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.

“I would absolutely recommend HomePromise to anyone in need of a lender!” Amy G.

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.

“Our situation was a little unique and challenging but HomePromise made it happen.” – Tonya H.

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.

“This was the best experience on a loan I have ever done.” – Wayne W.

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

Getting A VA Loan With No Credit History

Are you a veteran or active-duty service member looking to buy a home, but have no credit history? The VA loan program is an excellent option for those who have served our country and are seeking homeownership. However, many may think that having no credit history disqualifies them from a VA loan.

This blog post will explore how to get a VA loan with no credit history. We will also provide tips for successfully applying.

VA loans can help you achieve your homeownership dreams. Starting or rebuilding your credit? This article explains how VA lenders review credit history.

What are the Benefits of VA Mortgages?

VA loans are a type of mortgage loan that is available to veterans and active-duty service members. The VA guarantees the loan. This reduces lenders’ risk, making them more likely to approve it. 

VA loan programs often require no down payment. This makes them much more attractive to military members and veterans who may have limited access to cash. Additionally, there is no monthly private mortgage insurance (PMI) requirement with these types of loans.

“The whole process was great!” – Michael W.

Another advantage is that VA loans typically have lower interest rates compared to conventional loans. This may save you thousands over the course of your loan repayment period.

It’s important to note though; just because you’re eligible for a VA loan doesn’t mean you’re automatically approved. You still need to meet certain credit requirements and provide proof of income and assets.

VA loans offer many benefits to veterans and active-duty service members. You don’t need any down payment for VA loans and you don’t even need a traditional credit history. For these reasons, VA loans are often easier to get than Conventional loans.

What Are The VA Loan Credit Score Requirements?

Your credit score is calculated based on your credit report and payment history. Higher credit scores are better than lower scores. Your credit score goes down when you have late payment, collections or other derogatory credit.

One of the primary factors that lenders consider when reviewing a borrower’s credit history is your credit score. Generally, most VA lenders prefer applicants with a minimum credit score of 620 or even 640. But, HomePromise has approved VA loans with a 580 credit score.

HomePromise will work to find ways to approve you even if you have a low credit score. We will analyze your borrowing behavior over time. We will evaluate any negative events and review your explanations for those negative events to see if approval is possible.

It’s important to note that the Department of Veterans Affairs does not have minimum credit score requirements. But, most lenders set their own VA loan credit score requirements. Ultimately, it is the lender who decides if you qualify.

HomePromise will consider your entire financial picture, unlike some VA lenders. These lenders often require a minimum credit score of 640 or 620. 

Call 800-720-0250 to talk to a HomePromise VA loan expert.

Can I Get A VA Loan with No Credit Score?

Having a good credit history is important when applying for a VA home loan. It is most often the determining factor in one’s eligibility. Other determining factors are higher credit scores and showing proof of income over the last 12 months.

But, if you have no credit history, it does not mean you are disqualified from getting a VA loan. You may still be eligible with HomePromise.

The Department of Veterans Affairs (VA) understands that some veterans may struggle to build their credit. This can be due to deployments or a desire to avoid getting in debt. Many military members and veterans find it tough to get approved for credit cards during their duty.

The VA offers different options for those applying for a VA loan. This includes those with no established credit history. But, some VA lenders restrict these kinds of VA loans and will turn veterans down with no credit history.

If you have no credit history, it may seem like getting a VA loan is impossible. But, HomePromise has credit review techniques that are designed to get around the barrier of having no credit history.

Obtaining a VA loan without any established credit is possible. It may require extra effort and creativity.

Smart planning and preparation are key. The VA loan experts at HomePromise can guide you through the process. Call today at 800-720-0250.

No Credit History VA Loans Are Possible With HomePromise

Individuals with no credit history do have an option. They can provide what is known as an alternative financial record (or history), such as rent payments or utility bills. This is a valid way to show your VA lender proof of a financial history.

These documents demonstrate your financial reliability – they show you are capable of paying off debts on time. This reassures VA lenders. This is the kind of proof you need to qualify for a VA loan with no credit history.

