Can I get a VA Loan if I Don’t have a job

Can I Get a VA Loan if I Don’t Have a Job?

VA lenders have to consider your sources of income when applying for a VA loan. Having a job can be a big plus as a loan applicant for a VA mortgage but it isn’t required. The VA home loan program allows lenders to look at other sources of income. In fact, some VA lenders can even turn your assets into income to qualify for a VA loan application. Can I get a VA Loan if I Don’t have a job? Keep reading to find out.

So, having a job isn’t a requirement if you find a lender who can work with your other income sources. The key is to find a flexible VA lender who knows how to work through the complicated VA lending rules.

Can I Use Part Time Income to Qualify for a VA loan?

Some service members are worried that a part-time job can’t be used for a VA mortgage application. You may have been told that only full time income is allowed. That’s not true in all cases. The key is how your lender does the verification of income when they review of your employment history.

A part time job can be used as qualifying income but there are some special rules that a VA loan expert will help you navigate. An expert review of your pay stubs will also be important to be able to use part time income. If you call one of our VA loan experts at 800-720-0250 you can find out if your part time job can be used for a VA loan application.

“I highly recommend HomePromise without hesitation.” – Debra H.

VA Loan Review – Offer Accepted

VA loans give you many advantages that other loans cannot offer including government backed loans like FHA. When buying a home with your VA home loan benefit, no down payment is usually required, there is no monthly mortgage insurance (not to be confused with homeowner insurance) and, you can even prepay as much of the loan as you want without being penalized. However, after obtaining a VA eligibility certificate, you have one more hurdle to cross: getting your home purchase offer accepted by a seller.

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Using VA Disability Income to qualify for a VA loan

A helpful source of income for some veterans is from a VA service-connected disability. Some lenders will allow you to use a special calculation of your disability income to increase the income amount to a level higher than is used by other VA lenders. This increase (some call it a “gross up”) is very important to get you the most income from your VA disability. This approach to VA disability income worries some lenders so they make the income lower than is allowed by the VA. If you have lower income allowed from your VA disability, then you might get denied for a VA loan when you shouldn’t be. If you don’t have VA disability income yet but you think you might be eligible for it, you can find out how to submit a VA disability claim on the VA website File Claim.

Get an Expert Review of your Tax Returns

An expert review of your tax returns may uncover income that some VA lenders may overlook. Tax returns are very complicated and not all lenders are experts and reading them. You may find that you can get approved for a VA loan using income that can be uncovered in your last two years of federal income tax returns. A VA home loan expert at HomePromise can do that review for you and give you feedback to see if income can be found to use for a VA loan. Give us a call at 800-720-0250 to get an expert review of your tax returns.

Other Kinds of Income

There are other kinds of income that can be used for VA home loans including retirement income, social security income, your spouse’s income, a family member’s income and investment income. These each have some VA lending rules that have to be used to determine if they are acceptable and how much of these income sources can be used. If these income sources come in on a monthly basis then you should discuss them with a VA lender as an alternative income source.

Get Expert Advice Today

HomePromise is a flexible lender approved with the US Department of Veterans Affairs to make VA home loans. The HomePromise approach is not a rigid approach but one that takes into account your special circumstances. At HomePromise, we will review your credit score and credit history along with your income sources to see if you qualify for a VA loan. Call us at 800-720-0250 for help today.

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Can A Surviving Spouse Get A VA Loan

by | | HomePromise Lending News, VA Mortgages

Can a Surviving Spouse Get a VA Loan?

We are often asked, can a surviving spouse get a VA loan. The answer is yes. This is because the Department of veterans affairs allows the extension of the VA home loan benefit to surviving military spouses.

The VA home loan benefit program is designed to help surviving spouses of veterans and military service members who died while in service or from a service-connected disability.

You may be eligible for this benefit if your spouse died during active duty or due to a service-related disability.

Surviving Spouse Eligibility Requirements

For a surviving spouse to become eligible for a VA loan one must meet at least one of the following eligibility requirements:

You are eligible if you are the unmarried surviving spouse of a veteran who is missing in action or who was a prisoner of war (POW).
If you are the surviving spouse of a veteran or military member, who died during active service or from a service-related disability and didn’t remarry before December 16, 2003, or before age 57.

