Obtaining A VA Home Loan

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OBTAINING A
VA HOME LOAN
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When a person has served in the military and
wants to purchase a house, one of the first
things they should do is look into a VA home
loan.
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This loan enables a buyer the chance to purchase
a house with no money down.
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It's possible they may not be required to pay
mortgage insurance every month.
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There could be limitations on closing costs paid
by the buyer. And an appraisal detailing the
value of a property could also be provided.
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What Amount of Time Is Required to Get a VA loan?
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Answering this question with any accuracy can be
difficult. The majority of VA loans are able to
be closed within 45 days.
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This is common in the mortgage industry. There
are a number of steps in the approval process and
getting preapproved is one way to shorten the
closing time.
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Preapproval means a person has met the lenders
basic requirements for a loan before starting the
process. The timetable for a seller to move out
of the house and a buyer to move into the house
can impact the closing time.
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An agreed upon moving date can also make the
process longer or shorter. The VA appraisal also
plays a role. Should the appraiser make the
loan based on necessary repairs, the closing date
could be extended by weeks and sometimes even
months.
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After an appraisal, the VA loan must then go
through the underwriting process. This is the
final step. The need for more documentation or
resolving eligibility issues can cause the
closing date to be extended.
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How much income do I have to make to get a VA
loan?
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When a person applies for a VA home loan, they
will hear about a formula known as the
debt-to-income ratio (DTI).
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The DTI takes the VA loan applicants monthly
debt payments and compares them to their gross
monthly income.
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A lender will focus on monthly debts such as the
cost for housing, unsecured debts and more.
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The DTI ratio benchmark for a VA loan is
approximately 41. When it is more, a lender may
want additional financial information.
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Should a person have a high percentage of debt
when compared to their income, they shouldn't
give up. Some lenders will provide a VA loan with
higher DTI ratios.
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How much time do I need to have on active duty to
get a VA loan?
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The first step in applying for a VA loan is to
complete and submit VA form 26-1880.
This is to request a Certificate of Eligibility.
This certificate is provided by the Veterans
Administration.
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It is proof a person is eligible for a VA loan.
It does not guarantee a person will be approved
for a loan.
The length of time required on active duty is
determined by when a person was in the military.
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A person who served in the Gulf War must have
completed 24 months of continuous active duty or
for at least 90 days and received an other than
dishonorable discharge.
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A person will qualify if they served during this
time for less than 90 days but have a
service-connected disability.
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To learn specific length of service requirements
for a VA loan, contact the Veteran's
Administration.
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Jimmy Vercellino, is an Arizona VA Loan
Specialist who 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