Are you eligible to receive low VA loan rates from NHL Lending in Tallahassee?
VA loans were created to help people who have served in our armed services, spouses of fallen soldiers, and current service members. To qualify for these loans certain requirements will need to be met such as:
• Serving at least 90 consecutive days during wartime
• Serving 181 days of service during peacetime
• Having served six years or more in the National Guard or the Reserves
• Being a spouse of a service member that died during duty or died as a result of a service related disability
In order to receive a VA home loan you must have a certificate of eligibility from the VA. This certificate is a formal document that explains what entitlement you have when it comes to this loan. If you do not have this certificate or are unsure of how to receive this certificate, our lenders at Nationwide Home Loans can help you get acquire this certificate. Obtaining this document usually does not take a long time and in certain cases you can start the application process before you have this form.
What are the income requirements and guidelines for VA home loans?
If you are wondering if you could receive a VA home loan with the amount of revenue that you have, then you should know that there is not an income threshold that you need to meet in order to use your loan benefits. When it comes to your income, the only thing that is required is that you have a stable and reliable monthly income that can cover all of your monthly expenses. Your monthly income will have to be able to pay different items such as:
• Mortgage payment
• All bills
• Leave you with extra money
The VA does require you to have a certain amount of income left over after you have paid all of your major bills including your mortgage payment. Your extra money that is left over monthly is the money that is there to take care of family needs such as:
• Doctor care
You may hear this extra money be referred to as residual income. By maintaining the requirement of their borrowers having residual income is one way that the VA is able to keep their foreclosure rates so low across the United States. It is important to the VA that you will not be struggling monthly to make ends meet and provide for your family. For this reason, they require you to maintain residual income monthly. You will also have to meet certain criteria when it comes to your debt, income, and credit requirements. You should know that your credit report will be pulled in order for your lender to fully understand what your debt to income ratio will be. Aside from the financial eligibility requirements there are other conditions that include:
• Not being dishonorably discharged
• Being in the service for the right length of time
• Being a spouse of a veteran
When you contact Nationwide Home Loans we can help you determine if you qualify for a VA home loan. If you do, then we will help you get started on your loan application immediately. The first step that you will want to take in your application process is getting prequalified for your VA loan. Our lenders will be able to help you get started on this first step. We can even help you acquire your eligibility certificate from the VA. After you prequalify for your home loan you will have a better idea of the loan amount that you can afford. Even though prequalification is not mandatory, it is a very good idea to prequalify for your VA loan. This is because it will make the whole loan process much simpler and easier to understand. After you prequalification, you will want to get pre-approved. This will allow sellers to know that you are serious about buying their home which will help them come down on their price during negotiations. Due to the fact that there is so much paperwork to fill out let us assist you so that you do not become overwhelmed. Again, both a real estate agent and a seller will take you much more seriously as a buyer if you have been pre-approved for a home loan. Let our lenders help your through the entire VA home loan process in Tallahassee.