www.phhonline.comThere are definitely more advantages of a VA loan over a non-VA
loan. Like for example, you do not have to pay the down payments unlike
the non-VA loan or you do not even have to insure your mortgage unlike
the other mortgage loans. Also VA loans have much lower rates of
interest as compared to the non-VA loans. All this obviously sum up to a
huge amount of savings in a year. Definitely this mortgage loan is very
lucrative. But there are certain criteria that you have to fulfill
before you qualify for a VA loan. Let us see what they are.
Before you see whether you qualify for VA loan or not you have see whether you are even eligible for it. For this you have to obtain a Certificate of Eligibility from the VA department of United States. To obtain this certificate you have to fill up a form called the VA Form 26-1880, Request for a Certificate of Eligibility for Home Loan Benefits. This form is available online at the VA Home Loan government website. After filling the form you must submit it along with your other military documents at a VA Eligibility Center. Other than that there are many lenders who have access to the Certificate of Eligibility through internet and they can easily process your request online and check if you are eligible for it or not.
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There are few guidelines for the eligibility. First you should have served for a minimum period of 90 days during wartime or a minimum of 180 days during peacetime. You are discharged from the services under no dishonorable circumstances, you are currently in job. Or you are surviving spouse of a veteran who died during service or due to injuries during the service period and you are not remarried. Even if you meet all these criteria it does not necessarily mean that you qualify for a VA loan.
Like every mortgage lender the VA loan lenders will also scrutinize your credit history although they have more relaxed criteria as compared to the normal lenders. So even if you have not so good credit score but have all your bill payments up to date over a period of the last one year you can qualify for this loan. Basically they look for timely repayment options by you. Moreover even if you have declared bankruptcy in the past it does not disqualify you from its approval.
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They will analyze the circumstances under which you had to declare it like sudden business failure or is it due to carelessness in money management. Bottom line is they will see your credit history before you declared bankruptcy to make out whether it was under genuine circumstances or not and they approve it under genuine circumstances. And also the period when you are applying for this loan that is minimum of two years after declaring bankruptcy.
They will see that you had a stable employment history for at least the last two years and currently employed with a steady job. Also they will check whether you can easily afford to repay the debts in time and to its completion or not. And last but not the least you have a genuine need for it like for purchasing house, townhouse or any other mentioned reasons in the criteria.
Before you see whether you qualify for VA loan or not you have see whether you are even eligible for it. For this you have to obtain a Certificate of Eligibility from the VA department of United States. To obtain this certificate you have to fill up a form called the VA Form 26-1880, Request for a Certificate of Eligibility for Home Loan Benefits. This form is available online at the VA Home Loan government website. After filling the form you must submit it along with your other military documents at a VA Eligibility Center. Other than that there are many lenders who have access to the Certificate of Eligibility through internet and they can easily process your request online and check if you are eligible for it or not.
www.phhonline.com
There are few guidelines for the eligibility. First you should have served for a minimum period of 90 days during wartime or a minimum of 180 days during peacetime. You are discharged from the services under no dishonorable circumstances, you are currently in job. Or you are surviving spouse of a veteran who died during service or due to injuries during the service period and you are not remarried. Even if you meet all these criteria it does not necessarily mean that you qualify for a VA loan.
Like every mortgage lender the VA loan lenders will also scrutinize your credit history although they have more relaxed criteria as compared to the normal lenders. So even if you have not so good credit score but have all your bill payments up to date over a period of the last one year you can qualify for this loan. Basically they look for timely repayment options by you. Moreover even if you have declared bankruptcy in the past it does not disqualify you from its approval.
www.phhonline.com
They will analyze the circumstances under which you had to declare it like sudden business failure or is it due to carelessness in money management. Bottom line is they will see your credit history before you declared bankruptcy to make out whether it was under genuine circumstances or not and they approve it under genuine circumstances. And also the period when you are applying for this loan that is minimum of two years after declaring bankruptcy.
They will see that you had a stable employment history for at least the last two years and currently employed with a steady job. Also they will check whether you can easily afford to repay the debts in time and to its completion or not. And last but not the least you have a genuine need for it like for purchasing house, townhouse or any other mentioned reasons in the criteria.