Another option worth considering is getting a non-veteran co-borrower who has established a strong credit history. This individual will take joint responsibility with you when paying off the debt and serve as proof of your financial reliability.

Having no credit history can seem risky to lenders. However, HomePromise does not always view it that way.

HomePromise can help you navigate the VA loan application process. This can boost your confidence when applying for a VA loan with bad credit or no credit.

Call HomePromise 800-720-0250 to get started.

Tips For When Applying For A VA Loan with No Credit History

By calling HomePromise, you can successfully apply for a VA loan even with no credit history. However, there are some additional tips to keep in mind during the application process:

Have an explanation ready for why you have no credit history. We will want to know the reason. Ensure that you are prepared to provide an explanation for your situation.

Consider getting a co-signer: If possible, consider finding someone who is willing to co-sign on your loan. Having a co-signer with good credit can increase your chances of approval and help you get better loan terms.

Do not apply for multiple loans simultaneously. This can lower your chances of approval and negatively impact your future credit score. Stick with HomePromise and make sure you meet all their requirements before submitting an application.

If you’re approved for a VA loan with no credit history, focus on building your credit through your new VA loan. Be careful with any other new credit and make payments on time.

Getting a VA loan with no credit history may require effort. However, it is worth the effort because it means owning your dream home without worrying about large down payments or PMI.

Use these tips to prepare for the HomePromise application process. This will bring you one step closer to homeownership. Call today at 800-720-0250.

Guide to VA Loan Credit Requirements

Welcome to our comprehensive guide on VA loan credit requirements! VA loans are a great choice for veterans and active-duty service members who want to buy a home. These loans offer numerous benefits, including low interest rates, no down payment requirement, and flexible credit score guidelines.

In this blog post, we’ll delve into the nitty-gritty of VA loan credit requirements. We’ll talk about the lowest credit score required for a VA loan and look at choices for people with no credit.

We will compare VA loan credit requirements with other loans. We will also provide steps to improve your credit score for your application.

What is the Minimum VA Loan Credit Score?

When it comes to VA loan credit requirements, one of the key factors lenders consider is your credit score. While there’s no specific minimum credit score required by the Department of Veterans Affairs (VA), most lenders have their own guidelines.

Most lenders require a credit score of 640 or 620. However, HomePromise has approved loans for veterans with a score as low as 580.

“HomePromise made our retirement home dream happen.” – Eric M.

A good credit score improves your chances of getting a VA loan and may result in lower interest rates. However, even if you don’t have an impeccable credit history, you may still be eligible for a VA loan. Call HomePromise 800-720-0250 to see if you qualify and learn more about getting a VA loan with a low credit score.

VA lenders look at various aspects of your credit profile when evaluating your eligibility. They consider factors such as payment history, outstanding debts, length of credit history, and the types of accounts you have.

Having a credit score of 620-640 or higher can significantly improve your chances of getting approved for a VA loan. But, a credit score of 620 or higher is not required. As mentioned above, each lender has different requirements. HomePromise is willing to help borrowers with lower scores under specific conditions.

Meeting the minimum requirement is important. However, income stability and debt-to-income ratio also play a role in determining your eligibility for a VA loan. So don’t let less-than-perfect credit discourage you from exploring this beneficial financing option!

What Are the VA Loan Options with No Credit History?

If you’re concerned about meeting the minimum VA loan credit history requirements, don’t worry! There are options available for those with no or limited credit history as well. Lenders can take into account alternative forms of payment history such as rent payments or utility bills when evaluating your eligibility.

If you’re new to buying a home, you may be unsure if you can get a VA loan. Additionally, if you have no credit history, you may also have doubts about your eligibility. The good news is that having no credit history doesn’t automatically disqualify you from obtaining a VA loan. Some lenders, like HomePromise, allow you to have no credit history at all on your credit report.

The VA understands that some veterans may not have credit because of their military service in remote locations. Call HomePromise at 800-720-0250 for more information.

