I live in California and me and my husband are about to buy a house that we have already locked in with a loan company to get a VA home loan. My husband works as a delivery driver for a legalized cannabis company. 1 week before closing and The home loan company is now saying that the VA won't approve of this loan because our income is from a cannabis company. We have read articles that specifically state that the VA claims that there is no policy denying income from legalized cannabis companies.We have been pre-approved for this loan for 2 months. Does anyone have any ideas on how we should handle this?Please?
@Jackie Cuellar You can get a VA loan if your husband is just a W2 employee in the marijuana industry. If he has any percentage of ownership in the marijuana company, the VA will deny the loan. You mind if I ask who the lender is you are working with currently? Let me know if you have any questions about this!
I am interested to know as well. I have not ran into this yet.
@Grant Schroeder that sounds like great news the company we are working with is Loan Depot. We just sent you a message directly to your profile. Hopefully you can help us.
@David Kelly The VA allows for a W2 cannabis employee loan, but it is the specific lending institutions like Loan Depot that have an overlay that does not allow it. It is different with conventional loans, but many lenders do not want to touch the cannabis industry due to its risk even if it is newly legalized in some states.