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13 Tips To Know About VA Loans If you are a prospective first time home buyer and you're eligible for VA loans, you may wonder how to get a VA loan. Obviously you must meet the initial criteria as a qualified veteran, active duty military, or surviving spouse. However, there are about a dozen more considerations involved in the process of obtaining your VA loan. In fact, here is a list of 13 tips to help you get your first time home buyer VA loan. 1. Meet one of four initial eligibility requirements, or possibly a conditional fifith criteria: -Reservists and national guard forces must have 6 years duty or be deployed for 180 days to qualify for a VA loan. -Regular active duty members may apply after service of 181 days, or 90 days for the Gulf War. -Retired Veterans must have completed 181 days of service, or 90 days for the Gulf War, and received an honorable discharge. -Surviving spouses may be eligible if they remarry on/after age 57, and on/after 12/16/2003. -Unremarried spouses may be eligible if any of the following apply: spouse was a veteran who died while serving or whose death was related to service-inflicted disabilities, or whose spouse is MIA or a POW. 2. Consider your credit score. A good credit score is especially important for obtaining a new VA home loan. The minimum recommended credit score for a VA loan is 620. 3. Reduce your debt to income ratio to 41 percent. As with your credit scores, having lower debt enhances your eligibilty to get a VA loan. 4. Determine your ability to afford the monthly VA loan payment. You must not only be able to meet your VA loan payment, but manage your existing debt, and have residual income to pay for essentials such as food, housing maintenance expenses, entertainment, and other expenses. 5. Realize that once you meet the eligibility requirement for a VA loan, you also have an entitlement to a first time home buyer VA loan. This means the VA guarantees your loan. 6. Exploit the perks of VA loans. These include no money down, no private mortgage insurance required, and potential interest rate reductions. 7. Determine what you need/want in your first home. Consider size, features, location, and other related details. This will help you concentrate your house hunting. 8. Ascertain your VA home loan limit. This figure is based on the state and county in which you plan to purchase your first home. Knowing this limit will likewise help you focus your house hunting efforts. 9. Decide if you prefer and/or can manage a 15-year or a 30-year VA mortgage payment. Your monthly payment can vary by as much as $200 or more, for example, for a $100,000 VA loan. 10. Realize you may include up to $6,000 for energy efficient improvements in your VA loan, as long as the improvements offer direct benefits and savings to you as the borrower. 11. Gather all the necessary paperwork for the application. This will help expedite the process. You will need to cover the following details: all personal contact info and details for the primary borrower, such as social security number; employment information; income details, including a monthly average; total monthly income (before deductions); other income; and assets and debts, including monthly debt payments. 12. Obtain a VA loan pre-approval. This step verifies all your financial information and creditworthiness. It also confirms the exact amount you can borrow and ensures the seller you are an interested and proactive buyer. 13. Apply for a VA loan using the VA home loan application. Use the Long Loan Application, not the short application, and accurately complete all portions. Remember that VA loans require no down payment, so leave that section blank. Follow these tips about VA loans to get your first time home buyer loan. Find the best home for you and your family, then enjoy owning your first home.
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