The Top 3 VA Home Loan Benefits Veterans Should Know

The VA Home Loan program is a mortgage option backed by the government. It helps veterans, active-duty service members, and eligible surviving spouses become homeowners. The VA created this program to offer cheap housing options to veterans who have served our country.

Call HomePromise at 800-720-0250 if you’re a veteran or an active-duty service member considering homeownership or refinancing your current mortgage. You will learn more about the VA Home Loan program from HomePromise VA loan experts. This program helps you own your dream home more easily. It also typically offers a low down payment, good interest rates, and no need for monthly PMI.

VA Home Loan Benefits Overview

The VA home loan program was established in 1944. Since then, the program has helped millions of veterans achieve their dream of homeownership.

A VA Home Loan lets you borrow up to the sales price of your new home without needing a down payment. This can be especially helpful for veterans who may not have substantial savings but still want to become homeowners. With traditional conventional mortgage loans, lenders typically require at least a down payment ranging from 3% to 20%, which can be challenging for many individuals.

Another significant benefit is that VA Home Loans generally typically lower interest rates compared to conventional loans. This means that over time, you could potentially save thousands of dollars in interest payments. The VA guarantees these loans, making them safer for lenders and enabling them to offer better terms.

In addition to no down payment and lower interest rates, VA Home Loans also do not require private mortgage insurance (PMI). Lenders often require PMI when borrowers put less than 20% down on a conventional loan. By eliminating this additional cost, VA Home Loans can make monthly mortgage payments more affordable for veterans.

The VA Home Loan Program helps veterans become homeowners by removing common financial obstacles. It offers invaluable benefits. Eligible individuals should explore these options and understand the benefits of these special offerings. These offerings are specifically designed for those who have served our country with honor and commitment.

Top 3 VA Home Loan Benefits for Veterans

To summarize, here are the top 3 benefits of the VA home loan program

1. Buy a home with no down payment
2. Typically Lower Interest Rates
3. No monthly private mortgage insurance

How to Qualify for VA Home Loan Benefits With HomePromise

Getting a VA home loan is easy because the VA has flexible eligibility requirements. Here are some key factors that determine if you meet the criteria:

Service Requirements: To be eligible, you must have served at least 90 consecutive days during wartime or 181 days during peacetime. If you served in the National Guard or Reserves, there is a minimum requirement of six years of creditable service.

Certificate of Eligibility (COE): Obtaining your COE is an essential step in qualifying for a VA home loan. This document verifies your military service and confirms your eligibility. You can get your COE quickly by calling HomePromise at 800-720-0250.

Credit Score Requirements: Lenders prefer applicants with a credit score of 620 or higher. However, the VA has no specific requirement for credit score and income. HomePromise has helped veterans get VA loans with credit scores as low as 580.

Additionally, demonstrating a stable income and employment history improves your chances of approval.

Property Guidelines: The property being financed must meet certain standards set by the VA. It should be considered suitable for residential purposes and undergo an evaluation by an appraiser to determine its current value.

By meeting these qualifications, veterans can take advantage of the numerous benefits offered through VA home loans.

Conclusion

The VA Home Loan Program offers a range of benefits for veterans that make homeownership more accessible and affordable. These benefits include:

• No down payment
• Competitive interest rates
• Flexible qualification
• No monthly PMI

Veterans typically can buy a home sooner without saving a lot of money for a big down payment. The ability to secure favorable interest rates means lower monthly mortgage payments and potential savings over the life of the loan. It’s easier for veterans to get a VA home loan because the qualification requirements are more relaxed than traditional mortgages.

Veterans need to take advantage of the opportunities provided by the VA Home Loan Program. By calling HomePromise 800-720-0250 you can learn more about your eligibility.

Now is a great time for veterans to explore the VA Home Loan Program. Whether you want to buy or refinance a home, this program is worth considering. Contact HomePromise today by calling 800-720-0250 for personalized help with VA loans and buying your home.

Every veteran is different, so it’s important to carefully consider their specific circumstances before deciding on financing options. The VA Home Loan Program helps many veterans fulfill their dream of owning a home.

3 Things to Consider Before Getting a VA Loan with a Low Credit Score

Before applying for a VA loan with a low credit score, think about these 5 things. Understanding the following steps will increase your chances of a VA loan approval with a low credit score.

Is The Minimum Credit Score for a VA Loan 620?

For VA loans, most lenders require a minimum credit score. In most cases lenders require a credit score minimum of 620, but not HomePromise. HomePromise has approved loans for veterans as low as 580.

