VA Loans

This is another government-mandated mortgage that permits active-duty service members, veterans, and surviving spouses to purchase a home. They can score a mortgage with zero down payment, no mortgage insurance, and loose credit requirements. You need to have an understanding of VA loans to know if that is the right fit for you.

These loans are proffered by private lenders, like banks and private mortgage institutions. The VA supplies a part of the loan, allowing the lender to offer you better terms.

One of the most important things in a VA loan that sets it aside from others is that it needs a property appraisal that is rather strict than normal ones. VA loans allow a 41% debt-to-income ratio, which means that your monthly debts cannot be more than 41% of your pre-tax income.

 

VA Loans Eligibility Requirements

• Served 90 days straight of active service during the war.
• Served 181 days of active service during peace.
• Served over six years with the National Guard or Reserves (or 90 days with Title 32, at least 30 of those days in a row).

VA loan eligibility requirements:

• Served 90 consecutive days of active service during wartime.
• Served 181 days of active service during peacetime.
• Served more than six years with the National Guard or Reserves (or 90 days under Title 32 with at least 30 of those days being consecutive)