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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 at a VA home loan. This loan gives the buyer the opportunity to buy a house without money. They may not be required to pay mortgage insurance every month. There may be limits on closing costs paid by the buyer. And an appraisal that defines the value of the property can also be provided.
How Much Time Is Required?
Answering this question with any accuracy 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 admissions process and getting pre-admission is one of the ways to reduce the closing time. Pre-approval means that the person has met the basic requirements of the lender before starting the process. The timetable for the seller to move out and the buyer to move in can affect the closing time. An agreed migration date can make the process longer or shorter. VA testing plays a role. If the adjuster can make the loan based on the necessary repairs, the closing date can be extended by weeks and sometimes months. After the appraisal, the VA loan must go through an underwriting process. This is the last step. The need for more documents or to resolve eligibility issues may cause the closing date to be extended.
How much income do I need to make to be approved?
When someone applies for a VA home loan, they will hear about a formula known as the debt-to-income ratio (DTI). The DTI takes the VA applicant’s monthly loan payments and compares them to their total monthly income. The lender will focus on monthly debts such as housing costs, unsecured debts and more. The average DTI ratio for VA loans is about 41 percent. When it’s more, the lender may want additional financial information. If a person has a high debt-to-income ratio, they should not give up. Some lenders will offer VA loans with higher DTI ratings.
How long do I need to be on the job 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 a Certificate of Eligibility requirement. This certificate is issued by the Veterans Administration. It is proof that a person is eligible for a VA loan. It does not guarantee that a person will be approved for a loan. The length of time required for active duty is determined by when a person is in the military. A person who served in the Gulf War must complete 24 months of active duty or a minimum of 90 days and receive one without a wrongful discharge. An individual will be eligible if he has worked for less than 90 days but has a service-connected disability. To learn the specific length of service requirements for VA loans, contact the Veterans Administration.
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