It is important to know that the VA does not set a minimum credit score. VA approved lenders use credit scoring models to determine the likelihood of an applicant to repay their debts. VA lenders pick their own minimum credit score.

A higher credit score typically means you are financially responsible and a good credit risk for the lender. Therefore, setting a minimum score helps protect lenders and ensures they are making sound lending decisions.

While some VA lenders have a minimum credit score of 620, some may even send their minimum even higher at 640, 660 or 680. Call 800-720-0250 to find out if you qualify for a low credit score VA loan.

HomePromise fights hard for our military members and veterans!

Sometimes a low credit score was caused by a difficult life event like an uninsured medical illness or job loss. Some VA lenders will take into account the reasons ro your low credit score instead of just denying your VA loan regardless of why your score is low.

You may be able to still get a home with a credit score below 620 by using a flexible VA lender like HomePromise. HomePromise specializes in VA loans to veterans with low credit scores. This means that owning a home may be more achievable than you first believed.

Do I need A Cosigner With A Lower Credit score?

If your credit score is low and you want a VA loan, you can consider having someone else sign with you to strengthen your loan application. If they have good income and a small amount of debt, they can help you qualify for a VA loan if your income is low or your debt is high.

However, a co-signer with a high credit score doesn’t erase your low credit score. VA lenders are required to still consider your credit history even if your co-borrower has a high credit score.

This is why it is important to find a VA lender that may be able to help you with a low credit score.  Call 800-720-0250 for more information.

Is a Down Payment Needed With A Low Credit Score VA Loan?

If your credit score is low and you want a VA loan, remember some important things. First and foremost, understand that the minimum credit score for many VA lenders is typically 620, 640 or sometimes even higher. Again, this is not the case with HomePromise.

If you have a low credit score, some VA lenders may require a down payment when applying for a VA loan. But, this is not true of all VA lenders. HomePromise may even make you a VA loan with no down payment even if you have a low credit score..

Every situation is different, so it’s important to talk to a knowledgeable VA loan expert with HomePromise. They will guide you through the process and help you evaluate your options based on your individual circumstances.

So don’t let poor credit discourage you from exploring VA home loan options! HomePromise can make owning a home easier if you understand the rules for low credit scores and are ready to buy a home. Call today at 800-720-0250.

5 Strategies for Strengthening Your VA Loan Application

VA loans provide an excellent opportunity for active duty service members, veterans, surviving spouses and their families to buy a home. But, with eligibility requirements, some people might find it tough to get approved for this type of loan. Fortunately, there are 5 strategies for strengthening your VA loan application.

Applying for a VA Loan

Applying for a VA loan doesn’t have to be a difficult process. If eligible for VA loan benefits, you’ll need to get a Certificate of Eligibility (COE).

HomePromise can get this for you, sometimes faster than going to the VA directly. We use a VA lender portal online to make getting your COE fast. This document proves that you’re eligible for the VA Loan program.

Be sure to have all of your financial documentation in order before starting your application. This includes things like pay stubs, tax returns, asset statements, and more. We will need this information to determine if you qualify for the loan. This information will also determine how much we’re able to lend you.

If you have any questions, don’t hesitate to reach out to a VA loan expert with HomePromise at 800-720-0250 for assistance. Our experts are always ready to help give you advice. Call today to see if you qualify to access affordable homeownership opportunities.

1. Check Your Credit Score

A good credit score is important for many reasons. This can help you get the best interest rates on many kinds of loans and even credit cards. It can also help you qualify for a mortgage.

To increase your chances of being approved for a VA home loan, your credit score matters. In some cases improving your credit score will be necessary. The higher your credit score, the more favorable you will look. But, some lenders, like HomePromise can even help you with a credit score as low as 580.

There are some strategies to get a higher credit score. For example, you can try paying off any outstanding delinquent debts or collection accounts. Also, you can probably get a better score by paying down your credit card balances. Doing these things may help ensure your application is approved.

2. Get Pre-Qualified with HomePromise

Veterans and active duty military members may be eligible for a VA loan. The Department of Veterans Affairs provides a guarantee for these mortgage loans.This type of loan is also a great option for those with a military service connected disability.

It is important to remember that the VA does not lend money, that’s done by VA approved lenders like HomePromise.

The first step in applying for a VA loan is to get pre-qualified by a VA approved lender. Pre-qualifying means the lender has evaluated your credit score and financial documents to determine if you meet their standards for a VA loan.

