Do you only offer VA loans?

I am a full service mortgage broker. Although VA is the majority of what I do, I also have other mortgages like FHA, Conventional, USDA and Non QM.

Do you only service the Dayton and Cincinnati markets?

Dayton and Cincinnati are the majority of my business. However, I'm authorized to offer mortgage loans in 40 states. For loans outside of these areas, I can refer them to friends in the business.

Blog | Carlos Scarpero- Mortgage Broker

Home Buying

Can You Buy A High End Property With A VA Loan

Can You Buy A High End Property With A VA Loan? Key Takeaways Yes, you can buy a high-end property using a VA loan with no money down if you have full entitlement. The VA jumbo loan program allows loans above the conventional Fannie Mae loan limits without requiring a down payment under certain conditions. The Blue Water Navy Act of 2019 reformed VA loan entitlement rules, enabling veterans to access jumbo loans without down payments if they have no other VA loans outstanding. Partial entitlement, such as owning another rental property with a VA loan, may require a down payment based on a complex formula. Lenders may impose additional overlays, including down payment requirements or credit limits, even if the VA allows jumbo loans. Always consult a licensed and experienced loan officer to understand your specific VA loan entitlement and options. Welcome! If you’re wondering whether you can purchase a high-end or luxury property using a VA loan, you’re in the right place. I’m Carlos Scarpero, and today I’ll clear up the confusion about VA jumbo loans, entitlement rules, and what you really need to know to buy a more expensive home without a down payment. There’s a lot of misinformation floating around the internet — so let’s set the record straight. Understanding VA Jumbo Loans and the Fannie Mae Limit One of the most common questions I get is: Can you buy a high-end property with a VA loan? The simple answer is yes. You can even do

April 28, 2025 No Comments

Uncategorized

When The VA Loan Makes Sense Vs Other Mortgage Types

When The VA Loan Makes The Most Sense (vs other mortgage types) Table of Contents Key Takeaways Why Consider a VA Loan? Scenario 1: Putting Less Than 20% Down Scenario 2: Collecting VA Disability Benefits Scenario 3: Putting More Than 20% Down (Without Disability Eligibility) Scenario 4: Low Credit Score Scenario 5: High Debt-to-Income Ratio Scenario 6: Working in the Cannabis Industry Scenario 7: Buying With a Non-Veteran Co-Borrower (Not Married) Scenario 8: Maxed Out VA Entitlement Scenario 9: Renovation Loans Conclusion Frequently Asked Questions (FAQs) Key Takeaways The VA loan is often the best choice for veterans, especially when putting less than 20% down, due to lower rates and no mortgage insurance. If you are receiving VA disability benefits, the VA loan is a clear winner because you are exempt from the funding fee. For those putting more than 20% down but not eligible for VA disability, the choice between VA and conventional loans depends on specific financial details and lender pricing. VA loans have flexible credit score requirements and are more lenient with high debt-to-income ratios, making them ideal for borrowers with credit challenges. Income from the cannabis industry is not accepted for VA loans, so other mortgage types like conventional or non-QM loans may be necessary. When buying with a non-veteran co-borrower who is not a spouse, conventional or FHA loans may offer lower down payment options than VA loans. For renovation projects, smaller improvements fit well under VA renovation loans, but major renovations are better suited

April 26, 2025 No Comments

Home Buying

Warning….Please Watch This Before Selling Your Home On Subject To

Warning….Please Watch This Before Selling Your Home On Subject To When it comes to selling your home, especially if you are a veteran using a VA loan, understanding the nuances of the process is crucial. A topic that often comes up in the veteran community, particularly in the Better VA group, is the concept of selling a home “subject to” the existing mortgage. This method is sometimes presented as an easy way to sell a home without going through the traditional route, but there are significant risks and implications that every seller should know before proceeding. In this article, we’ll break down what selling “subject to” means, how it differs from a traditional VA loan assumption, the risks involved, and when, if ever, it makes sense to consider this option. This discussion is inspired by conversations led by Chris Griffith from Better VA and insights from years of experience helping veterans navigate VA loans. Table of Contents Understanding What “Subject To” Really Means The Risks and Realities of Selling “Subject To” When Does Selling “Subject To” Make Sense? Final Thoughts and Advice Frequently Asked Questions (FAQ) Contact Information Understanding What “Subject To” Really Means First, let’s clarify what “subject to” actually is. It is a form of loan assumption but is distinctly different from a traditional VA loan assumption. In a traditional VA assumption, the buyer takes over the existing mortgage payments, but with full lender approval. This means the buyer must qualify under the lender’s standards, their credit is

April 25, 2025 No Comments

Bad Credit

The Unusual VA (and FHA) Loan Qualification Rule After A Business Bankruptcy

The Unusual VA (and FHA) Loan Qualification Rule After A Business Bankruptcy Summary: If you’ve experienced a business bankruptcy and are looking to buy a home, there is a lesser-known VA and FHA loan guideline that might significantly reduce your waiting period before qualifying for a home loan. This article explores this unusual rule, the specific conditions you must meet, and how it can benefit veterans and non-veterans alike. Whether you’re self-employed or have recently transitioned into a permanent position, understanding this exception could help you achieve homeownership sooner than you thought possible. Table of Contents Understanding the VA and FHA Loan Waiting Periods After Bankruptcy Bankruptcy Types and Their Impact on VA Loan Waiting Periods Four Critical Conditions to Qualify for the Reduced Waiting Period Important Considerations When Using This Rule Who Can Benefit From This Rule? Frequently Asked Questions (FAQ) Final Thoughts Understanding the VA and FHA Loan Waiting Periods After Bankruptcy Buying a home after a bankruptcy can feel daunting, especially when it comes to understanding the waiting periods imposed by lenders and loan programs. Typically, these waiting periods are designed to ensure that borrowers have re-established financial stability after a bankruptcy before they take on a new mortgage. For VA loans, the waiting period usually starts from the date of bankruptcy discharge or filing, depending on the type of bankruptcy you filed. However, there is a special rule that can reduce this waiting period if your bankruptcy was caused by a business failure. This same rule

