"Ask The Experts," appears in

The Press of Atlantic City's

Friday Real Estate section,

Real Estate Connection!

Hello,

I have been interested in buying a home in Galloway Township, my husband and I are first time home buyers.  We have been renting for the past two years and are running out of room.  My husband is a veteran and has the VA loan. Our credit report is fair but we are working to improve it.  I have no idea who to talk to for advice on how to get a mortgage with our credit.  Can you please help?  Any advice? Thank you for your time, Elaina

Dear Elaina: 

You are among the fortunate millions of veterans and service personnel eligible for VA financing when purchasing a home. For those who qualify, there are several benefits to getting a VA guaranteed mortgage.  These loans are often made without any down payment at all, and frequently offer lower interests rates than ordinarily available with other kinds of loans.  Additionally, no monthly private mortgage insurance is required.  To maximize your VA eligibility to purchase a home, you need to contact a VA approved and certified lender to guide you through the process.  We have a number of experienced VA lenders in the Atlantic County area.  Your Realtor will be able to give you several suggestions. 

According to VA guidelines, borrowers and/or their spouse must qualify according to set debt ratios used to determine whether the borrower can reasonably be expected to meet the expenses involved with home ownership. 

Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. The VA approved lender will start by verifying your income and assets, and obtain a credit report.  VA loans are often considered more "credit forgiving".  However, after analyzing your income to debt ratio, should you need additional "credit repair", an experienced mortgage lender will be able to guide you through the process and get you on the road to home ownership. 

Answer Submitted by: 

Karen Komo

Realtor Associate

Keller Williams Atlantic Shore