To get a VA loan with no credit history, lenders consider other factors to decide if you qualify. They will check your rental payment history and how you have paid for utilities, cell phone charges, and similar expenses. These alternative forms of documentation can help provide lenders with an understanding of your financial responsibility.

Even without a credit history, you can still get a VA loan if you meet all the other requirements. Working closely with an experienced lender like HomePromise who specializes in VA loans can greatly increase your chances of success.

Veterans can achieve their dream of owning a home through a VA loan. They can do this by using specialized programs and working with experts in the field. This is possible even if they don’t have established credit profiles.

How do VA Loan Credit Requirements Compare to Other Loans?

When it comes to financing your dream home, understanding the credit requirements is crucial. In this section, we’ll dive into comparing VA loan credit requirements with other types of loans.

Some lenders typically offer only conventional loans and require a minimum credit score ranging from 620 to 680. This is a big problem for veterans and military members who don’t meet strict requirements for regular loans.

FHA loans, on the other hand, have more lenient credit score requirements but you have to pay monthly mortgage insurance. There is no monthly mortgage insurance on VA loans so a VA loan is almost always a better option than FHA. 

Why Choose VA Loans After Bankruptcy?

When it comes to previous bankruptcies, VA loans are much more lenient than conventional loans.

If you had a Chapter 7 bankruptcy, you can get a new VA loan only two years after it is discharged. You’ll need to provide a full explanation of why the bankruptcy happened and show that you now have financial stability.

In some cases, you can get a VA loan after a Chapter 7 bankruptcy discharge one year ago. The reason for the bankruptcy will determine if this can be possible. If you can show that your Chapter 13 bankruptcy was caused by extenuating circumstances beyond your control, then some VA lenders may approve you for a VA loan even if your Chapter 7 bankruptcy was discharged one year ago.

HomePromise has helped veterans qualify for a VA loan 1 year after discharge of a Chapter 7 bankruptcy. Call 800-720-0250 to see if you qualify.

If your bankruptcy was a Chapter 13 case, you’ll need to give a complete explanation in writing of the circumstances of the bankruptcy just like a Chapter 7. But, you don’t have to wait 2 years from the date of the discharge.

In fact, there is no waiting period after discharge for a Chapter 13 bankruptcy. To obtain a VA loan following Chapter 13 bankruptcy, additional factors must be taken into account. One of these factors is the examination of your payment history throughout the bankruptcy plan.

The rules and guidelines for Chapter 13 bankruptcies can be complicated. Call 800-720-0250 for more information and to see if you qualify.

Traditional loans have stricter rules. These rules require a wait of four years after Chapter 7 bankruptcy discharge. Additionally, they require a wait of two years after Chapter 13 bankruptcy discharge. 

How do you Improve Your Credit Score for a VA Loan?

To improve your credit score for a VA loan, there are several steps you can take. First, make sure to pay all of your bills on time. Late payments can have a negative impact on your credit score. Set up automatic payments or reminders to help you stay on track.

Pay down any high-interest debts first and avoid taking on new debt if possible. Keep your credit card debt levels under 50% of the limit that you can charge on the credit card.

Another way to boost your credit score is by keeping old accounts open and in good standing. Your credit score is influenced by the length of your credit history. It is advisable to keep old accounts open, even if they have already been paid.

Additionally, regularly checking your credit report for errors is crucial. Mistakes happen, and incorrect information can lower your score unnecessarily. Dispute any inaccuracies with the relevant credit bureau.

Be patient as improving your credit takes time. Practicing good financial habits will slowly improve our score, increasing our chances of getting a good VA loan.

How do you Apply for a VA Loan?

Applying with HomePromise is a hassle-free process that ensures veterans and their families can obtain the home of their dreams. With HomePromise’s easy online application, you can quickly navigate through the application process from the comfort of your own home.

The Benefits of VA Loans: No PMI Required

When looking to buy a home, it’s important to consider all of your options when it comes to financing. The VA loan program is an important option for veterans with benefits like no PMI needed.

