Military (VA) . . Rural . . First Time Home Buyer . . Real Estate Investments
Military (VA) . . Rural . . First Time Home Buyer . . Real Estate Investments
A VA loan is a guaranteed loan available to eligible veterans for the purchase of a home. Though the loans are made by private lenders, such as banks or mortgage companies, the loan is actually guaranteed by the Federal Government, which means that the lender is protected against loss if the borrower defaults on the loan. This can benefit both parties, because it allows borrowers to receive a home loan with no down payment and other favorable financing terms, while also protecting the lender.
The Veterans Association VA loan qualifying process is straightforward. While individual lenders determine the qualifying guidelines, a credit score of around 620 is generally needed, along with a debt to income (DTI) ratio of 41% or lower. Exceptions to the DTI rule do apply, such as if you have more than enough residual income. You'll need to have enough money left over to live after paying all your monthly expenses, including your new mortgage. An approved lender will determine if you have the ability to pay for your loan.
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