is applying for va loans difficult?
TRANSCRIPT
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Is Applying for VA Loans Difficult?
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Since its inception, more than 20 million people have utilized the VA guaranteed home loan program to help them afford a home loan at favorable rates.
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If you’re wondering how to get a VA loan and whether these loans are difficult to acquire, read more about this helpful program for veterans:
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The VA Does Not Provide the Home Loans
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The Veterans Administration does not provide the funds for home loans.
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Rather, the loan money is provided by many types of lenders, who participate in the program and know its requirements.
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If you are looking for a mortgage for a new home, always ask the lender if they participate in the VA guaranteed home loan program.
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Many institutions have special departments or specially-trained personnel to help apply for these loans.
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A Certificate of Eligibility Is Required
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VA loans require a Certificate of Eligibility that documents your past or current military service.
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Lenders with trained personnel that work with the VA home loan program can easily acquire this document.
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However, in some cases, the applicant must fill out a DD form 26-1880 or other form online or by mail to receive the document.
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You Must Have A Reasonably Good Credit Record
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Lenders generally require applicants for the VA guaranteed home loan program to have a credit score of 620 or above.
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This requirement is to ensure that you are able to repay the loan and have a record of repaying your debts.
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Certain Income Requirements Apply
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You will have to provide documentation regarding your income in order to assure the lending body that you can repay the loan.
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This information can be in the form of W-2s from your place of employment, two years of past income tax forms if you are self-employed, as well as receipts from your military pension or other sources of income.
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You Will Pay A One-Time Funding Fee
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A one-time funding fee is required to help pay for the VA home loan program.
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Currently, the funding fee is 2.15 percent if you have a zero down payment.
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This fee goes down to 1.25 percent if you put a 10 percent down payment on the home.
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These fees can vary, depending on the division of the military service and how often you use your entitlement benefit.
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A Down Payment Is Not Always Required
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Your military service allows you a certain entitlement toward the amount of the loan.
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That is, the government will guarantee payment of the loan calculated using the amount of your basic entitlement, which is currently set at $36,000.
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However, a bonus entitlements may also apply that may allow you to get a home loan up to $417,000, or more, depending on the area.
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Generally, you can acquire a loan without a down payment up to this amount.
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The Home Must Be Appraised
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An appraiser must physically visit the property and determine its market value, based on the structure itself, as well as other homes in the area.
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The VA provides a list of minimum property requirements that must be included in the appraisal report.
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These requirements include adequate living quarters; whether it is a residential and not commercial property; electrical and water systems in good working condition and other details.
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If the property does not appraise at the value of the selling price, the buyer may have to re-negotiate the sale.
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Our 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.
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For more details call 480-351-5904 or visit the site
www.valoansforvets.com
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VA Loans for Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]