We specialize in Wheat Ridge VA Loans, helping Colorado Veterans and active duty military for over 12 years! Don't trust your home purchase or refinance to just any lender, this is one of the most important transactions of your life, it is important to work with a lender who understands the VA home buyer.
This article will explain some of qualification standards for VA buyers.
Certificate of Eligibility
The first thing you will have to do is verify your eligibility. You can either do this yourself through your VA benefits website or by mailing in a form to VA, or you can have a VA lender pull up your eligibility instantly. All you need in order to pull your COE is your DD214, or if you are active duty, you will need a signed letter from your commanding officer stating that you are serving in good standing.
Credit
Although VA is very lenient on credit standards, Wheat Ridge VA Loans do still require a minimum 620 credit score. In addition, you will have to be 2 years out of a bankruptcy (from discharged date), and 2 years out of a foreclosure or short sale (sheriff sale date in the case of a foreclosure).
Income
You must have a stable and adequate income that can be verified. Generally speaking, VA loans require a 2 year employment history and your total monthly payments compared to your monthly gross income must be below 43% (called debt-to-income ratio), although you may qualify with a higher ratio if you are strong in other areas.
Down Payment
There is no down payment required on Wheat Ridge VA Loans.
The VA Funding Fee is a one-time up-front charge that VA has in order to supply a master fund that compensates lenders in the event of foreclosures on the part of veterans. On our VA website, you can find a chart showing VA Funding Fees for any situation. Disabled veterans are exempt from the funding fee.
If you currently have a VA loan and what to lower your rate, the VA IRRRL can help you with looser underwriting standards, and in many cases, no appraisal. This is a fast and easy way to get your VA payment down.
For a no obligation consultation for your situation, and to get your questions about Wheat Ridge VA Loans, give us a call in the office!
Comments (0)Subscribe to CommentsComment