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What is a VA loan?
The VA loan is a great opportunity for veterans to achieve the purchase of their own dream house since 1944, when the country knew this program. The VA loan provides to veterans a federally guaranteed home (the guaranty means the lender is protected against loss if you, or a later owner fails to repay the loan), with no down payment. The Department of Veterans Affairs, is the one whom establish the rules of VA loans for those who may qualify, and dictate the terms of the mortgages offered, and insure VA loans against default. This special loan program designed specifically for veterans will be able to issue it any VA approved lender. VA loan makes buying a home extremely attractive for those who have served in the military. VA loans also offer feature flexible requirements, no private mortgage insurance (PMI), and extremely competitive mortgage rates. Best VA Loan Lender
A VA loan has flexible requirements. But private lenders who finance the home purchases have an additional set of criteria a potential applicant must qualify; including debt, income and credit requirements, as well as examine your debt-to-income ratio. Choose the Best VA Loan Lender in Miami: choose us.
Lender’s Credit Limit:
All the VA home loans have their own approval guidelines. VA home loan guarantee which lenders like. VA loans also require the lender to verify if the applicant has a responsible, stable credit history with reliable income that will cover monthly expenses, including their new loan payments. But it does not require a minimum credit score. Lenders however, do use credit scores when approving VA loan applications. Most lenders require a minimum score of 620 to 640.
Additionally, the VA requires that applicants maintain a certain amount of income left over each month after they pay all their expenses. The excess is meant to cover typical family needs, such as food, transportation and so forth and is referred to as residual income. By enforcing residual income requirements, the VA increases the chances of its applicants earning sufficient income to meet all financial obligations. And also ensures applicants have a cushion in the event of an emergency.
Debt-to- Income Ratio:
Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the payments you make every month to repay the money you borrowed. To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions you took out. For example, if you pay $1000 a month for your mortgage; and another $150 a month for an auto loan and $350 a month for the rest of your debts, your monthly debt payments are $1500. ($1000 + $150 + $350 = $1500) If your gross monthly income is $5000, then your debt-to-income ratio is 30 percent. ($1500 is 30% of $5000.)
Evidence from studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. The 43 percent debt-to-income ratio is important because. In most cases, that is the highest ratio a borrower can have and still get a qualified mortgage.
How to Choose the Best VA Lender?
The first and foremost requirement when selecting a lender for your VA loan is the lender’s status with the VA directly. Practically every single mortgage company offers the same suite of conventional mortgage loans; those underwritten to Fannie Mae and Freddie Mac guidelines. Those make for the lender’s main mix of loan programs. At the same time, those very lenders can also offer a VA home loan as well.
But if the VA doesn´t approve the lender, you should avoid that lender and find one that the VA approved. A VA approved lender understands the intricacies of the VA program; and it can shepherd your VA loan application through the approval process much easier. Approved VA lenders have the independent authority to not only accept your VA loan application; but to order the appraisal, underwritten the loan according to VA standards and complete the entire process in-house without third party intervention.
Some lenders who may offer a VA loan merely take your loan application; then forward the application to yet another lender who approved the VA loan. The organization approves the VA loans in a similar way as other loan programs; but they do have their own guidelines that others don’t have. When a loan officer accepts a VA loan application that isn’t aware of all the VA rules; it’s possible that they reject your application needlessly during the approval process or worse; it could turn it down when the loan could receive an approval by using a VA lender.
Do you want to choose the best landing VA institution?
Choose a VA lending institution that can manage your home loan. A lender can help you review your credit history and determine how much of a loan you can qualify for. Be aware that different lenders have different closing costs and other fees, so it pays to shopping around. Also seek for a lender who cares and connect with your own real needs and your family’s. Choose the Best VA Loan Lender in Miami: choose us.