s income considered).

–	If a married veteran wants to obtain the loan in his or her name only, the veteran may do so without regard to the spouse’s credit only in a non-community property state.

Thank You!

Neil Johnson

Gateway Mortgage Group

National TPO Operations Manager

4201 N. State Hwy 161

Irving, TX 75038

Office: 972-908-3390 ext. 118

fax# 918-858-8392