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 can 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 often 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.

Call HomePromise at 800-720-0250 to ask for your COE today.

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 willing 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 loans and credit cards. It can also help you qualify for a mortgage.

A strong credit score is beneficial. It indicates to lenders that you can be trusted as a borrower. This could result in more favorable terms and conditions on your loans.

In addition, a good credit score can help you qualify for a mortgage or car loan with more favorable terms. Having a good credit score may even help you save money on your insurance premiums.

2. Getting Pre-Qualified with a VA Lender

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

To get pre-approved for a VA loan, contact HomePromise at 800-720-0250. HomePromise will then obtain your credit report and evaluate your income and debts. If you qualify, HomePromise will provide you with a letter stating the amount of money you’re eligible to borrow.

Keep in mind that being pre-qualified for a VA loan does not guarantee that your loan will be approved. 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

HomePromise as a VA lender will help you get through all of these steps.

Call today at 800-720-0250 to get started.

3. The VA Home Loan Application Process

The VA home loan application process can be lengthy and complex. However, there are certain things you can do to strengthen your application and improve your chances of getting approved.

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 for a VA loan expert to review your application. This helps a VA loan underwriter give you a decision quickly.

To increase your chances of being approved for a VA home loan, you should have a good credit score. Improving your credit score can help you secure a loan. 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.

To get a higher score, pay off any outstanding delinquent debts or collection accounts before applying for a VA home loan. Doing so will ensure your application is successful.

Finally, it’s always a good idea to work with a qualified and experienced VA-approved lender. HomePromise 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.

5. Financing Your VA Loan 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.

Like many veterans, you may need to finance your VA Funding Fee when you purchase your home. The VA Funding Fee is a charge from the VA to guarantee your VA loan. You can pay it in cash at closing or roll it into your loan amount.

Even though you can’t finance your closing costs when you buy a home, another option is to negotiate with the seller to pay some or all of the 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.

Four Things VA Lenders Don’t Tell Veterans

Veterans should take advantage of their VA home loan benefits when buying a home. The VA home loan program is usually the best option for veterans and active duty service members. Most VA lenders are willing to offer more favorable terms because the VA guarantees a percentage of the loan. But, some lenders don’t tell veterans things that would help in the application process.

Fortunately, this article will uncover some of these hidden secrets related to VA loans. Veterans can gain insight on how to use these secrets to their advantage when applying for VA loans.

1. The VA Does Not Set The Minimum Credit Score

The VA does not set a minimum credit score for VA loans. However, most lenders will require a minimum credit score of 640 or 620. Some lenders may require an even higher credit score, but these minimum score levels are not necessary.

HomePromise has helped veterans and active duty military members buy a home with credit scores as low as 580! So, it matters what lender you choose. Call HomePromise at 800-720-0250 to talk to a VA home loan expert for more advice.

2. VA Loans Are Usually Better than Other Loan Options

Some lenders encourage veterans to pick other loan types due to a lack of experience with VA loans. Some lenders like doing conventional, FHA or USDA loans and don’t want to do VA loans even though they offer them. What some VA lenders don’t tell you is that the VA loan program is usually a better option for most veterans.

There are many different types of home loans available. Two of the most popular are conventional loans and VA loans. Both loan types have their advantages and disadvantages. Therefore, it’s important to understand the difference between them before choosing a loan.

Conventional vs VA Loans

Conventional loans are typically offered by banks and other lenders, and they’re the most common type of home loan. They’re typically available in fixed-rate or adjustable-rate options, and they can be used for purchases or refinances.

One of the main disadvantages of a conventional loan is that there’s no government guarantee making them easier to qualify for. Also, they usually require a higher down payment than VA loans.

VA loans are backed by the U.S. Department of Veterans Affairs and are available to eligible veterans. This type of loan is also available to active duty service members, reservists, and surviving spouses.

One of the main benefits of a VA loan is that there’s usually no down payment required.  Conventional loans require a down payment and if your down payment is less than 20% you may have to pay monthly mortgage insurance.  VA loans have no monthly mortgage insurance.

Lastly, VA loans often come with lower interest rates than conventional loans. However, you’ll need a VA Certificate of Eligibility (COE) in order to qualify for a VA loan.  HomePromise can get your COE for you.

