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Top 5 Tips For Getting VA Loans
As a Summit Lending Huntington Beach Mortgage professional, offering VA Loans is something that I take great pride in. If you have previously served our country in any manner: thank you.
As you may know, VA Loans have several benefits to offer. For example, a zero-down payment and no mortgage insurance are two obvious benefits. However, just because you are eligible to receive a VA Loan doesn’t mean you will be approved for one.
Much like your traditional loan, you still must go through a process in order to get approved. To help with this, I’ve compiled a list of the top five tips for getting a VA Loan.
1. Begin Without a Certificate of Eligibility
Believe it or not, you don’t need to have your COE on hand to get the process rolling. You will need this at some point during the process, but it is not a requirement when beginning. So, by initiating the loan process without your certificate can save you some time right from the get-go.
2. Know the Requirements for Occupancy
To get a VA Loan you are going to need to reside in the main home (primary residence) within 60 days of closing the loan. This is an important rule to know as it can present several hurdles if not properly done.
3. Understand Your Credit Report
This one may seem obvious, however, it’s very important. As it is with any type of loan, your lender will need to see your credit report to ensure that you can in fact afford to purchase a home. One benefit of this with VA Loans is that you are not required to have a perfect (or even great) credit score! That being said, if you do have a good credit score, you may be able to lock in your mortgage at an even lower rate than someone with a lower score could.
4. What Are The “Proper” Uses?
It is no secret that the VA wants veterans like you to use the VA Loan process to purchase a home or to refinance. Long story short, a VA Loan isn’t for purchasing investment properties or any other types of properties that could produce a secondary income. If you are using VA to apply for a loan other than to refinance or purchase, you may have more trouble doing so as it isn’t the main focus of the VA.
5. Own A Reliable, Steady Income
As is with all loans, lenders want to work with people who they can trust to pay off their loan. That’s why having a reliable, steady income is something that lenders are always looking for when people apply.
The VA’s debt-to-income ratio that they want you to have is at or under 41%, although it isn’t a number that’s set in stone. Generally, working at the same place for more than two years is what the VA is looking for, although this can greatly vary depending on the lender.
If getting a VA Loan is something that you are eligible for and are interested in, allow me to help you secure it. As a Huntington Beach mortgage professional, I have several years of experiences helping veterans like you get the right mortgage at the best deal.
For more information on how I can help, contact me now!