Getting pre-qualified will give you an advantage when you’re ready to make an offer on a home. A pre-qualified letter will let the seller know that you’re likely to be approved for financing. 

Other requirements for VA loans are as follows:

• The home you choose must meet VA property requirements

• The appraised value would have to be at or above your purchase price

• In most states you will need a wood destroying insect inspection

• A title insurance company will need to issue a title policy

3. The VA Home Loan Application: What You Need

One of the most important things you can do is to make sure all of your financial documentation is in order. This includes your tax returns, pay stubs, bank statements, and any other relevant paperwork. Organizing your documentation makes it easier to review your application. This helps a VA loan underwriter give you a decision quickly.

Finally, it’s always a good idea to work with a qualified and experienced VA-approved lender like HomePromise. We can assist you throughout the entire process and help make sure everything is done correctly.

4. Appraisals and Inspections

VA appraisals are required in order to obtain a VA loan. Appraisals are conducted by a licensed appraiser and are good for six months from completion. The purpose of the appraisal is to determine the value of the property being purchased.

Home inspections are conducted by a home inspector. In some states home inspections must be done by certified home inspectors. The purpose of the inspection is to ensure that the property meets minimum safety and habitability standards.

The VA appraisal is not a home inspection. A home inspection is a visual assessment of a home’s present condition. Included in a home inspection report is a review of potential problems that will cost money to repair.

VA appraisals are used by lenders to determine the value of the home. VA appraisals are designed to look at recently sold comparable homes to determine what your home is worth. Although VA appraisers have to evaluate the condition of the home, they are not required to evaluate the home at the same level of depth as a home inspector.

5. Financing Your Closing Costs

You can’t finance your closing costs on a VA loan when you buy a home. But, you can finance your VA Funding Fee.

The VA Funding Fee can cost thousands of dollars. It is paid to the US Department of Veterans Affairs to pay for the VA guaranty of your loan. Rolling this fee into your loan amount lowers the amount of money you need on your closing date.

Like many veterans, you may find it helpful to finance your VA Funding Fee when you purchase your home. You can pay it in cash at closing or roll it into your loan amount. Most veterans and active duty service members finance their VA Funding Fee.

When buying a home, you may be able to get money for closing costs. You can ask the seller to pay for some or all of your closing costs. The seller may be more willing to make concessions when they need to sell quickly. Seller paid closing costs is a common strategy on VA loans.

The rules for closing costs can be complicated. Call a VA loan expert at 800-720-0250 to get your questions answered.

Step-by-Step Guide to Buying A Home With a VA Joint Loan

Welcome to our step-by-step guide to getting a VA joint loan! If you and a non-veteran (who is not your spouse) want to buy a home, this blog post is perfect for you.

We understand that navigating the world of mortgages can be daunting, but fear not! The VA Joint Loan Program offers special benefits and opportunities to help you achieve your dream of owning a home.

This article discusses VA joint loans. It explains the differences between VA joint loans and regular VA mortgages. It also explores the advantages and disadvantages of choosing a joint loan.

Overview of the VA Joint Loan Program

The VA Joint Loan Program helps military members and veterans achieve homeownership goals even if they have a non-veteran as a co-borrower. This is allowed even when the non-veteran is not a spouse of the veteran.

Many lenders don’t allow these kinds of VA joint loans. HomePromise has done many loans like this including when the non-veteran will not even occupy the home as their primary residence. Call HomePromise at 800-720-0250 to find out if you qualify.

This program also allows two veterans or active-duty service members to apply for a mortgage loan together. They can pool their money, which increases their ability to buy a home.

A VA joint loan with two veterans lets both military members use their VA home loan benefits, which is a big advantage. This means each applicant can contribute towards the down payment, closing costs, and a portion of the loan payments when buying a home.

VA joint loans for two veterans don’t require the veterans to be married. But, military couples can obtain a VA joint loan due their VA loan entitlements and use their entitlement 50/50 or unevenly.

An uneven split of entitlement allows one veteran to use less of their eligibility to leave room for another VA loan in the future. You can even use your remaining eligibility in the future to have two VA loans at the same time.

Not requiring a 50/50 VA home loan entitlement split can also be beneficial when one veteran has a VA disability.  The disabled veteran’s funding fee is waived on their part of the VA loan which can save thousands in closing costs.

Sometimes a surviving spouse of a veteran is eligible for a VA loan. Surviving spouses are also eligible for VA joint loans just like other eligible veterans or active duty members.