FHA and USDA vs VA Loans

There are a few key differences between VA loans and FHA or USDA loans. For one, VA loans are available only to veterans, active duty service members, surviving spouses of veterans and certain reservists and National Guard members.

Secondly, VA loans come with unique benefits, such as no monthly mortgage insurance premium. As a veteran or active duty service member, a VA loan is usually the best option for you. With flexible requirements and lower costs, VA loans are an excellent choice for those who qualify.

Reach out to a VA loan expert with HomePromise at 800-720-0250. We are always available to help answer any questions you might have. We have helped veterans and active duty military members achieve the American Dream – even with credit scores as low as 580.

3. You Can Use Your Benefits More Than Once 

As a veteran, you may not be aware of the potential to use your VA home loan benefits multiple times. You can use these benefits as often as you want. You may be able to use your remaining VA loan benefits, even if you have already used them in the past.

There are a few calculations and rules to follow when using your benefits two or more times.  The rules can be complicated, call a HomePromise VA home loan expert for help at 800-720-0250.

If you’re refinancing an existing VA loan, you’re still eligible to use your VA mortgage benefits again. Using your benefits a second time may be helpful to lower your interest rate. You may be able to take advantage of the streamlined VA Interest Rate Reduction Refinance Loan program to lower your interest rate.

4. You Can Refinance With A New Lender

Veterans may be surprised to discover that they can refinance their home with a new lender. You don’t have to do your refinance with your existing VA lender.

Taking out a new loan can bring several benefits. Benefits may include lower interest rates, improved terms, and other advantages. Make the most of these opportunities by considering a new loan with HomePromise.

Veterans can use home equity to improve their finances. They can pay off high interest credit cards, fund home improvements, or pay for college tuition. This can be done through a VA cash-out refinance.

Veterans should research options carefully and get advice from a VA home loan expert. The VA loan experts at HomePromise will help you explore all possible options. They will also help ensure you are making the best choice for your needs. Call now at 800-720-0250.

Get The Best Advice With HomePromise

Knowing the secrets of VA lending in this article can help veterans save time and money. Veterans should also make sure to ask questions and get a full understanding of the terms and conditions of the loan. Knowing the details of the loan and the total cost of the loan are essential to making the best decision.

Talk to a HomePromise VA loan expert to understand all VA loan fees, requirements and options. You’ll get expert advice about the best VA loan for your needs.

As a veteran, you earned your VA home loan benefits so, don’t allow common mistakes to stop you! Get informed and start your VA loan application with HomePromise at 800-720-0250.

Mistakes Veterans Make When Getting VA Loans

Without a complete understanding of the VA loan process, veterans can sometimes make expensive mistakes. Misunderstanding the VA Funding Fee or failing to properly document income are just two mistakes that veterans may make. When applying for a VA loan, it’s always best to learn about the VA loan process before you make an offer on a home.

Veterans looking to buy a home should take the time to research, understand, and ask questions of an expert VA lender to understand all of the documentation requirements. This first step is important to avoid mistakes. Veterans should submit all of the required documentation to an expert VA lender for review and feedback.

Veterans and active duty military home buyers may not effectively calculate income or understand the impact of credit card debt and auto loans. This sometimes leads to shopping for a home that is not affordable. This could lead to unnecessary delays in the process as you end up finding out you’re looking at homes that are too expensive for you to buy.

Mistakes can be avoided by meeting with an expert VA lender, like HomePromise. Our VA loan experts know the ins and outs of your benefits and can address any issues before you submit your application. Call one of our VA loan experts today at 800-720-0250 and we’ll tell you if you’re pre-qualified to buy a home, usually with no down payment!

So, let’s take a look at the top 3 mistakes Veterans make when applying for a VA loan: 

Avoid These 3 Mistakes When Applying

Not getting Pre-Qualified

When buying a home, Veterans should take advantage of the VA loan program. Make sure you become familiar with your VA loan benefits and check to see if you qualify. If you are eligible for VA home loan benefits, working with an expert VA lender is the way to go. 

