I'm a veteran, how can I improve my chances to get a VA home loan?

Real Estate Agent with Semper Find My Home SA649708000

I'm often asked by friends of mine who are veterans to help them out during the process of purchasing their home. I actually just helped a Special Forces buddy of mine yesterday qualify for a VA Jumbo loan to the tune of $700K, he's now working with Cindy Jones who I referred him to because of ActiveRain.  Keepin it in the familyI'm a veteran how can I improve my chances of getting a VA loan

Remember my fellow veterans, your VA home loan depends a lot on your Debt To Income ratio, more commonly known as DTI, and just like regular loans they determine whether or not you qualify and for how much. Take a look here at how it's determined.

Dodd/Frank laws that came into effect in 2014 dramatically changed the lending process and landscape for the entire industry, they now require lenders to ensure borrowers the "ability to repay" a mortgage.  DTI ratios among a plethora of other criteria have made qualifying for a loan a lot more stringent and difficult. Gone are the days of NINJA loans.....remember those?  No Income No Job/Assets?

The acceptable Debt To Income ratio for a VA loan is 41% and credit plays a huge factor. I've seen personally a veteran who was approved for a loan with a DTI ratio in the 60% range, however, the underwriter has to explain the reason behind approving the loan.  Not to say it can't be done.

So veterans, just because we're entitled to a VA loan doesn't mean we'll be approved for one. Work with your Realtor® who probably has excellent relationships with lenders.  At Semper Find My Home we have a dedicated VA lender and underwriter who only work with veterans.

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This Active Rain post is by Alex Popovic, for all your real estate needs please call 602-290-4266.

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Alex Popovic Real Estate Agent Phoenix, AZ (602) 290-4266

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Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Alex, Nice post!  It is good information for all of those who have served us!  Have a great night!

Feb 22, 2014 10:39 AM #1
Alex Popovic MRP
Semper Find My Home - Phoenix, AZ

Tony and Darcy,

Thanks for visiting and reading my blog.  Take care and have a stellar year

Feb 23, 2014 02:15 AM #2
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Alex I'm looking forward to helping your friend (keep his name out of it).  We just chatted again and looks like he is close to a decision on a new home.  I'll keep you updated and thank you again for thinking of me.

Feb 24, 2014 08:14 AM #3
Alex Popovic MRP
Semper Find My Home - Phoenix, AZ

Hey Cindy,

No problem I'm glad I could help.  We spoke yesterday, I think he's close to pulling the proverbial "trigger"

Feb 24, 2014 08:24 AM #4
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Alex Popovic MRP

Alex, Phoenix is huge can you help us find a place
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