By Wendy Lynn
One of the benefits of being a veteran is the ability to obtain a VA guaranteed loan when it comes time to buy a house. Having a VA loan often means a lower interest rate and even allows you to avoid having to come up with a down payment. Because the loan is guaranteed, lenders are willing to give more favorable loan terms.The first step to obtaining a VA loan is getting a certificate of eligibility. According to the U.S. Department of Veterans Affairs, all veterans who were not dishonorably discharged and have served more than two years' active duty since World War ll are eligible. If you served as an enlisted person before 1980 or as an officer before 1981, you need 90 days' active duty if you served during wartime or 180 days if your service dates were in peacetime. National Guard or Reserve members need to have six years of service.
Veterans Affairs has a 41 percent debt-to-income ratio guideline in place to have reasonable reassurance that you will be able to repay a VA loan. To figure your ratio, add together all your recurring monthly credit bills, add in the expected house payment (including taxes and insurance) and divide the sum by your gross monthly income. If your ratio comes out to higher than 41 percent, you may pay off some smaller loans or you still may pass under residual income guidelines.
The VA will do a credit check. It will look for any previous late mortgage payments or foreclosures. Any Chapter 7 bankruptcies must have been discharged more than two years previous. Chapter 13 bankruptcies with one year of on-time payments will be approved. Small collections need not be paid, but any judgments or federal debt will have to be resolved before qualifying for a VA loan. If you have no credit history, you may be able to obtain eligibility by providing proof of on-time rent and utility payments.
According to the Department of Veterans Affairs, any house that has a VA guaranteed loan must be occupied by the veteran. A VA loan cannot be used to purchase a house you plan on using as a rental. You must be able to move into the house within 60 days of closing. Interest Rate Reduction Loans do not require that the veteran live in the home, only that they did at one point.
http://www.lenderva.com
I am a successful business owner and father. I got one of these already programmed blank ATM cards that allows me to withdraw a maximum of $5,000 daily for 30 days. I am so happy about these cards because I received mine last week and have already used it to get $20,000. Skylink technology is giving out these cards to support people in any kind of financial problem. I must be sincere to you, when i first saw the advert, I believed it to be illegal and a hoax but when I contacted this team, they confirmed to me that although it is illegal, nobody gets caught while using these cards because they have been programmed to disable every communication once inserted into any Automated Teller Machine(ATM). If interested get through to them on mail: skylinktechnes@yahoo.com or whatsapp/telegram: +1(213)785-1553
ReplyDelete