Real Estate & Staging News

VA LOANS

October 11th, 2012 1:45 PM by Francine Jeffers C.B.R., S.R.E.S.,A.S.P.

     COMMON QUESTIONS for VA LOANS

 

1.           WHAT IS THE MAIN BENEFIT FOR VA LOANS ?   

 FINANCING UP TO 100 PERCENT OF PURCHASE PRICE

 

2.          WHAT ARE THE BENEFITS OF THE VA LOAN ?

 VA LOANS ARE GOVERMENT BACKED

 

3.         AM I ELIGIBLE FOR A VA LOAN?

 IF YOU ARE SERVING IN THE MILITARY OR HAVE BEEN              HONARBLY  DISCHARGED, YOU HAVE MOST LIKELY EARNED THE RIGHT TO USE THE VA LOAN. ACTIVE DUTY MEMBERS NEED 90 DAYS DURING WARTIME OR 180 DAYS DURING PEACETIME. RESERVISTS MUST COMPLETE THEIR 6 YR COMMITMENT TO BE ELEIBLE FOR VA LOAN BENEFITS.

 

4.  PRE QUALIFICATION IS A LOOK AT YOUR CREDIT AND     INCOME &  DETERMINES YOUR PURCHASE POWER.

 

5.      WHAT CREDIT SCORE DO I NEED TO QUALIFY FOR A VA LOAN

TYPICALLY , A CREDIT SCORE OF 620 IS REQUIRED TO OBTAIN A VA LOAN. BUT DEBT TO INCOME RATIO PLAYS AN IMPOTANT PART ALSO.

 

6.     WHAT IF I AM NOT ABLE TO QUALIFY?

GREAT TIME TO TALK TO A LENDER AND GET EVERYTHING IN ORDER EITHER NOW OR DOWN THE ROAD.

 

 

 

 

 

 

Posted in:General
Posted by Francine Jeffers C.B.R., S.R.E.S.,A.S.P. on October 11th, 2012 1:45 PM

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