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Qualifying for a VA Home Loan

Qualifying for a VA HOME LOÀN 00000000 FOR STALE ool 00000 O0000 000 000 00 00000e A 000 00 00000 00000 000 00 000 000 000 The VA loan program is a benefit that is afforded to certain previous and current members of the US Armed Forces. VA Home Loan Qualifications will vary depending on length and type of service. Bad Credit & VA Loans Qualifying for a VA Home Loan may have some additional limited restrictions to those veterans with bad credit, but these restrictions are far less difficult to overcome than for those individuals applying for a conventional loan. Past Due You should be considered eligible as long as you have not defauted an a loan in the previaus 12 months If you have bad credit, you may be further restricted for using the loan only for purchasing personal residences located within the United States or within its outlying territories. You can even have filed far bankruptcy as long as it was not within the past two years VA Home Loan Qualifications will also require you to prove that you have gainful employment and a steady income 100 VA loans can be used to a buy single-family home, townhouse, duplex, condo, a prefabricated home with a permanent foundation, or even for financing new construction. Is the Process for Qualifying for a VA Home loan Difficuli? The VA loan is no more difficult than applying for a standard bank loan However, the VA Home Loan Qualifications are very often much easier to meet than for those of a conventional home loan VA loans offer benefits such as No money down 100% home sellers pay competitive interest rates closing costs no penalties for early repayment Financing What is the Process for Qualifying for a VA Home loan? The VA Home Loan Qualifications will generally be based upon the amount of time that you were in service and whether you are on active duty or reserve status. Surviving spouses of deceased veterans who died in the line of duty or as a result of an in jury received in line of duty are usually also eligible for a VA loan, as long as they have not remarried. Current members of the reserve services can even qualify for a VA loan as long as they have met the minimum requirement of six years of service In some cases, remarried spouses older than fifty-seven years of age as of December 16, 2003 may still find qualif ying for a VA Home Loan as easy as filling out the paperwork. Before you rule yourself out, contact a local real estate agent who is well versed in working with the military. ©Anita Clark Realtor® Source

Qualifying for a VA Home Loan

shared by anitaclark on Mar 27
Qualifying for a VA Home Loan can be a scary experience, especially if you have a low credit score or negative marks on your credit report. VA loans are not based solely on your credit score, and ther...


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