Were you ever in the military, or are you still in a branch of the military? If so, you could use this experience to help you get a mortgage loan. The type you can get because of this experience is called a VA loan. This loan is backed by the Department of Veterans Affairs, and here are some of the requirements needed to get approved for this type of loan.
Proof of Military Experience
You cannot qualify for a VA loan if you have no experience in the military. Because of this, you will need to prove that you were or are in the military, and you can do this by getting a certificate that states that you have military experience. Without this certificate, you cannot get a VA loan, so you will need to make sure you get a copy. Your lender can help you determine how to get one of these if you do not know how.
A second guideline you must meet is that you must have a job. VA loans generally are available to those who have a steady income, as they must have a way of repaying the loan. To make sure you meet this guideline, you should have a job when applying, and it should be a job that you have been at for at least two years. If you recently started a new job, you might not be eligible at this time for a VA loan. Instead, you might have to wait until you have two years on the job.
A Credit Score of 620
While the credit score needed varies, you will most likely need to have at least a score of 620 at the minimum. If your score is under this, it will be much harder for you to qualify for a VA loan. If you look up your credit and see that it is under this number, you could work on your credit for a while and wait to apply until it goes up enough.
A Down Payment
The other guideline is that you will need to have money for your down payment. While you might not need a lot of money, you will need some. In most cases, the minimum amount needed for a VA loan is around 3.5%.
If you meet these guidelines, you should have no trouble qualifying for a VA loan. To find out more about VA loans, call a mortgage lender today.
To learn more about your options, contact a resource like FCCU - First Community Credit Union.Share