Getting a VA Loan VA Loans Insider

  • How Student Loans Can Affect Your VA Home Loan Chances

    How Student Loans Can Affect Your VA Home Loan Chances

    After mortgages, student loans are the nation’s highest consumer debt category. More than 44 million borrowers owe $1.3 trillion and the average student owes around $37,000. Even with GI Bill education benefits, veterans and active service members certainly shoulder their fair share of student loan debt, too. Simply having student loan debt doesn't mean your road to qualifying for a VA home loan is automatic…

  • How Compensating Factors Can Boost Your Chances of Securing a VA Home Loan

    How Compensating Factors Can Boost Your Chances of Securing a VA Home Loan

    VA lenders take a long, hard look at a prospective borrower’s credit, debt and income when evaluating a loan application. There isn’t a credit score requirement to participate in the VA loan program. But many lenders want to see a score of at least 620 in the current climate before moving forward. On top of that, prospective borrowers have to meet VA standards regarding their debt-to-income ratio and th…

  • VA Loan Entitlement Options for Military Couples

    VA Loan Entitlement Options for Military Couples

    Married military couples have some choices when it comes to using their VA home loan benefits. Eligible spouses can decide to use all of one spouse’s entitlement for a VA loan, split their entitlement evenly for a VA home loan, or have one spouse use remaining entitlement from a previous VA home loan with the other spouse providing the rest for the new mortgage. Entitlement is basically the dollar amount the…

  • What Happens When Your Spouse Has Bad Credit

    What Happens When Your Spouse Has Bad Credit

    Married couples often pursue a VA home loan together, with each obliged on the mortgage note. There are a host of reasons why, but one of the simplest is that a spouse may not have enough income to purchase the home of their dreams on his or her own. Adding in that second income of a spouse can sometimes do wonders for your purchasing power and debt-to-income ratio. While counting a spouse’s income is a…

  • Loan Limit Lingo: There's Actually No Maximum Amount on a VA Loan

    Loan Limit Lingo: There’s Actually No Maximum Amount on a VA Loan

    The concept of the VA's loan limits can be confusing not just for military homebuyers but even for people in and around the mortgage industry. You're likely to find a lot of misconceptions and bad information out there online. If you're confused about the VA loan process, Veterans United can help steer you through the process! One of the most common is that the VA loan limits represent the absolute maximum …

  • VA Loan Eligibility for National Guard and Reserve

    VA Loan Eligibility for National Guard and Reserve

    VA loan eligibility for National Guard and Reserve members and veterans received a big boost two and half decades ago. The Veterans Home Loan Program Amendments of 1992 extended VA loan benefits to those who've served at least six years in the National Guard or Reserves. Since then, tens of thousands of active and veteran Guard and Reserve have purchased a home using this historic no-down payment program. Some…

  • How to Rent Your Old House and Use the Income for a New VA Loan

    How to Rent Your Old House and Use the Income for a New VA Loan

    Military life is so often spent on the move. That can make homeownership tricky for some military buyers, if not downright treacherous. Having to PCS to Fort Riley three or four years after buying a home near Fort Campbell can put military families in a financial bind. Home values have plummeted in dozens of markets across the country. Military homeowners faced with relocation may owe far more on their house t…

  • Can You Get a VA Loan With Less Than Two Years of Steady Employment?

    Can You Get a VA Loan With Less Than Two Years of Steady Employment?

    Credit will continue to play a crucial role in your ability to secure a VA home loan. In the current lending environment, VA lenders are generally looking for a score of at least 620 in order to prequalify you for a mortgage. But there's another incredibly critical factor that both confuses and confounds many borrowers: stable, reliable income. You certainly don't need to have a job in order to obtain a VA-backed …

  • Explaining VA Entitlement: What You've Earned and Why It's Important

    Explaining VA Entitlement: What You’ve Earned and Why It’s Important

    The concept of VA entitlement is often a confusing one. You can think of it as something you're entitled to given your service to our nation. This is certainly a hard-earned and well-deserved benefit. But that's not what it really means, at least in practical terms. Veterans who are eligible for a VA loan have an entitlement, which is basically a dollar amount the VA promises to repay back to a lender in the ev…

  • Restoration of Entitlement: How to Reuse Your VA Loan Benefit in Full

    Restoration of Entitlement: How to Reuse Your VA Loan Benefit in Full

    VA entitlement is a financial guaranty from the government, which pledges to repay a portion of your home mortgage in the event of default. Your VA entitlement is a specific dollar amount. Veterans and service members using the VA loan benefit for the first time have their full VA loan entitlement available, which allows qualified buyers in most of the country to borrow up to $453,100 before having to make a down …