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

By
Real Estate Agent with Semper Find My Home SA649708000
https://activerain.com/droplet/4cg8

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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Rainmaker
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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
Rainer
91,207
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
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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
Rainer
91,207
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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Rainer
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Alex Popovic MRP

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