VA LOANS

HOW DO THEY WORK?

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) exclusively for military borrowers. A VA loan allows eligible active-duty service members, veterans, and eligible surviving spouses to finance a home with no down payment, no mortgage insurance, and lenient credit requirements. Understanding how a VA loan works will help you determine if it’s the right mortgage for your purchase

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READY TO HELP

YOUR VETERAN TEAM

After spending almost 25 years in the U.S. Army, Shawn is now supporting the military and civilian communities in pursuing the dream of owning a home. He and Shari understand VA Loans and the importance of making a wise investment with a good return. Team Groover knows how relocating feels when you don’t know the ins and outs of an area. That is why a local team who understands the demands of the military is so important. Contact us today, and we will help you get started. 

Getting Started

To get started with the VA Loan process, you fill out a loan application, provide proof you can repay the loan based on your earnings and credit history, and verify you have enough money saved up to cover closing costs. 

A certificate of eligibility (COE) is a document that shows the mortgage lender you qualify for a VA loan. Besides meeting the VA loan requirements for income, assets, and credit, you’ll need to meet the guidelines for military service. 

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Items Needed

Your debt-to-income (DTI) ratio measures your total monthly debt (including your new mortgage payment) divided by your gross (before-tax) income. The VA recommends a maximum 41% DTI ratio.

Residual income calculates how much free cash you have each month based on your after-tax income. The minimum required depends on your home and family size, as well as the location of your home.

Requirements

Lenders prefer a steady, two-year job history but may make exceptions for recently discharged veterans. Although the VA guidelines don’t require a minimum credit score, many lenders set their minimum at 620.

The VA requires you to live in the home you intend to finance with a VA loan, which lender terms is known as a “primary residence.” You can’t use a VA loan to buy a second home or investment property.

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***MOBILE DESIGN STARTS HERE***

VA LOANS

HOW DO THEY WORK?

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) exclusively for military borrowers. A VA loan allows eligible active-duty service members, veterans, and eligible surviving spouses to finance a home with no down payment, no mortgage insurance, and lenient credit requirements. Understanding how a VA loan works will help you determine if it’s the right mortgage for your purchase

READY TO HELP

YOUR VETERAN TEAM

After spending almost 25 years in the U.S. Army, Shawn is now supporting the military and civilian communities in pursuing the dream of owning a home. He and Shari understand VA Loans and the importance of making a wise investment with a good return. Team Groover knows how relocating feels when you don’t know the ins and outs of an area. That is why a local team who understands the demands of the military is so important. Contact us today, and we will help you get started. 

Getting Started

To get started with the VA Loan process, you fill out a loan application, provide proof you can repay the loan based on your earnings and credit history, and verify you have enough money saved up to cover closing costs. 

A certificate of eligibility (COE) is a document that shows the mortgage lender you qualify for a VA loan. Besides meeting the VA loan requirements for income, assets, and credit, you’ll need to meet the guidelines for military service. 

Items Needed

Your debt-to-income (DTI) ratio measures your total monthly debt (including your new mortgage payment) divided by your gross (before-tax) income. The VA recommends a maximum 41% DTI ratio.

Residual income calculates how much free cash you have each month based on your after-tax income. The minimum required depends on your home and family size, as well as the location of your home.

Requirements

Lenders prefer a steady, two-year job history but may make exceptions for recently discharged veterans. Although the VA guidelines don’t require a minimum credit score, many lenders set their minimum at 620.

The VA requires you to live in the home you intend to finance with a VA loan, which lender terms is known as a “primary residence.” You can’t use a VA loan to buy a second home or investment property.