VA Home Loan Eligibility Requirements

VA home loans can be used to:

– Buy a home, a condominium unit in a VA-approved project

– Build a home

– Buy a manufactured home and/or lot

VA Home loan is a government guarantee for a portion of the home loan, it is not a guarantee that you will receive a loan. You still need to have:
Suitable Credit. Due to the government guarantee for a portion of the loan, this allows lenders greater flexibility on credit scores. In today’s lending climate, most VA lenders require a score of at least 620. If your spouse will be obligated on the loan, he or she will need to hit the same benchmark.
The average FICO score for VA borrowers is 708, compared to 750 to 770 scores for conventional loans backed by Fannie Mae and Freddie Mac, respectively,
Sufficient Income to qualify for the amount you are requesting.

In order to apply for the VA Loan one needs to get ” A certificate of Elgibilty” This verifies to the lender that you qualify for a VA backed home loan.

Many lenders will help get the Certificate for you or you can apply for it online by going to the veterans affairs portal. You will need your DD 214 or if you are still on active duty you will need a statement of service.

The home that is being purchased must be occupied by the veteran/active duty member.
Veteran Must have been discharged under conditions other than dishonorable and meet the service requirements below

Each era has its own specific requirement, so be careful to match your service dates with eligibility requirement.
If one is still on active duty or are currently serving in the Reserve or national guard the below are the requirements.

If one is on active duty in order to qualify you need to have served at least 90 continuous days

As a Reservist or National Guard member one needs to have at least 90 days active duty. Another way to become eligible is to have served at least 6 years as a reservist or national guardsman and been honorably discharged. There are several other ways that one can qualify as outlined below.

VA website has more detail eligibility guidelines. go to benefits.va. gov
The VA Home Loan program is one of the better benefits we as veterans receive. I should know, I have used this program to purchase my own home.

This is just one in series of information videos that details the VA Home Loan Program. I hope that the information in this one has been helpful.

As Always, If you have any questions, regardless of your location feel free to call or contact me. Thank you and God Bless.

Richard Garza Homes

VA home loans can be used to:
 
– Buy a home, a condominium unit in a VA-approved project
 
– Build a home
 
– Buy a manufactured home and/or lot
 
VA Home loan is a government guarantee for a portion of the home loan, it is not a guarantee that you will receive a loan.  You still need to have:
Suitable Credit.  Due to the government guarantee for a portion of the loan, this allows lenders greater flexibility on credit scores.  In today’s lending climate, most VA lenders require a score of at least 620. If your spouse will be obligated on the loan, he or she will need to hit the same benchmark.
The average FICO score for VA borrowers is 708, compared to 750 to 770 scores for conventional loans backed by Fannie Mae and Freddie Mac, respectively,
Sufficient Income to qualify for the amount you are requesting.
 
In order to…

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VA Home Loan Advantages

Kentucky VA Home Loans Guidelines | Kentucky VA Mortgage Home Lender

Richard Garza Homes

This last Memorial Day, my family was having a cookout with my granddaughter and her fiancee. They both qualify for VA Home loans and she asked my what some of the advantages of a VA Home loan over a conventional loan.
I produced this short video outlining the advantages of a VA Loan. This is the first in a series of short clips on the specifics of the VA Home Loan.
If you know anyone who qualifies for a VA Home Loan, please share. As a Veteran myself, this is one of the better benefits we get.

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Top Reasons to Consider a VA Loan As a Veteran

VA Funding Fee, VA Guidelines, VA Mortgage Rates | Tagged Active duty, Fort Knox, Kentucky, kentucky va loan, kentucky va mortgage, kentucky va rates, Lenders, louisville, louisville ky va mortgage, Mortgage, Mortgage loan, real estate, United States Department of Housing and Urban Development, United States Department of Veterans Affairs, usda, va, va home loan, VA loan, VA Mortgage, Veteran

standfordronald

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If you are a veteran, you should consider getting a VA loan. VA loans are offered the veterans by the federal government and they have significant advantages that normal loans do not provide. The VA loan program was started to make housing more affordable for today’s veterans. Those that honored our country in battle deserve a loan with a lower interest rate that’s guaranteed to provide you with financial assistance. Keep in mind, VA loans can only be offered by qualified lenders that are approved by the US Department of Veterans Affairs. Below, you will find why VA loans are popular among veterans and why they are a smart decision when you are just getting ready to buy your first home after leaving the military.

Long-term financial assistance to eligible American veterans

A VA loan provide long-term financial assistance to all eligible American veterans. If you are just leaving…

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How to boost your credit score for A Mortgage Loan Approval in Kentucky!

VA Loan Mortgage Pre-Approval Checklist

one full month’s worth of pay stubs
Last 2 years W-2′s
Last 2 years tax returns
Your VA Certificate of Eligibility (we can help you get this if needed, just need your dd214)
Last two months bank statements for all accounts

Louisville Kentucky Mortgage Loans

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Compensating factors may affect the loan decision for a Kentucky VA Mortgage Denial.

Kentucky VA Home Loans, Zero Down

Kentucky VA Home Loan Benefits, Kentucky VA Home Loans, Kentucky VA Loan Guidelines, Kentucky VA Loan Limits, Louisville Kentucky VA Home, Louisville VA Mortgage Rates

Louisville Kentucky Mortgage Rates

Fireworks from the riverfront in Owensboro, KY...