This is the best way to access expert advice specific to your situation. There are numerous options to choose from and VA loan experts can guide you to the best option for you.

If you understand the VA home loan program and get pre-qualified, you are set up in a great position. Once this step is complete, you are ready to find your ideal home and make an offer with lees complications or delays.

As a veteran or active duty military member, it is important to make sure you are pre-qualified from an expert VA lender. Preferably before even working with a real estate agent. If you’re pre-qualified, you get helpful information about your maximum loan amount and sales price which helps guide you and your realtor as you shop for a home.

Without pre approval, you run the risk of making an offer on a home that you can’t afford. You may also be denied financing altogether from a VA lender. Therefore, obtaining pre approval should be the first step you take when considering buying a home. Call HomePromise today at 800-720-0250 to talk to our VA loan experts. We will answer your questions so you can see if you qualify for a VA loan.

Not Checking Your Credit Score

While the Department of Veteran Affairs has no specific credit score requirement, checking your credit score is an important step. Your credit score should be the first step in the VA mortgage application process.

Your credit score will determine how likely you are to be approved. A good credit score may also provide favorable interest rate terms offered by VA lenders. Even though there is no credit score requirement set in place by the VA, lenders do have credit score minimums!

Past financial difficulties can hurt your credit score. Before applying, it’s best to check your credit score and try to clean up any negative credit you have. Always check for negative items on your report so you can maximize your chances of approval.

Pulling a credit report ahead of time can save you time in the long run. It will also increase the chances of getting your VA loan approved. Failing to check your credit score and credit history may result in a loan denial by a VA lender.

Before applying for a VA loan, it is important to identify two main issues. The first is to identify any late payments you might have. The second thing you should check is for negative items on your credit report like collection and charge-offs. Late payments and other negative credit can cause your credit score to drop and could impact your ability to get a VA home loan. 

Sometimes it is best to pay off collections or other past due accounts to get approved. Identifying these issues before you submit your offer to buy a home will help you maximize the chances of loan approval and minimize processing times. Our HomePromise VA loan experts are skilled at giving advice about how to improve your credit report. Call today for help at 800-720-0250.

Not Understanding VA Loan Fees

Veterans and active duty military members have access to special VA home loan benefits. These benefits allow them to purchase a home with no down payment, no mortgage insurance, and competitive rates. However, many veterans don’t know that they may still be responsible for other loan closing costs.

It’s important to understand exactly which VA loan fees you’ll have to pay for when getting a VA mortgage. Doing so can help you plan accurately for a home purchase and reduce surprises at loan closing.

Applying for a loan can seem difficult. Understanding what lenders require before submitting your application can make the process much smoother. You may need to prove your military service so that you can get a VA Certificate of Eligibility (COE). HomePromise can get your COE from the VA for you through a special VA online system that allows electronic submission of a request for a COE. Often we get back COE’s immediately. Call us for help at 800-720-0250.

Making sure you have these items could increase your chances of a successful application. Understanding what’s expected before applying can help ensure your loan request is considered favorably.

Understand the basics of VA loans 

Talk to a HomePromise VA loan expert to understand all VA loan fees, requirements and options. You’ll get expert advice about the best VA loan for your needs. We will also help you calculate your debt-to-income ratio over the phone. Don’t let common mistakes keep you from using your VA home loan benefits. You’ve worked hard to earn them!

Get informed and start your VA loan application today with HomePromise at 800-720-0250.

Horse Farm Loans For Veterans

Horse farming has always been an important part of rural America and a source of livelihood for many military veterans.

To support these farmers and ranchers, the Department of Veterans Affairs offers VA home loans specifically for the purchase of horse farms.

In this article, we will discuss the various aspects of VA horse farm loans, including the loan requirements, the amount of land that can be purchased, and the process of getting approved for a loan.

How Much Land Can You Buy With A VA Loan

Veterans can purchase a horse farm home that has many acres with a VA loan from HomePromise. The VA appraiser has to find homes nearby that have sold recently with similar acreage.

There isn’t a limit on the number of acres but the larger the acreage, the harder it will be to find recent sales nearby for the appraiser to complete the appraisal report.

So, keep in mind that even though the VA may not have a limit to the number of acres, there may be difficulty with horse farms with many hundreds of acres.