The VA Joint Loan Program is a good option for military couples, two military members or a veteran and non-veteran who want to purchase a home together. They can pool their resources to make this possible. This program also helps military personnel achieve the American dream of owning a home by offering flexible credit requirements and favorable terms.

VA Joint Loans vs. Traditional VA Mortgages

When it comes to financing a home with a VA loan, there are various options available Two popular choices are VA joint loans and traditional VA mortgages.

Traditional or regular VA loans are for a veteran or active duty service member and spouse. These loans allow you to use your eligible to buy a home but only you can be a borrower or you can add your spouse. But, traditional or regular VA mortgages don’t provide the same advantages as VA joint loans.

3 Huge Benefits of VA Joint Loans

• If your co-borrower isn’t in the military and is not your spouse, VA joint loans let non-veterans be co-borrowers including family members, friends and business associates. This helps to further assist you in purchasing the home of your dreams by combining income and assets.  You may be turned down for a traditional VA mortgage when you will be approved for a VA joint loan.
• VA joint loans may have much lower closing costs than traditional VA loans. VA joint loans are often allowed a big discount on the VA funding fee which may save you thousands of dollars in closing costs.
• Another key difference between VA joint loans and traditional mortgages lies in the VA home loan eligibility requirements. Traditional mortgages require much more VA home loan eligibility. VA joint loans can cut your required eligibility by at least 50%.

So, every eligible veteran or active duty service member should carefully consider doing a VA joint loan instead of a traditional VA mortgage. The rules for VA joint loans can be confusing, call 800-720-0250 to get your questions answered.

How Do Military Couples Benefit from VA Joint Loans?

Can A VA Joint Loan Help Get Me A Bigger Home?

Yes it may! VA joint loans help military members finance their dream home, offering a special chance to secure funding. VA joint loans allow combining two incomes, making it simpler to qualify for a bigger loan. This can be particularly helpful for military members who may live in an area where homes are higher priced.

Can I Save Money On A VA Joint Loan?

In most cases, yes! Every VA home buyer pays a VA funding fee unless you have a VA disability.  So, if you have to pay a funding fee, you will likely save thousands by doing a VA joint loan.

What Are Eligibility Requirements for VA Joint Loan?

VA joint loans offer flexible eligibility requirements. A VA joint loan can be made to a veteran and a non-veteran family member, friend or business associate. In fact, a VA joint loan can be made to more than just one non-veteran. A VA joint loan can be made to a veteran and two or more non-veterans. VA joint loan can also be used when two veterans want to use part of each of their VA eligibility to buy a home together.

Applying For A Joint VA Loan With HomePromise

When it comes to obtaining a joint VA loan, partnering with the right lender is crucial. HomePromise understands the unique requirements of VA joint loans.

With HomePromise, applying for a joint VA loan is a seamless and stress-free experience. Our experts will help you apply for a VA joint loan. They will make sure you have all the necessary documents and information.

To start your application, simply call HomePromise’s at 800-720-0250. Their friendly VA loan experts will be more than happy to assist you with any questions or concerns you may have. You’ll be assigned a dedicated VA loan expert who will work closely with both you and your co-borrower throughout the entire process.

HomePromise takes pride in providing personalized service to each and every client. They know that every military couple is different, so they listen to your goals and situation. HomePromise offers flexible options for buying your first home.

If you want to benefit from a joint VA loan, choose HomePromise as your trusted lending partner today.  Call now at 800-720-0250.

Everything Reservists Need to Know About VA Loans

VA loans are not just limited to active-duty military personnel. Members of the national guard or Reservists also have the opportunity to take advantage of the VA loan program. If you served in the Reserves, you might qualify for VA home loan eligibility, regardless of the branch you’re in.

In this comprehensive guide, we’ll walk you through everything you need to know about VA home loan benefits as a Reservist. Get ready to learn about the benefits and application process of special loans for military personnel.

Can A Reservist Get a VA Loan?

Yes, members of the reserves with honorable service can qualify for the VA home loan program. This includes members of the Army Reserve, Navy Reserve, Air Force Reserve, Marine Corps Reserve, and Coast Guard Reserve.

To be eligible, Reservists must have served in the selected Reserve for a minimum of six years. Note that Reservists must have enough Retirement Points in each of those six years. Those discharged early due to service-related disabilities may also get VA loan benefits.

One key requirement is obtaining a Certificate of Eligibility (COE) from the Department of Veterans Affairs (VA). Contact HomePromise at 800-720-0250 for fast assistance. This document confirms your eligibility and is required for VA loan applications.