“HomePromise was the right choice.” – Daniel E.

VA Loan Requirements

The VA Home Loan benefit is one of the most significant benefits for active military members and Veterans. A VA Home Loan comes with financial benefits for qualified Veterans. The VA loan income guidelines and credit score for VA loan approval are more flexible than other home loan programs. For many Veterans, the VA Home Loan benefit is their only option for owning a home.

VA Home Loan Benefits

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You may also be entitled to surviving spouse benefits if the veteran’s death did not result from a service-related cause. Listed below are the conditions for eligibility.

The Veteran was totally disabled for ten or more years directly before death.
A Veteran rated totally disabled for five or more years after immediate separation from service.
As a former prisoner of war, the veteran was totally disabled for at least one year preceding death after September 30, 1999.

Certificate Of Eligibility (COE) For Surviving Spouse

Your eligibility for a VA loan requires proof to verify your status as a surviving spouse. Before applying for VA-guaranteed mortgages, you must obtain a Certificate of Eligibility (COE).

For a military spouse to qualify, you must submit a copy of the Veteran’s DD214. For more information about any compensation you receive, call one of our VA loan experts at 800-720-0250.

You can apply for your eligibility online with the VA or save time by having HomePromise obtain it for you. Call 800-720-0250 for more help.

VA Loan Benefits For Surviving Spouses

As a surviving spouse, you are entitled to use your VA home loan more than once. Once you purchase a home you may have remaining eligibility to purchase a new home. Many think you can’t use your benefit a second time but often you can.

The rules and calculations for using your benefits again are complicated. You can call our VA home loan experts for help at 800-720-0250.

There are many benefits to using the VA home loan program that is extended to surviving spouses:

Do not need to pay a funding fee
Competitive interest rates
Less rigid credit score requirements
No down payments for most loans
100% cash-out refinancing
No mortgage monthly insurance

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3 Myths About VA Loans And Bad Credit

by | | HomePromise Lending News

3 Myths About VA Loans and Bad Credit

Accounting for only 2 percent of all mortgages for decades, VA loans now consume 10 percent of mortgage volume today. So, in this article let’s discuss the top 3 myths about VA loans and bad credit.

While the VA has made many changes in recent years to the VA home loan benefit program, sellers and borrowers still remain hesitant about home loans backed by the Department of Veterans Affairs.

Top Benefits of a VA Loan

Some may argue the so-called “ups” and “downs” of VA loans. But, As a Veteran or active military member looking to purchase a home, VA loans are of huge benefit so at HomePromise we want to clear up some myths. Fact is, this type of loan is almost always your best option.

There are many benefits in using your VA home loan benefit. Here are three to begin with:

There is no mortgage insurance.
You can purchase a home without having a down payment.
The VA does not require any specific credit score.

“I would definitely recommend HomePromise to anyone who is looking to mortgage or refinance!” – Eulis B.

How to Get a VA Loan With a Challenging Credit History

A VA loan is a specialized type of government loan, backed by the Department of Veterans Affairs (VA). It allows you to qualify for a low-cost mortgage when you’re looking to purchase or refinance a house even if your credit isn’t perfect. If you’re on active duty in the military, a military surviving spouse, or are a veteran, you’re potentially eligible for a VA loan.

Get A VA Loan With A Challenging Credit History

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The main downside to VA loans is not truly based on fact. It’s more of a myth. That is some sellers believe the closing process on a VA loan will take much longer than on a conventional loan. This just is not the case.

As for other myths about VA loans and bad credit, we will discuss the top 3 myths causing hesitation among some people. We will share the facts in an effort to debunk these myths.

Myth 1.

Certificate of Eligibility Takes Forever

As a veteran, you must meet the basic eligibility requirements in order to become a VA borrower. The most basic requirement for a VA loan is either serving 90 consecutive days during wartime or a minimum of 181 days active duty during peacetime. National Guard or Reserves members must have served at least six years to qualify. Also note that National Guard and Reserve service can’t be inactive.