To be eligible for a VA horse farm loan, you must meet the following requirements:

1. You must be an active duty military member, veteran, or a surviving spouse of a deceased veteran.

2. The land must be used for agricultural purposes, such as horse farming.

3. The loan must be used for the refinance or purchase of a home that will be your primary residence.

It is important to note that VA horse farm loans often have lower fixed interest rates, compared to other types of agricultural loans.  Also, you may be eligible to buy a horse form with no down payment using the HomePromise VA horse farm loan program.

How To Get Approved For A Horse Farm Loan

The process of getting approved for a VA horse farm loan is similar to that of other VA home loans. You must start by applying for a loan with a VA-approved lender, such as HomePromise.

You will then need to provide proof of your income and the funds needed for your down payment. HomePromise does not require a business plan for your horse farm or any details on the types of horses you plan to raise and the operations of the farm.

If you are building a horse farm, once the construction of the farm is complete, the VA loan can pay off the construction loan with a new VA loan.

Apply For A Horse Farm Loan As A Veteran

If you are a military veteran and want to purchase a horse farm, you may be eligible for this type of farm loan. These loans are designed specifically for military veterans and offer a number of benefits, including low interest rates and the ability to purchase hundreds of acres of land.

To apply for a VA horse farm loan, call HomePromise at 800-720-0250.  We can help you through the process and answer any questions you may have.

VA horse farm loans are an excellent option for military veterans who are looking to purchase a home with land for a horse farm. With low interest rates and the ability to purchase a home with hundreds of acres of land, these loans offer a number of benefits to farmers and ranchers.

If you are a military veteran and want to buy land for a horse farm, be sure to reach out to a HomePromise to start the process today at 800-720-0250!

What are the Rules on a VA Loan for Disabled Veterans?

How do I qualify for a VA loan as a disabled veteran? Are disabled veterans able to waive the VA funding fee? Does my disability compensation count toward my income? When trying to understand VA loans and the additional benefits they offer disabled veterans, you don’t have to work through it alone. At HomePromise, our VA loan experts are professionally trained to answer your questions, listen to you, and help you make informed financial decisions.

Qualifying for a VA Loan as a Disabled Veteran

Your VA disability rating does not hurt your ability to qualify for a VA home loan. Applying for a VA home loan as a disabled veteran means you will have access to additional money-saving benefits, even if you have a low credit score.

Before becoming eligible for VA loans and the additional benefits they provide, veterans have to meet certain service requirements.  Veterans must meet the below criteria before applying for a VA loan:

In addition to meeting certain service requirements before being able to apply for VA loans, disabled veterans must also meet specific financial requirements. One of these financial requirements is to have a reliable source of income that is expected to continue. As a disabled veteran, your disability compensation is considered expected to continue since it is a lifetime benefit. This means it counts as income when applying for a VA loan. Being able to put your disability compensation toward your income may help you meet income requirements when applying for VA loans.

Determining your eligibility for VA loans can be complicated. At HomePromise, our VA home loan professionals offer expert guidance on these difficult financial topics. In order to have your questions about VA loans answered and to receive a free quote, contact us today at 800-720-0250.

VA Form 26-1880 and Applying for a Certificate of Eligibility COE

When applying for VA loans, lenders will ask for your Certificate of Eligibility, commonly referred to as COE. This is the most common form of documentation lenders will require from you in order to proceed with your VA home loan.

The VA Form 26-1880 is the document that you must fill out in order to apply for your Certificate of Eligibility. Call our HomePromise VA loan experts at 800-720-0250 and we will submit your completed VA Form 26-1880 to the VA and often get your Certificate of Eligibility instantly.

Are Disabled Veterans Exempt from the VA Funding Fee? 

Yes, disabled veterans who receive VA disability compensation are exempt from the VA funding fee. Surviving spouses of veterans who passed away in action or from injuries sustained during military service are also exempt from the VA funding fee.  Lastly, active-duty service members who have received a Purple Heart are also exempt from the VA funding fee. If you are currently receiving disability benefits, you have the ability to waive the VA funding fee regardless of your level of disability.

