Many agents and home buyer are still skeptical about embracing the VA loans program since they view it to be tedious and full of restrictions. But this is not true at all. The program was simply designed to take care of the interest of the veteran coming back from duty and especially to help them realize the American dream of owning a home. If you are a vet, you should not be discouraged by such sentiments in your quest to get the VA loans and have your own house. But as you strive to do so, be aware of the following challenges you are likely to encounter in the way-:
The requirement of the VA loan agreement is that you live in the house as your primary residence. In this regard therefore, you are prohibited from using the loan to acquire a vacation home or a rental property. But you are free to purchase the home in one location them relocate to another one then rent out your primary residence. This is very common especially for the vets who receive permanent change of stations.
VA loans won’t consider keenly your credit ratings but the lenders who will be disbursing the loan may take a keen look on your credit score. However, when it comes to this particular type of loan, there is much flexibility with the credit scores and you can get away with a score as low as 570. But having a score lower than this might hamper your chances of getting a home loan at good rates.
The VA loans doesn’t require any down payment at all it has a residual income requirement to make sure that all the military buyers will have enough amount of money after meeting their major monthly bills so that they will be able to afford stuff like food and other daily necessities. The residual income requirement will however vary with the location and the family size of each buyer.
Contrary to the opinions of many, VA loans are not only for the brand new homes. But whichever home you decided to purchase with it, it must be appraised and meet certain VA loan minimum property standards to ascertain if indeed the house is safe, sound, clean and ready for human occupation. Therefore, only expect to purchase a home that will meet the guidelines stipulated by the VA loan MPRs.
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We specialize in offering different kinds of loans ranging from VA home loans, FHA loans and we also offer refinance mortgage services. We are a team of experienced and highly skilled lenders who have been in the industry for the last three decades and have hence developed the skills and knowledge necessary to ensure that you get the best of every loan application you make. Talk to us today and enjoy the massive benefits that many homeowners have enjoyed when they needed our assistance to secure their homes.