The myth about this process taking forever is drawn upon past years when the verification process required the mailing of a letter to the VA. In today’s world with the internet there is no longer such a lengthy waiting period. Lenders like HomePromise can now often verify your eligibility via the internet in minutes. So, myth #1 is debunked!

Myth 2.

VA Loan Rates Are Higher Than Other Loan Programs With Bad Credit

VA loans have a number of advantages to both veterans and active military members. This type of home loan requires no down payment. And to date, the VA does not specify a minimum credit score for eligible borrowers. With no down payment, the entire process can be faster than any conventional loan offered.

In addition to a potentially quicker buying process, VA borrowers with low or bad credit scores can usually enjoy rates lower than those available on conventional loans. That’s because low rate conventional loans stop at credit scores of 640 or 620. So, if your credit score is under 620 you’ll have to get a hard money conventional loan which will usually have a really high rate..

Myth 3.

Higher Default And Foreclosure Rate

It’s true most lenders deny loan applications for those with bad credit. This is due to a higher risk of defaulting and foreclosure. Truth be told, VA loan borrowers default on their loans less than FHA loans, which have similar low down payment guidelines. In fact, VA loans have had lower default rates than FHA loans for more than a decade.

Many have attempted to explain reasons why VA loans have lower delinquency and default rates than FHA loans. We won’t get into that debate here but this third myth is definitely one that everyone should agree is false.

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Why And How To Refinance Your Mortgage

by | | HomePromise Lending News

Why Refinance Your Mortgage?

When you refinance your mortgage it replaces your current mortgage loan with a new one. People refinance for many reasons. Some people refinance their mortgage to reduce the interest rate and save money, reduce their monthly payments or perhaps consolidate credit card debt. By cashing in on your home’s equity, one can stay ahead of financial goals. You might choose to refinance your home as a means to pay off your home loan faster. Another reason to refinance your mortgage might be to switch from an adjustable-rate mortgage to a fixed-rate loan.

As you can see, there are many beneficial reasons to refinance your mortgage. Read on to learn more about why and how to refinance your mortgage.

How To Get A VA Loan With A 580 Credit Score

by | | HomePromise Lending News, VA Mortgages

How to Get a VA Loan with a 580 Credit Score

The VA home loan benefit makes owning a home possible for Veterans, active service members and surviving spouses. Unlike conventional loans, The Department of Veterans Affairs doesn’t require a specific credit score. You still want to avoid having bad credit because VA lenders will still look at your credit history and may deny you based on severe credit events in your past. It’s very important to discuss your credit history with a VA lending expert at 800-720-0250.

So, while having bad credit or a low credit score doesn’t mean you’ll be denied a VA loan, a higher score may help keep your interest rate down. This will allow for more affordable payments over the life of the loan. You may also enjoy buying a home without having to make a down payment.

It’s important to keep in mind that many private VA lenders will set their own minimum credit score requirements for VA loans applicants. The average private lender usually requires a credit score minimum ranging between 580 – 660. As you can see, VA loan credit score requirements can be very different for each lender.

“HomePromise went above and beyond to answer questions and help us.” – Sandy C.

How to Get a VA Loan With a Challenging Credit History

A VA loan is a specialized type of government loan, backed by the Department of Veterans Affairs (VA). It allows you to qualify for a low-cost mortgage when you’re looking to purchase or refinance a house even if your credit isn’t perfect. If you’re on active duty in the military, a military surviving spouse, or are a veteran, you’re potentially eligible for a VA loan.

Challenging Credit History?

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When it comes to VA mortgage loans, your credit score isn’t the only thing that will be required by lenders to qualify. VA lenders will also need to determine your ability to repay the loan back. They will require proof of employment, proof of your current income, and your current debt to income ratio. Other requirements lenders must consider is your length and character of service as well.

How To Repair A 580 Credit Score For A VA Loan

If you have a 580 credit score you may not qualify for a VA loan with many lenders. Don’t lose hope because you can begin raising your score. You can call HomePromise now to see where you stand and learn more about how you can get A VA Loan With A 580 Credit Score

Several factors help VA lenders like HomePromise determine your credit score. They are outlined below.