If you close on your VA loan before you start receiving disability benefits, you may still be eligible to have your VA funding fee refunded back to you if you were in the middle of applying for disability at the time. But, you have to get your disability determination within a few months after closing on your loan to qualify to get your VA funding fee refunded.  Whether refinancing or purchasing a home, not having to pay the VA funding fee can help disabled veterans save thousands of dollars in closing costs.

The VA funding fee can range from 1.4% to 3.6% of the total loan amount depending on your down payment and whether this is your first time using this benefit. The below chart explains how the VA funding fee is calculated:

VA Home Loan Benefits for Disabled Veterans

VA loans offer veterans a variety of benefits, including options for approval of applications with lower credit scores, competitive interest rates, no monthly mortgage insurance, no money down, and VA mandated limits on closing costs. VA loan benefits are available for eligible veterans for life. They are not one-time benefits.

In addition to these money-saving benefits, disabled veterans are eligible to receive additional benefits when applying for a VA home loan. These benefits include exemption from the VA funding fee, special housing grants, real estate property tax exemptions, and disability compensation benefits.

The special housing grants that are available to disabled veterans can help cover the cost of purchasing, building, or renovating a home to meet the needs of their disability. Two grants that offer disabled veterans with a 100% service-connected disability rating from the VA are the Special Housing Adaptation (SHA) and the Specially Adapted Housing (SAH) grant.

If you are not eligible for either of these grants that are available to disabled veterans, a VA refinance might be another option for you. If the work you need done on your home is more expensive than the grant will allow, a VA refinance might help you cover these costs. To speak with a VA loan expert and learn more about a VA refinance, call HomePromise at 800-720-0250. Our VA loan professionals are specially trained to be able to discuss the benefits available to disabled veterans when applying for VA home loans. We will listen to you, answer your questions, and quickly provide you with a free quote.

Conclusion

At HomePromise, we help make it easier for veterans and their families to apply for VA loans, whether online or over-the-phone. We’ll never prevent you from speaking directly with our VA home loan experts. We work to make the process of applying for VA loans as easy and fast as possible, even when your situation is unique. HomePromise is an approved lender with the U.S. Department of Veterans Affairs to provide VA home loans.

Looking to apply for a VA home loan? HomePromise is here to help you. Contact us today at 800-720-0250 to receive a free quote from one of our experts. 

Why Now Is The Best Time For Veterans To Buy A Home

Buying a home is a big decision and can be stressful.  You need to consider price, location and near-by schools.  And how about getting a mortgage?  That can add to the pressure.  

Luckily, as a Veteran you may qualify for a VA-backed loan, which can relieve some of the stress.  The housing market is changing to a Buyer’s market so now is a great time for Veterans to buy a home!

It is important to know what a Buyer’s market is.  This article will explain that and give you tips on buying a home with a VA loan.

What Is A Buyer’s Market? 

A Buyer’s market happens when real estate prices are on a decline, and houses linger for longer on the market.  To make the sale, the prices of homes are reduced and sellers tend to become more flexible during negotiations.  

For the following reasons, it is a buyer’s market now:

1. Low Price of Homes

When you carefully check recent sales made by real estate companies, you will discover that more homes have been selling below the asking price. Any home seller determined to stick to a higher price finds buyers choosing a different home with a seller who has some price flexibility.

2. Home Time on Market

Lately, homes have been on the market for longer before being sold. This strongly indicates that it is a Buyer’s market now, and every Veteran that has met the VA loan requirements should take advantage of this market.

3. Home Inventory

The larger the inventory is, the more likely it is to be a Buyer’s market. We are currently in a market where home inventories are going up, so the list of homes for sale is growing longer. This is another clear indication of a Buyer’s market.

You Have An Advantage As A Veteran! 

A VA loan is a home loan benefit with a zero down payment option given to eligible active service members, veterans, or their surviving spouses. VA Loans are guaranteed by the United States Department of Veteran Affairs (VA) and are provided by private lenders like HomePromise.

Also, a VA loan has a low-interest fixed rate, low credit score requirements, no monthly mortgage insurance, and a lower income requirements.  These features give the Veteran an advantage over conventional borrowers.

