If you are a military veteran with at least 180 days of service, active duty, reserves, retired, or you were honorably discharged after a few years of service, you are eligible for a VA guaranteed, zero down payment ($0) home loan.
Because the loan is guaranteed by the Veterans Administration, the interest rate on VA loans at any moment in time is 1/4% to 1/2% below conforming Fannie Mae loans.
VA loan have less stringent guidelines than conforming loans. Working at three different companies over the past two years is not an issue, so long as you were/are working in the same field or following the same career path.
Most mortgage companies will underwrite a VA loan with the borrower having a credit score as low as 620. Maybe you had a messy divorce that dragged your scores down, or perhaps you have a lot of student loan debt.
The VA has empowered mortgage companies with common sense underwriting guidelines. For example: A borrower has been paying all of her bills, and her $2,600 rent on-time every month for the past eighteen months, but her debt to income (DTI) ratio is is pushing the upper limit for qualifying. Her house payment on the house she wants to own will be $2,246. That's a monthly savings of $354 with the house payment and a lower DTI. Loan approved. That's common sense underwriting.
Watch the video to find out how a veteran can buy a home with $0 down payment, $0 closing costs, pay no points, and get cash back at settlement, then call me to talk about how you can get a home of your own in Northern Virginia with your VA home loan benefits: 703-677-1120.
Specializing in Prince William County
EXIT Realty Associates
8998C Lorton Station Blvd
Equal Housing Opportunity
Lorton, VA 22079