What Is Private Mortgage Insurance?

Private Mortgage Insurance (PMI) is an additional cost that many homeowners have to pay each month. In short, PMI is designed to protect the lender in case the borrower defaults on their loan. PMI for conventional loans typically applies when a borrower puts down less than 20% of the home’s purchase price as a down payment.

The purpose of this insurance is to reduce risk for the lender. Having PMI means you’ll end up paying higher mortgage payments each month . The cost can vary depending on your loan amount and other factors such as your credit score.

PMI is helpful if you cannot afford a large down payment. It is also beneficial if you want to have more money for emergencies or investments.

However, veterans and active duty service members have ways to avoid paying PMI since they may be eligible for a VA loan! Read on to discover how veterans can save money without having to worry about private mortgage insurance.

“HomePromise made the entire process so much easier.” – Georgia C.

What Are The Financial Advantages of VA Loans without PMI?

Buying a home can be difficult because of private mortgage insurance (PMI), which many buyers have to get. This additional cost can add up quickly and significantly increase monthly mortgage payments. However, with VA loans, PMI is not required.

The financial advantages of VA loans without PMI are clear. By not having to pay PMI, veterans are able to save money on their monthly mortgage payments. This can help more people afford and access a home, especially those who may have had difficulty meeting income requirements.

VA loans do not require a down payment. This means that veterans can use the money they save for other expenses such as closing costs or home improvements. This added flexibility can provide an even greater advantage when compared to conventional mortgages that normally require both down payments and PMI.

The HomePromise VA mortgage experts can answer all of your questions about VA loans and PMI.  Please call today at 800-720-0250.

How can Veterans Save Money with No Private Mortgage Insurance (PMI)?

One of the biggest advantages that VA loans provide to veterans is their exemption from private mortgage insurance (PMI). For many traditional homebuyers, PMI can add up to hundreds of dollars a month on top of mortgage payments.

This savings can be especially significant for first-time homebuyers or those who are looking to reduce monthly expenses. By not having to pay PMI, veterans have more money available for other essential expenses or long-term savings goals.

VA loans save veterans money upfront by not requiring a down payment, which is typically required on conventional loans. This helps veterans and active duty service members buy homes without needing a lot of money upfront, making it easier and cheaper to own a home.

VA loans without PMI offer financial benefits and flexibility for veterans buying a home, providing relief from extra costs.

Why Should Veterans Consider VA Loans?

If you are a veteran or active-duty military member, VA loans can offer many financial benefits worth considering. One of the most significant advantages is that VA loans do not require private mortgage insurance (PMI). This means that veterans who qualify for these types of loans can save money on their monthly payments.

In addition to not requiring PMI, VA loans generally have lower interest rates than conventional mortgages. This translates into even more savings over the life of your loan. Plus, unlike other types of home financing options, VA loans do not require a down payment.

The US Department of Veterans Affairs does not have a minimum credit score. But, VA lenders often have their own minimum credit score requirements. HomePromise has a low minimum credit score of 580 so that you may qualify with HomePromise when other VA lenders may turn you down. Call 800-720-0250 to find out if you qualify. 

Another advantage of VA loans is the flexibility they offer in terms of refinancing and repayment options. The VA Interest Rate Reduction Refinance Loan (IRRRL) is a great low cost options only available to homeowners who have a VA loan. 

If you’re a veteran, consider the advantages of getting a VA loan when purchasing a home. Avoid PMI, get lower rates, and flexible repayment options designed for military personnel.

Apply For A VA Loan With HomePromise

VA loans offer a wide range of benefits to veterans. A major benefit is that they don’t need private mortgage insurance (PMI), saving borrowers lots of money throughout their loan. This means more money in their pockets and less financial stress for them and their families.

Veterans and active-duty service members can buy homes without needing PMI by using VA loans. These loans have low interest rates with no down payment required.

Contact HomePromise today by calling 800-720-0250. We can assist you in obtaining financing for your new home purchase without PMI.