How To Determine If You Are Eligible For A VA Loan

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How to Determine if You are Eligible

• FOR A VA LOAN

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• Veterans benefits are one of the ways in which
  we are able to show veterans our appreciation of
  their service to the country.

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• One key benefit is the VA-guaranteed home loan.

If youve wondered how to get a VA loan, here
are a few basics you need to know.
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Eligibility
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• If qualified, loans can be used to purchase a
  condominium or house, improve a home, build a
  house, or buy a manufactured home and/or lot.

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• The home must be for personal occupancy.

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• To proceed with the process you must obtain a
  Certificate of Eligibility (COE) that verifies to
  the lender that your discharge conditions and
  service requirements authorize you for VA backing.

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• A mortgage broker or lender that specializes in
  this type of mortgage lending can help you verify
  personal eligibility and apply for the COE.

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CREDIT
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• Generally a VA-guaranteed mortgage is a real plus
  because

It guarantees repayment to the lender of at least
a portion of the loan
Thereby allowing the lender to be a bit more
relaxed about credit and credit score criteria.
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• It is a good idea to familiarize yourself with
  your FICO score and credit report prior to
  approaching a lender.

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• If your score is negatively impacted by issues
  such as unpaid collection items, past dues and so
  forth, you may want to pay off or pay current so
  that your score will improve.

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• It is important to demonstrate to potential
  lenders that you are reliable about paying debt
  obligations.

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To get a free copy of your credit report, once
each year go to www.annualcreditreport.com.
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• Lenders also want to know if you have the cash
  flow availability to pay the mortgage note.

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• This is known as debt-to-income ratio. Review
  your debt structure and determine what percentage
  of the household income is committed to set
  monthly bills

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• and how much is discretionary income. The more
  discretionary income you have, the better.

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Extra Benefits
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• Generally if the appraisal value of the home is
  the same as or more than the sales price

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• you may not be required to make a down payment,
  or can pay less than the lenders normal
  requirement.

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• You do not have to be a first-time buyer, and the
  benefit can be reused.

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• Other qualified veterans may be able to assume
  your loan in the future.

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EMPLOYMENT
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A potential lender wants to know that you have an
adequate and reliable income flow to be able to
make house payments for the life of the loan.
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• It is safe to assume that your employment,
  including length of employment, will be verified.

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• Two years of steady employment is desirable, and
  if it is with the same employer, even better.

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• There are always exceptions to the rule so dont
  despair if you cannot meet this burden.

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Be prepared to explain why the exception, and to
offer some type of evidence as to the
dependability of future cash flow streams.
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Touches
FINISHING
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• Once you have worked with your real estate
  professional to find a home, negotiated an
  acceptable price

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• signed a purchase agreement, and applied for
  the VA Loan, the lender will begin the approval
  process.

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• If approved, the house will be appraised and
  inspected.

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• Once these processes are completed a closing date
  will be set so the property can be transferred to
  you.

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• With all of this in mind, happy house hunting!

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Jimmy Vercellino, VA Loan Specialist helps
veterans obtain the loans they are entitled to.
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He served in the United States Marine Corps, and
now devotes himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion of his
while at the same time helping others achieve
home ownership.
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Be a proud homeowner today. For more details
call 480-351-5904 or visit the site
www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com