It’s important to note that while reservists may qualify for VA loans, it does not guarantee approval. Lenders will still assess factors such as credit history, income stability, and debt-to-income ratio when considering your application.

Don’t let your reserve status deter you from exploring the benefits of a VA loan. As long as you meet the eligibility requirements and can demonstrate financial responsibility, homeownership could be well within reach!

HomePromise has helped Reservists when other lenders cannot or will not. We have been known to approve loans for those having credit scores as low as 580. Call 800-720-0250 to see if you qualify.

What Are The Benefits of a VA Loan

When it comes to financing a home, there are several options available. One major advantage of obtaining a VA loan is the absence of a down payment requirement.

This can be especially beneficial if you don’t have significant savings built up. With VA loans, no upfront payment is required, unlike other loans that may require a 10%, 20% or even higher down payment.

Another perk is the competitive interest rates offered by VA loans. These rates tend to be lower than those associated with conventional mortgages. As such, reservists can potentially save thousands of dollars over the life of their loan.

Additionally, there’s no monthly private mortgage insurance (PMI) required with a VA loan. PMI is needed if you put less than 20% down on your home and may increase your monthly expenses.

Getting a VA loan is easier than other loans because the Department of Veterans Affairs guarantees them. Reservists may find it simpler to meet certain requirements when applying for this type of financing.

How To Apply for a VA Loan As A Reservist?

Applying for a VA loan as a Reservist is quite similar to the process followed by active-duty service members. Here are some steps to guide you through the application process:

1. Determine your eligibility: Ensure that you meet the eligibility requirements set by the Department of Veterans Affairs (VA). Reservists must have completed at least six years of creditable service or have been called to active duty during a time of conflict for a sufficient amount of time.

2.Get your COE to apply for a VA loan. It proves your eligibility for the program. You can obtain this document by calling HomePromise at 800-720-0250.

3. Call HomePromise: Choose an experienced VA lender like HomePromise. Because we know the specific requirements and processes involved we may be able to help veterans and reservists when many lenders cannot!

4.Get required papers: Collect financial papers like pay stubs, W2 forms, tax returns, bank statements, and proof of military service. The lender will require these documents to assess your creditworthiness.

5. Complete the loan application: Fill out all required paperwork accurately and thoroughly. Provide details about your income, assets, employment history, debts, and any other information requested by the lender.

Applying for a VA loan can vary depending on factors like deployment status, time served in reserves, or active duty.

Top 3 Tips for Getting Approved With HomePromise

It is important to maintain a healthy credit score because lenders check your credit history when approving loans. Pay your bills on time, reduce debt, and avoid opening new lines of credit before applying for the loan.

Save for a down payment: While VA loans don’t require a down payment, having some savings can still be beneficial. It shows the lender that you have financial responsibility and savings in the bank may improve your chances of approval.

Gather required documents: During the application process, you will need to provide several required documents. These documents include proof of income, tax returns, bank statements, and military service records. Having everything organized and ready can help expedite the approval process.

Get pre-approved for a loan before house hunting. It shows sellers you’re serious about buying and gives you an advantage. Submit your information to the lender. The lender will decide how much to lend to you based on your financial situation.

FAQs About Reservists and VA Loans

As a Reservist, you may have some lingering questions about VA loans. Let’s address some of the most common FAQs to provide you with the information you need:

1. Can a reservist get a VA loan?

Absolutely! Reservists are eligible for VA loans as long as they meet the minimum requirements set by the Department of Veterans Affairs.

2. What are the benefits of a VA loan?

VA loans offer numerous advantages, including no down payment requirement, usually lower interest rates compared to conventional loans, and usually lower closing costs. Additionally, there is no monthly private mortgage insurance (PMI) required.

3. How do I apply for a VA loan as a Reservist?

To apply for a VA loan as a reservist, follow these steps:

• Obtain your Certificate of Eligibility (COE)
• Call HomePromise 800-720-0250
• Gather all necessary documents such as proof of income and service records
• Complete the loan application process with your chosen lender

4. What Are the Top 3 Tips For VA Loan Approval

• Maintain good credit: pay bills on time and keep your debt-to-income ratio low.
• Save for reserves: have savings or disposable income for unforeseen expenses.
• Get pre-qualified: show sellers you’re serious about purchasing their property with a written pre-qualification letter from HomePromise..

VA loans provide incredible opportunities for Reservists looking to achieve homeownership or refinance their existing homes at favorable terms. This home financing option is great if you serve in the reserves, with flexible criteria and appealing benefits. Call HomePromise to apply today at 800-720-0250