KentuckyVA Home Loans – A great Zero Down home loan program for Kentucky VETERANS. We provide VA home loans in all Counties of Kentucky, including Louisville, Lexington, Bowling Green,  Owensboro, Etown, Radcliff, and all Northern Kentucky Counties

VA Loans require no down payment and allow you to qualify for a more expensive home. Plus, today mortgage rates on VA loans are very low, making homes even more affordable.

The VA doesn’t actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan.

VA Home Mortgage Loan Advantages vs Other Mortgage Loan OptionsMilitary VA Home Mortgage Loan lender in Minneapolis St Paul MN Milwaukee Madison WI

VA home loans do not require a down payment, unless the purchase price is more than the appraised value or in excess of current loan limits.

VA home…

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Allowable and Non-Allowable Fees for VA Home Loans

ALLOWABLE CLOSING COSTS

A Veteran, Service Member or Surviving Spouse may pay any of the following reasonable closing costs and fees:

1% origination fee for purchase and cash-out loans, the origination fee is calculated using the total loan amount, including the financed funding fee
For IRRRLs, the origination fee is calculated using the payoff minus any cash payments by the veteran, if applicable
Reasonable discount points: Brokers may charge only those discount points required to buy down the loan interest rate – Correspondents/VA Automatic customers are exempt from this requirement, however, the discount points charged must be reasonable and customary
VA appraisal fee – The veteran may not pay a fee higher than the maximum allowable appraisal fee for the state in which the property is located – See VA Appraisal Fee Schedules
VA compliance inspector fees – only if required by the NOV (Notice of Value)
Recording fees
Taxes and stamps
Credit report fees – $50 credit evaluation fee may be paid in lieu of the credit report fee for automated underwriting approvals
Pre-paid items
Insurances (hazard and flood, when required)
Flood zone determination
Well and septic inspection fees
Survey, if required by lender or veteran, except for surveys of condominiums
Title insurance, title examination, title endorsement, title policy, title search
Environmental protection lien endorsement
Express mail fees for refinances if the saved per diem interest cost to the veteran will exceed the cost of the special handling – provide the Invoice if over $50
VA funding fee
Mortgage Electronic Registration System (MERS) fee
Closing protection Letter – not to exceed $35
Fraud protection report
Termite Inspection Fee/Repairs/Clearance Report provided the loan is a refinance
NON-ALLOWABLE BORROWER-PAID CLOSING COSTS

The Veteran, Service Member or Surviving Spouse may NOT pay any of the fees listed below, but the seller or lender may pay the non-allowable fees. However, if no origination fee is charged and the fee is not listed in the section below that itemizes fees the Veteran, Service Member or Surviving Spouse may never pay, the Veteran, Service Member or Surviving Spouse may pay non-allowable costs up to 1% of the purchase price. The Veteran, Service member or Surviving Spouse may also pay a combination of non-allowable fees and an origination fee, provided the combination does not exceed 1% of the purchase price.

The non-allowable fees are:

Attorney fees other than for title commitments
Lenders appraisals
Lenders inspections, except construction loan inspections and inspections required on the appraisal/NOV
Loan closing or settlement fees
Doc prep, underwriting, loan application, admin or processing fees
Assignment fees
Photographs
Interest rate lock-in fees
E-Mail, fax, copying, postage, stationery, telephone or other overhead charges
Amortization schedules, Truth-in-Lending fees, etc.
Notary fees
Escrow fees or charges
Commitment fees or marketing fees of secondary purchasers
Trustee fees
Fees charged by third parties, regardless of affiliation with lender
Tax service fees
Termite inspection fee for a purchase transaction
Attorney fee that benefits the lender
Broker fee
Brokerage fees or commissions charged by real estate agents or real estate brokers in connection with a VA loan when the payoff states a pre-payment penalty is due, veterans may pay pre-payment penalties out-of-pocket only
FHA/VA inspection fees for builders (Normal new construction inspections of the dwelling are permitted when required by the appraiser)
Any portion of the seller’s lien(s) or short sale fees
For purchase transactions, the cost of required repairs and inspections must be paid by the seller. This policy applies to all purchases, including purchases of REO properties. VA does not permit the veteran to pay for repairs other than minor termite damage repairs
VA Loan Limits for 2015: http://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

VA Home Loans Benefits & Eligibility: http://www.benefits.va.gov/homeloans/

Key Economic Indicators that Affect Mortgage Interest Rates: Housing Reports

Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance.

RPM Mortgage, Inc.

Row of houses

For the past couple weeks, we’ve been looking at how key economic indicators cause mortgage rates to move up and down, and why home owners, buyers and refinancers, should follow along. In this last installment of series, we take a look at three housing reports that indicate the health of the economy.

Case-Shiller Index

Home prices are a huge indicator of how the economy as a whole is performing. The Case-Shiller Index is actually comprised of four indices; the National Home Price Index, 20-city composite index, 10-city composite index and 20 individual metro indices. These indices track the changes in price for sales of the same single-family homes over time in large markets throughout the country. It is published on the last Tuesday of each month and has a two-month lag time, so the index released in March will show data from February and January.

The Case-Shiller Index tells us…

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