If you're a veteran or active duty military member you should be interested in 4 Helpful hints to get a VA Loan.
The VA Home Loan is the best option for servicemen and women to get a house, if you already know the greatness of this amazing loan program, then you can click here to apply for preapproval, if not then feel free to read on and find out more about how awesome this program is for our military men and women. Now let's move on to those 4 Helpful hints to get a VA Loan:
#1 - Find out if you're eligible.
Darren Copeland, a VA Loan expert from Midwest VA Loans tells us that it's possible for all active duty military members to apply for a VA Loan. You are eligible if you have served for 6 m onths or if you're in the military reserve then you can qualify after 6 years (unless of course you've been deployed).
#2 - Get your COE or DD214.
COE is a military abbreviation for Certificate of Eligibility, it shows that you are able to recieve your VA Loan benefit. The DD214 is essentially the same documentaton for veterans of the armed forces. If you have a copy of either of these documents that is great, if not then we can help you get a copy of this when you start the loan process with us.
#3 - Stay Home!
This may be the most obvious of the 4 Helpful hints to get a VA Loan, but we don't want to assume. If you're using your VA Home Loan to purchase a home, it must be your primary residence, while you can use your eligibility more than once, you can't use it to purchase a second home. So plan on living in the house you're using your VA Loan Eligibility to purchase.
#4 - Plan on all the other Mortgage stuff too.
Just because you're getting a va loan with no down payment, and no mortgage insurance, (which is great!) you will need to qualify based on your income, your credit score and your debt-to-income ratio (AKA income vs. expenditures). There are minimum credit qualifications that you'll have to meet usually around 640 (as reported by the 3 major credit corporations.)
If you need ANY help with getting a VA Loan or you just have questions about the VA Home Loan program please call us 816-268-4025 or visit us on the web at Midwest VA Loan or consider our Lee's Summit/Kansas City specific site KC Loan Tips. If you follow these 4 Helpful hints to get a VA Loan you'll be smooth sailing in the mortgage process.