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Obtaining a VA Home Loan

When someone has served in the military and wants to buy a home, one of the first things they should do is look into a VA home loan. This loan allows a buyer to purchase a home without any down payment. They may not need to pay mortgage insurance every month. There may be a limit on closing costs paid by the buyer. And an appraisal detailing the property’s value can also be provided.

How much time is needed?

Answering this question honestly can be difficult. Most VA loans can be closed within 45 days. This is common in the mortgage industry. There are a number of steps in the approval process and pre-approval is one way to shorten the closing time. Pre-approval means that a person has met the lender’s basic requirements for a loan before starting the process. The time it takes a seller to leave the home and a buyer to move in can affect closing time. An agreed transfer date can make the process longer or shorter. VA ratings also play a role. If the appraiser issues a loan based on necessary repairs, the closing date can be extended by weeks and sometimes months. After an evaluation, the VA loan must go through an underwriting process. This is the last step. The need for further documentation or resolution of eligibility issues may result in the closing date being extended.

How much income do I have to make to be accepted?

When someone applies for a VA home loan, they will hear about a formula known as the debt-to-income (DTI) ratio. DTI takes the VA loan applicant’s monthly loan payments and compares them to their gross monthly income. Lenders will focus on monthly debts such as housing costs, bad debts and more. The standard DTI rate for a VA loan is about 41 percent. When it is more, the borrower may ask for additional financial information. If a person has a high debt-to-income ratio, he should not give up. Some lenders will provide a VA loan with higher DTI rates.

How long do I need to be on active duty to get a VA loan?

The first step in applying for a VA loan is to complete and submit VA form 26-1880. This is how to request a Certificate of Authority. This certification is provided by the Veterans Administration. It is proof that a person is eligible for a VA loan. It does not guarantee that someone will be approved for a loan. The length of time required on active duty is determined by the length of time an individual has been in the military. A person who served in the Gulf War must have completed 24 months of continuous active duty or at least 90 days and receive a discharge other than a dishonorable discharge. A person will be eligible if they serve less than 90 days during this time but have a service-connected disability. To learn the specific service requirements for a VA loan, contact the Veterans Administration.

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