Your Questions About Va Home Loan Requirements

Admin answers:

First you’ll need to get your credit scores on the mend. For credit repair, you can do it yourself by reading up on it at www.CreditBoards.com . If you would rather hire a professional credit repair, we can refer you to a reputable firm that can help you clear your credit up in about 90 days. In the meantime, you will also want to start re-building your credit with secured credit cards. One or two should be sufficient to get started, but make sure that the card(s) you get report to the credit bureaus as unsecured revolving credit cards.

Admin answers:

A copy of DD-214 (the one where they say, “sign this and you’re a civilian!”) or whatever it is that certifies eligible active service . Honorable or General discharge are required if you’re out, not undesirable (or worse). If you’ve got 10% or greater disability, VA funding fees are waived. You can have more than one VA loan going, but the aggregate limit is $417,000 or less (current conforming loan limit- which can vary by state or county). The VA loan is unique in its ability to roll up to 3% closing costs into the loan, making things like “$1 down payment” possible.

Admin answers:

VA streamlined mortgage refinance would look at your credit report to see if there are things that would disqualify you for the mortgage loan you would apply for. Even though the VA seldom use the credit scores for evaluation they are indeed looked at.

You might still refinance your current mortgage, you would need to contact a VA mortgage lender, explain to them you would want a mortgage only refinance. This type mortgage would cause the lender to place more weight on the mortgage payments you have payed each month in the past two years. You may even have 1 or 2 30 day late payments.

If you have not missed a payment in 2 years you would have more weight the longer you have gone without missing a mortgage payment.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

Admin answers:

From: http://www.benefits.va.gov/homeloans/elig2.asp

Gulf War – Service during period 8/2/1990 to date yet to be determined

If you served on active duty during the Gulf War, you must have:

• Completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable, or
• Completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early Out), or have been determined to have a compensable service-connected disability, or
• Been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.

Admin answers:

The sellers do not have to pay your closing costs, however they are permitted to contribute up to 6% if they wish. Just like with any loan however, the seller will have their own closing cost to pay (non-allowables that the veteran cannot pay). These include things like processing fees, loan origination, admin, doc fees, commission, termite inspection, etc. The seller however is not required to pay fees that will exceed 1% of the purchase price. Hope this helps