VA Loan Eligibility
Are you an Armed Forces Veteran or a current Military Service Member in the market to purchase a home or refinance an existing? If so you may be eligible for a Low Interest VA Loan. With your VA Loan Eligibility you can buy a home with money down, or refinance up to 100% of your homes value, and never pay mortgage insurance all while taking advantage of historically low interest rates. Best of all we are here every step of the way to keep you informed and to make sure you have a pleasant mortgage experience from start to finish.
The fastest and easiest way to find out if you qualify is by contacting Ryan Larsen, the VA Loan Expert at 800-379-0386 or 402-871-2985. It doesn’t cost you anything and there is no obligation to see if you qualify. Below are a few of the requirements necessary to obtain VA Loan.
Download a Checklist or Eligibility Form
In most cases for a veteran or active service member to meet VA loan eligibility requirements they will need to meet any of the following:
- 6 Years of Reserves or National Guard Service
- 181 Days of Peacetime Active Duty
- 91 Days of Wartime Active Duty
If you meet any of the above requirements, chances are you will be eligible for VA financing. To ensure your eligibility for VA financing contact Ryan Larsen and he can assist you with completion of your Certificate of Eligibility request or VA Form 26-1880.
When VA underwriters review and calculate your income there are two approaches they use to determine if you have the ability to repay your loan. The first approach they use is calculating your residual income. Calculation of residual income allows the underwriter to determine how much money you have left over on a monthly basis after you pay normal daily living expenses such as your mortgage payment, income taxes, and other consumer debts. The second approach used is the debt-to-income calculation commonly referred to as DTI. The DTI calculation is a ratio of your total debt and total gross monthly income. Your DTI should not exceed 41%, but can be with compensating factors.
Although the VA does not insist upon a minimum credit score, many lenders require a 640 credit score. Regent Financial is proud that we can approve you for a VA loan with a credit score as low as 600. VA underwriting is very understanding in past credit troubles that may exist. In fact you may even qualify if you had a past bankruptcy.
VA Certificate of Eligibility
In order to process your VA Loan we will need to receive your VA Certificate of Eligibility. Obtaining your Certificate of Eligibility is a very simple process. As an approved VA lender we can obtain your certificate of eligibility through the VA’s Automated Certificate of Eligibility System. With the completion of VA Form 26-1880 and a copy of your DD Form 214 we will be able to obtain your Certificate of Eligibility.