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Are you looking forward to buying a house this year? Then you’ll need to find the best mortgage that can help you make your dream home purchase a reality. If you’re a veteran or is still on service, what is your go-to choice for home loans?

Service members, veterans, and their spouses seeking financial help in buying a house can take advantage of a VA Loan Laredo. This mortgage type is only offered on individuals such as you. By applying for a VA Loan, you get to enjoy the following perks.

  • 100% Financing (No down payment required)
  • No Private Mortgage Insurance Fees
  • No Maximum Loan Limit
  • No maximum DTI Ratio
  • Low-Interest Rates

As for the loan amount limits, this will depend on the state you’re in. As of 2019, you can get a maximum of $484,350 loan amount. For some high-cost areas, you can get as high as $726,525.

VA loans also offer assistance to those who are struggling to meet their monthly mortgages. They will try to do everything they can to help you fight foreclosure.

But what do you need to qualify for a VA Loan Laredo?

Eligibility Requirements

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Veterans and service members are the ones who can apply for a VA Loan. To qualify, you must meet the basic service requirements set by the Veterans Affairs Department. As for the spouses of those who served the military, you may also be eligible for a VA loan.

Veterans Administration Certificate of Eligibility

You can start applying for a mortgage loan even without your VA COE. However, you will still need this for the VA Loan Laredo. This certifies your length of service as well as your character of service, proving you’re eligible for the loan. There are three ways on how you can apply for a VA Certificate Of Eligibility.

  • Through a VA Loan approved lender
  • By mail using the VA Form 26-1880
  • Via online on VA’s eBenefits portal

Income Requirements

There is no income threshold required for those eligible for a VA Loan. However, you will still need to have a stable flow of income that can cover for their new monthly mortgage as well as their monthly expenses. You also need to have a residual income to make sure you can meet all of your financial obligations even after adding your monthly mortgage.

Occupancy Requirements

For VA Loans, you will need to move, occupy, and use your new home as your primary residence within 60 days of purchase. This type of loan is not applicable for second homes and investment properties. If the service member is in active duty, the spouse or minor child can satisfy the occupancy requirement.

Underwriting Requirements

There is no minimum FICO score requirement, but most lenders prefer VA loan applications with a FICO score of at least 620. Ideally, you shouldn’t have a heavy debt load and must be able to show sufficient income to get approved for a mortgage. For those who already experienced bankruptcy or foreclosure, you can apply for a VA mortgage loan after a year or two.

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