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 http://www.valoansforvets.com/

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FOR VA HOME LOANS:

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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You may have a problem. If the bank foreclosed on your last VA-financed home. 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.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@fcbmtg.com

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