How To Save On Rates With A 30-Year Mortgage

The 30-year mortgage is one of the friendliest methods of buying homes. This is because this loan option gives buyers a steady monthly payment due to a fixed rate. Adjustable rate mortgages (ARMs) may have rates that go up in the future and that is a risk most Veterans should probably avoid.

Here are some tips to pay off your mortgage faster and to save money on interest over the long term.

1. Bi-Weekly Payment 

Most 30-year mortgage home buyers tend to make just the minimum monthly payments. This might seem convenient, but it doesn’t help you save money. It only prolongs your mortgage payment time frame.

 Making payments every other week helps you save money on your home loan.  This is called a bi-weekly payment plan. On a bi-weekly payment plan, by the end of each year, you will have made a full extra payment on your loan.  HomePromise offers a money saving bi-weekly payment program.  Call today at 800-720-0250 for more information.

2. Redirect your Extra Cash into your Mortgage

You can channel extra cash you may have at different times of the year toward paying off your mortgage. Doing this even occasionally might seem insignificant, but when you calculate how much interest you save, you’ll find that it has a big impact over the long term. VA borrowers should consider using gifts, bonuses from work, tax refunds, and inheritances as ways to pay down a mortgage and save money.

Find a Flexible VA Lender

Many Veterans find it difficult to get a VA-backed home loan because they know little about VA loan requirements. Also, some lenders make it hard to get a VA loan and add extra guidelines to the VA loan program making it difficult for Veterans to access their home loan benefits.

You must have VA loan entitlement to get a VA home loan.  VA home loan entitlement is given to eligible active duty service members, Veterans or their surviving spouses. 

Some Veterans don’t have full entitlement because of the following:

1. You have not yet refinanced or sold a property that you previously financed with a VA home loan.
2. You used your VA home loan benefit but had a foreclosure or short sale and part of your entitlement is tied up in that loan.

The rules are complicated and getting advice from a VA loan expert is very important to figure out your entitlement.  HomePromise will help you get your VA Certificate of Eligibility (COE) which will show if you have VA-backed home loan eligibility without limits. The basic requirements for VA loan eligibility are one of the following:

• You must have completed 90 days of active service duty.
• You must have served actively on duty for a minimum of 181 days during Peacetime.
• You must have a minimum of 6 creditable years of service in the National or Reserve Guard
• You must be a surviving spouse of a service member who died on active duty or from a service-connected disability.

Other Qualifications include

• You were honorably discharge.
• You were discharged on medical grounds or a service-connected disability
• You were discharged for hardship, for the convenience of the government, early out, or for a reduction in force.

Call HomePromise at 800-720-0250 today and our VA loan experts will order your VA Certificate of Eligibility (COE).  We can often get your COE from the Veteran’s Administration the same day!

Can I Qualify For A VA Loan?

Qualifying for a VA-backed home loan is the first step for Veterans who want to use their home loan benefit. To have the best chance of qualifying you should choose a flexible VA lender who has experience with the process.

Most lenders will use a minimum credit score for a VA loan. Often their minimum is 620, 640 or even higher.  HomePromise has a minimum credit scores for VA loans of only 580.  Call today to see if you qualify at 800-720-0250.

How To Get A Low Origination Fee

An origination fee is a fee you pay to your lender to process your loan application.  Not all VA lenders have the same origination fee.   Lenders decide the size of their origination fee and the difference between lenders can be huge.

VA lenders charge you for their services which include:

• Sourcing and organizing your documents
• Verifying the documents you provide
• Analyzing your income 
• Verifying information from employers

The time needed to do these loan processing steps can amount to a lot in salaries and overhead. However, you can get a low origination fee by picking the right lender.  At HomePromise, we have an origination fee that is lower than most VA lenders.  At only $590, the HomePromise origination fee is often thousands less than others.

In conclusion,

You can save a lot of money by purchasing a home right now because it is a Buyers’ market.  Using a VA loan to purchase a home can give you an advantage over conventional buyers.  HomePromise is a flexible VA lender.  Our VA loan experts can explain the requirements while offering a low minimum credit score and low origination fees.    Call 800-720-0250 to talk to a HomePromise VA loan expert today!