Florida FHA Loan News

Three Reasons to Get a VA Loan Today

Today, there’s a new program that allows mortgage lenders to approve a VA loan with a credit score as low as 500. And that’s something new. Note that the VA does not require a minimum credit score for any of its loan programs yet most mortgage companies do and set a minimum score of anywhere from 600 to 620 for a traditional VA home loan.

Since the housing boom of 2005, the real estate industry has since struggled to get back on its feet. veterans purchase properties with no down payment. The VA loan allows veterans 103.3 percent.

Learn about VA home loan eligibility requirements for a VA direct or VA-backed loan. Find out how to apply for a Certificate of Eligibility (COE) to show your lender that you qualify based on your service history and duty status.

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 · 3. Your Credit Score is Too Low. This is another common reason why mortgage applications get denied. When you apply for a loan, the lender will check your credit score to see how you have repaid your debts in the past. Most lenders use the FICO scoring model, which is a three-digit number ranging from 300 to 850.

 · One really important underwriting guideline is the loan-to-value (LTV) percentage. The maximum LTV will vary depending on the loan program, whether it FHA, VA, etc. But rest assured, there will always be one. When appraisals come in low, the LTV ratio changes for the worse.

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The VA also features a one-time only option for those who have paid in full but still own the property. To get VA loan eligibility restored, you must fill out some VA paperwork and meet a few conditions. Some circumstances automatically disqualify you from getting your VA loan eligibility restored.

There are dozens of reasons to choose the VA Loan Guaranty program over comparable programs such as the FHA home loan, and the conventional loan program via Fannie Mae and Freddie Mac.

If your VA loan was denied, it’s possible that your loan officer made a mistake or the lender does not do manual underwriting on VA loans. VA underwriting guidelines are for the most part written to give an underwriter every opportunity to build a case for extending credit to qualified Veterans, and this move made it a little harder.

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