April 22, 2025 No Comments

Bad Credit

Letter of Explanation…..Your Key To Home Loan Approval

Letter of Explanation…..Your Key To VA Home Loan Approval Table of Contents Key Takeaways Introduction Why a Letter of Explanation Matters Understanding Manual Underwriting Extenuating Circumstances: What They Are and How They Help Be Honest and Transparent How to Format Your Letter of Explanation Get Professional Help and Review Writing Tips: Clarity, Spelling, and Grammar The Structure of a Successful Letter of Explanation Conclusion Frequently Asked Questions (FAQ) Key Takeaways A well-crafted Letter of Explanation (LOE) is crucial for veterans with lower credit scores aiming to secure a VA home loan. Manual underwriting often requires a LOE to provide context beyond credit scores, allowing veterans to tell their side of the story. Extenuating circumstances such as medical issues or layoffs can justify late payments and improve approval chances. Transparency is key: never hide financial issues; honesty builds trust with underwriters. Using a resume-style format for the LOE with a clear beginning, middle, and happy ending helps underwriters understand your situation. Getting your LOE reviewed by your loan officer or lending professionals increases the likelihood of approval. Proper spelling, grammar, and clarity enhance the professionalism and readability of your LOE. The VA wants to see that any past financial hardships have been resolved or are on a clear path to resolution. Introduction If you’re a veteran looking to secure a VA home loan but have a lower credit score, understanding the importance of a Letter of Explanation (LOE) could be the difference between approval and denial. As a loan officer specializing

April 10, 2025 No Comments

Bad Credit

The Truth About VA Loans and Bad Credit

The Truth About Bad Credit and VA Loans When it comes to VA loans and bad credit, there are a lot of myths and misconceptions floating around. As someone who has helped countless veterans navigate the world of VA home loans, I want to set the record straight and clear up some common misunderstandings. Whether you’re a veteran considering a VA loan or someone simply curious about how bad credit impacts mortgage approval, this article will provide clarity, valuable insights, and a clear path forward. My goal here is to explain the realities behind credit requirements for VA loans, share examples from real cases, and offer practical advice for those looking to improve their chances of mortgage approval—even if your credit isn’t perfect. Let’s dive in. Table of Contents Myth #1: “No Minimum Credit Score Means Guaranteed Approval” Why “No Minimum Credit Score” Can Be Misleading Myth #2: “Getting Your Late Payments Caught Up Means You’re Good to Go” Why Payment History Matters More Than Credit Score Understanding Extenuating Circumstances How Long Until You Can Get Approved with Bad Credit? Why You Should Consider Credit Repair Summary: What You Need to Know About Bad Credit and VA Loans Frequently Asked Questions (FAQ) Final Thoughts Myth #1: “No Minimum Credit Score Means Guaranteed Approval” This is probably the biggest misconception I encounter. Many people hear that VA loans do not have a minimum credit score requirement and immediately assume that means everyone who applies will get approved regardless of their credit

April 10, 2025 No Comments

Bad Credit

Breaking…..How The Government Freeze Will Affect VA Home Loans

Breaking…..How The Government Freeze Will Affect VA Home Loans Table of Contents Key Takeaways Understanding the Recent Government Funding Freeze What This Means for Current VA Home Loan Borrowers What Buyers Should Know About VA Home Loans During This Period Additional Resources and Support Conclusion Frequently Asked Questions (FAQ) Key Takeaways The recent federal government funding freeze does not delay VA home loan approvals or closings. The VA home loan program is not directly run by the federal government but is backed by a government insurance policy. If you currently have a VA home loan and face financial hardship, contact your lender and the VA Regional Loan Center immediately for assistance. The VA has mandatory foreclosure prevention programs and can connect you with unaffected charities for help. For those planning to buy a home, the VA offers protections through extenuating circumstances if you experience financial setbacks. Maintaining communication and taking proactive steps is crucial to protect your credit and mortgage status. In times of uncertainty, especially when the government announces funding freezes, many veterans and homebuyers naturally worry about how these changes might affect their VA home loans. I’m Carlos Scarpero from Home Loans by Carlos Scarpero, and I want to clarify what the recent federal government funding freeze means for VA home loan borrowers and potential buyers. This article will provide you with accurate, up-to-date information and actionable advice so you can navigate this situation confidently. Understanding the Recent Government Funding Freeze Recently, the Trump administration announced a temporary

April 4, 2025 No Comments

Bad Credit

Can You Get A VA Loan With Open Collections On Credit?

Can you still qualify for a VA loan if you have open collections on your credit report? In this video, we cover what you need to know about VA loan credit requirements and how open collections might impact your approval.

February 27, 2025 No Comments

Bad Credit

Are VA Loans Harder To Close?

Navigating the complexities of VA loan closings: Separating myth from reality.
Think VA loans are more challenging to close? Our expert dissects the common misconceptions and reveals the truth about VA loan processing.
Veterans and home buyers, bring your specific challenges and experiences. Your insights can help demystify the VA loan closing process.

February 24, 2025 No Comments

Bad Credit

Can You Get A VA Loan If You Are The Child of A Veteran?

Curious about VA loan eligibility for children of veterans? Wondering if your family’s military service opens doors to homeownership?
Dive into the complex world of VA loan inheritance and eligibility. Our expert breaks down the nuanced rules, potential pathways, and critical considerations for children of veterans.

February 20, 2025 No Comments