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VA Home Loan Qualifications- Mortgage.info

Date post: 16-Apr-2017
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VA Home Loan Qualifications MORTGAGE.INFO MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
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VA Home LoanQualifications

MORTGAGE.INFO

MORTGAGE.INFO LENDER HOTLINE: 888-581-5008

A VA Home Loan is a home loan program accessiblespecifically to qualified veterans and is guaranteed bythe Veterans Administration, also known as the VA.The guaranty provided by the VA was designed toprotect the lender from any loss in the event thequalified veteran were to default on their loan. As aresult to this beneficial incentive, veterans canpurchase their dream house and won’t have to putany money down.

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Conventional Loans and VA Home Loans

The qualifications for a VA home loan are a little differentfrom the conventional loan requirements. Conventional loansunlike VA home loans aren’t backed by a governmentguaranty or insurance. Conventional home loan flexibility is alittle better if the amount of the loan is higher than the VAhome loan limits. However, a conventional loan will usuallyrequire a high down payment and majority of VA home loansdon’t require a down payment at all. These are just a fewexamples of why VA home loans are much easier and morefavorable.

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VA Home Loan UsesWhile it will depend on what your lender is capable of doing, thebelow shows what VA loans are good for:

Purchasing a single family or multi family home, condo ortownhouseBuilding a brand new homeBuying and renovating a home that needs some TLCUpgrading your home with new energy efficientimprovementsRefinancing your home (if you have an existing VA homeloan)Purchasing a manufactured homeBuying a mobile homeBuying a home and assuming the existing mortgage.

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A VA qualified lender can assist you with anytype of loan, but some lenders will not processloans for mobile homes. It’s best to shop aroundfor a lender who can meet your needs.

MORTGAGE.INFO LENDER HOTLINE: 888-581-5008

What to Avoid While Your VA Home Loan is processing:

Except for minimal use of your credit cards that may benecessary, don’t buy anything on credit. Especially bigpurchases like a new car, a boat or any other assets.Obviously, don’t buy another house.Don’t go out spending a bunch of cash on anything, unlessyou’re paying off some debt. Having that cash in youraccount could help with your approval and even if you’re notapproved for some reason, then that cash could go towardsa conventional loan.Try to avoid any lawsuits.It’s best if you don’t move as well.If you already have a mortgage and are trying to refinance,keep paying your monthly bill. Even for other bills or rent,don’t stop paying on those.

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Features of a VA home loan

Assigning your mortgage to other qualified borrowers

Receive a loan for a manufactured or mobile home

Buy and renovate a home that needs some TLC

Build your dream home

Reuse the VA home loan

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T O L E A R N M O R EMORTGAGE.INFO

LENDER HOTLINE: 888-581-5008

C L I C K H E R E

MORTGAGE.INFO LENDER HOTLINE: 888-581-5008

Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

INFORMATION PROVIDED BY:Justin McHood

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