FOR VA HOME LOANS

DISQUALIFICATIONS

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

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

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

VA ELIGIBILITY

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

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.

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

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

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

Eligibility requirements exclude anyone who has a dishonorable discharge.

CREDIT

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

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

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

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

INCOME

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

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

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

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.

BANKRUPTCY

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

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.

PREVIOUS FAILURES

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A failed VA loan experience in the past can

disqualify you.

You may have

a problem.

If the bank foreclosed on your last

VA-financed home.

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.

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

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.

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

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

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

… make sure you contact Jimmy Vercellino for more information.

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

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

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

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

VA LOANS FOR VETS

7702 E. Doubletree Ranch

Road, Suite 220

Scottsdale, AZ 85258

Phone: (480) 351-5904

Email: jimmyv@fcbmtg.com