Credit history – Your length of credit history is the length of time you have utilized credit. Consistent payments over a long period will enhance your score.
Payment History –A consistent payment history will help increase your credit score number. So, if you have been late on your debts, start paying them on time.
Credit Utilization – How you use your credit is another important factor that determines your credit score. Your score will benefit from a consistent payment history along with considering how you use your credit. If you are near the credit limit on your credit card debts your score will definitely be lowered so you want to keep your credit card balances at less than 50% of your credit limits and ideally even under 25%.
Bankruptcy. Credit scores will drop significantly for anyone after filing bankruptcy. Often it will take a while for your score to rise after you have completed a bankruptcy. The key is finding a VA lender like HomePromise who can help you qualify faster than other lenders for a VA loan after bankruptcy.
Foreclosure. Credit scores will also drop a lot when a mortgage goes into foreclosure. The score will gradually rise over time after your foreclosure. But, as a Veteran, you need to call one a HomePromise VA loan expert at 800-720-0250. HomePromise will help you qualify faster than other lenders for a VA loan after a foreclosure.
Credit Errors – There are three credit bureaus, Experian, Transunion, and Equifax and none of them are perfect. Sometimes they make mistakes that appear in your credit report causing you to have a lower score. It’s a good idea to pull your free credit report and review the information each bureau has on your history. If errors are found, work towards getting them removed to help improve your score.

Prequalifying Can Help You Start Repairing A 580 Credit Score

To take a leap forward in repairing a low credit score you should prequalify for a VA loan with HomePromise. Many times HomePromise will find a way to provide you with the VA loan you desire even if your credit score is low. But, if you don’t qualify then the HomePromise VA loan experts will give you guidance about how to raise your score. It is important to call a HomePromise VA loan expert right away to get an idea of what you need to repair or rebuild your credit in order to qualify for a VA loan in the near future. It may not be as hard as you think to get a VA loan with a 580 credit score.

Keep in mind that if you have a 600 credit score, a 620, 640 or even a 680 credit score, improving your score is worth it. Gaining a higher number will not just increase your chances of getting approved for a VA loan – it may help get you a lower rate as well.

Lenders Require Your VA loan eligibility

There is another important step in getting a VA loan. It has nothing to do with your credit score and that is checking your eligibility. Your certificate of eligibility is an important document provided by the Department of Veterans Affairs. HomePromise as a VA lender can get your Certificate of Eligibility. This document shows that you meet the service requirements required for a VA loan.

Outlined by the VA, you will find all of the service requirements for Veterans and active duty service members, National Guard members and Reserve members at the www.va.gov website.

Dishonorable Discharge

You may not be eligible if you were dishonorably discharged due to bad conduct or other dishonorable reasons. But, if you believe your dishonorable discharge is inaccurate, you may apply with the VA to have your discharge status changed.

Service-Connected Disability

If you do not meet these requirements for eligibility you may still qualify if you were discharged due to a service-connected disability. Call HomePromise now at 800-720-0250 for more information about qualifying with a service-connected disability.

How to apply for a VA loan with A 580 Credit Score

With HomePromise, you can easily apply for a VA loan online. We are a VA mortgage lending company that makes VA loans fast and easy. But, even though the process can start online, our process is personal, we don’t put computers between you and your VA lending experts.

Other mortgage lenders make the mistake of blocking you from VA loan experts but we never will. This makes our process fast and easy even when your situation is unique. All you must do to apply with HomePromise is call us at 800-720-0250. We will help get your certificate of eligibility, then we will review your proof of employment, proof of income and your other financial information. We will need similar information if you have a co-borrower. We handle the rest, call today!

Looking to apply for a VA Cash Out Refinance Loan? HomePromise Can Help.

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VA Loan Guide: VA Home Loan Benefits Simplified

by | | HomePromise Lending News

VA Loan Guide

In this article, we’ll walk you through the basics of VA lending. We’ll talk about your VA benefits, down payments, mortgage insurance, credit requirements, closing costs, and VA loan limits. If you have questions about how to get a VA loan or cash out refinance, or how VA loans are different from regular loans.

Home Loan Types

We’ll do our best to answer your questions, plus direct you to more information about more specific questions you may have.