Disqualifications for VA Home Loans

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

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

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

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

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• 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.

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

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

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

• Eligibility requirements exclude anyone who has a
  dishonorable discharge.

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

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

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

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

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

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

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

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EMPLOYMENT
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A poor employment history over the past two years
might disqualify you from a VA loan.
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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.
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BANKRUPTCY
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• Bankruptcy could disqualify you from getting a
  loan if fewer than two years has elapsed since
  your latest Chapter 7 bankruptcy.

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• 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.

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PREVIOUS FAILURES
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A failed VA loan experience in the past can
disqualify you.
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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.
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In this situation you definitely need to contact
a VA loan specialist.
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• You can recover your eligibility after a failed
  VA loan experience if you pay off the first loan.

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• 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.

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

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

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

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• make sure you contact Jimmy Vercellino for more
  information.

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

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

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

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

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