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Disqualifications For VA Home Loans

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Va Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site – PowerPoint PPT presentation

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Title: Disqualifications For VA Home Loans


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FOR VA HOME LOANS
DISQUALIFICATIONS
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  • Understand the disqualifications for a VA loan,
    so you know whether this type of loan will work
    for you.

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  • VA loans provide advantages that help veterans
    buy homes, so restrictions exist that ensure only
    selected people can qualify.

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  • Learn about the disqualifications for a VA loan
    here, so you can either become qualified or
    consider other options.

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VA ELIGIBILITY
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  • Before you can apply, you must first establish
    your eligibility.

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  • To receive consideration, you must have had a
    minimum of 90 days of wartime military service or
    a minimum of 181 days of peacetime active duty
    service.

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  • Surviving spouses of veterans also can apply if
    they have not remarried.

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  • Surviving spouses of veterans also can apply if
    they have not remarried.

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  • Eligibility requirements for reservists include
    either six years or longer time in service.
  • Eligibility requirements exclude anyone who has a
    dishonorable discharge.

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CREDIT
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  • Your credit score might disqualify you from
    getting a VA loan. Depending on the current
    lender environment, your credit requirement might
    vary.

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  • In many situations, you need a credit score of at
    least 620 to move forward with your loan
    application.

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  • Additionally, a substantial credit and payment
    history over the past year can help secure a loan.

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  • If your credit presently disqualifies your loan,
    you can spend some time improving your credit
    before you reply.

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INCOME
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  • You must have verifiable income that can cover
    your mortgage payment, with enough residual
    income to meet household expenses.

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  • Income requirements vary depending on the amount
    of your loan and the location of the house you
    want to buy.

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  • If your income disqualifies you, work on finding
    ways to increase your income before filing a new
    application.

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EMPLOYMENT
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A poor employment history over the past two years
might disqualify you from a VA loan.
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Unless you can prove exceptional circumstances,
that will change the minds of loan officers, you
will need to have a stable employment history
before submitting your application.
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BANKRUPTCY
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  • Bankruptcy could disqualify you from getting a
    loan if fewer than two years has elapsed since
    your latest Chapter 7 bankruptcy.

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  • A Chapter 13 bankruptcy might disqualify you, if
    fewer than one year has passed since you filed,
    or if you performed poorly while paying for it.

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PREVIOUS FAILURES
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A failed VA loan experience in the past can
disqualify you.
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If the bank foreclosed on your last VA-financed
home.
You may have a problem.
You voluntarily surrendered your property in
advance of foreclosure.
You received a compromise claim approval.
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In this situation you definitely need to contact
a VA loan specialist.
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  • You can recover your eligibility after a failed
    VA loan experience if you pay off the first loan.

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  • You might have partial eligibility available to
    you if you did not borrow the full amount
    available to you when you received for your first
    loan.

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  • You might need to submit a particular form and
    fulfill other requirements before you can
    re-qualify for full or partial eligibility.

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  • Again, this is a time when you need the help of a
    specialist.

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  • If you have questions concerning your eligibility
    or your qualifications for a VA home loan

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  • make sure you contact Jimmy Vercellino for more
    information.

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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

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  • 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 http//www.valoansf
    orvets.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
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