Disqualifications For VA Home Loans

1
(No Transcript)
2
FOR VA HOME LOANS
DISQUALIFICATIONS
3

• Understand the disqualifications for a VA loan,
  so you know whether this type of loan will work
  for you.

4

• VA loans provide advantages that help veterans
  buy homes, so restrictions exist that ensure only
  selected people can qualify.

5

• Learn about the disqualifications for a VA loan
  here, so you can either become qualified or
  consider other options.

6
VA ELIGIBILITY
7

• Before you can apply, you must first establish
  your eligibility.

8

• To receive consideration, you must have had a
  minimum of 90 days of wartime military service or
  a minimum of 181 days of peacetime active duty
  service.

9

• Surviving spouses of veterans also can apply if
  they have not remarried.

10

• Surviving spouses of veterans also can apply if
  they have not remarried.

11

• Eligibility requirements for reservists include
  either six years or longer time in service.

• Eligibility requirements exclude anyone who has a
  dishonorable discharge.

12
CREDIT
13

• Your credit score might disqualify you from
  getting a VA loan. Depending on the current
  lender environment, your credit requirement might
  vary.

14

• In many situations, you need a credit score of at
  least 620 to move forward with your loan
  application.

15

• Additionally, a substantial credit and payment
  history over the past year can help secure a loan.

16

• If your credit presently disqualifies your loan,
  you can spend some time improving your credit
  before you reply.

17
INCOME
18

• You must have verifiable income that can cover
  your mortgage payment, with enough residual
  income to meet household expenses.

19

• Income requirements vary depending on the amount
  of your loan and the location of the house you
  want to buy.

20

• If your income disqualifies you, work on finding
  ways to increase your income before filing a new
  application.

21
EMPLOYMENT
22
A poor employment history over the past two years
might disqualify you from a VA loan.
23
Unless you can prove exceptional circumstances,
that will change the minds of loan officers, you
will need to have a stable employment history
before submitting your application.
24
BANKRUPTCY
25

• Bankruptcy could disqualify you from getting a
  loan if fewer than two years has elapsed since
  your latest Chapter 7 bankruptcy.

26

• A Chapter 13 bankruptcy might disqualify you, if
  fewer than one year has passed since you filed,
  or if you performed poorly while paying for it.

27
PREVIOUS FAILURES
28
A failed VA loan experience in the past can
disqualify you.
29
If the bank foreclosed on your last VA-financed
home.
You may have a problem.
You voluntarily surrendered your property in
advance of foreclosure.
You received a compromise claim approval.
30
In this situation you definitely need to contact
a VA loan specialist.
31

• You can recover your eligibility after a failed
  VA loan experience if you pay off the first loan.

32

• You might have partial eligibility available to
  you if you did not borrow the full amount
  available to you when you received for your first
  loan.

33

• You might need to submit a particular form and
  fulfill other requirements before you can
  re-qualify for full or partial eligibility.

34

• Again, this is a time when you need the help of a
  specialist.

35

• If you have questions concerning your eligibility
  or your qualifications for a VA home loan

36

• make sure you contact Jimmy Vercellino for more
  information.

37

• Jimmy Vercellino, VA Loan Specialist helps
  veterans obtain the loans they are entitled to.

38

• He served in the United States Marine Corps, and
  now devotes himself to the Veteran home buyer in
  the Phoenix area

39

• fulfilling a passion of his while at the same
  time helping others achieve home ownership.

40

• Be a proud homeowner today. For more details call
  
• 480-351-5904 or visit the site http//www.valoansf
  orvets.com/

41
VA LOANS FOR VETS 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com