Download - Disqualifications for VA Home Loans
Understand the disqualifications for a VA loan, so you know whether this type of loan will work for you.
VA loans provide advantages that help veterans buy homes, so restrictions exist that ensure only selected people can qualify.
Learn about the disqualifications for a VA loan here, so you can either become qualified or consider other options.
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.
Eligibility requirements for reservists include either six years or longer time in service.
Eligibility requirements exclude anyone who has a dishonorable discharge.
Your credit score might disqualify you from getting a VA loan. Depending on the current lender environment, your credit requirement might vary.
In many situations, you need a credit score of at least 620 to move forward with your loan application.
If your credit presently disqualifies your loan, you can spend some time improving your credit before you reply.
You must have verifiable income that can cover your mortgage payment, with enough residual income to meet household expenses.
Income requirements vary depending on the amount of your loan and the location of the house you want to buy.
If your income disqualifies you, work on finding ways to increase your income before filing a new application.
Content here
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.
Bankruptcy could disqualify you from getting a loan if fewer than two years has elapsed since your latest Chapter 7 bankruptcy.
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.
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.
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.
You might need to submit a particular form and fulfill other requirements before you can re-qualify for full or partial eligibility.
He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area …
Be a proud homeowner today. For more details call 480-351-5904 or visit the site http://www.valoansforvets.com/
VA LOANS FOR VETS
7702 E. Doubletree Ranch
Road, Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: [email protected]