2017 VA Guidelines And VA Qualification Requirements
This BLOG On 2017 VA Guidelines Was Written By Gustan Cho NMLS 873293
2017 VA Guidelines require that the veteran borrower have a valid COE which is the Certificate of Eligibility from the United States Department of Veterans Affairs.
- The Certificate of Eligibility is an official certificate from the Veteran Affairs that document the borrower is a Veteran eligible to qualify for a VA Home Loan and that the borrower is or has been a member of the United States Armed Services.
- In order to qualify for a VA Loan, the borrower needs to have a honorable discharge from the U.S. Military. Just serving in the United States Armed Services does not automatically qualify a Veteran for a VA Loan.
- There are certain peacetime and/or wartime criteria and service requirements the veteran borrower and/or eligible spouses of the veteran that needs to met to qualify for a VA Home Loan.
2017 VA Guidelines Eligibility Requirements To Be Eligible For VA Home Loan
VA Home Loans are the best mortgage loan program in the United States. There are countless of Benefits Of VA Loans Versus Other Loan Programs which we will cover on this article on 2017 VA Guidelines. Here are the eligibility requirements on VA Home Loans under 2017 VA Guidelines:
- Veterans of the U.S. Military who has served the U.S. and have met the minimum service requirements qualify for VA Loans
- Active members of the U.S. Armed Services who have served the minimum service period qualify for VA Home Loans
- Members of the National Guard as well as members of the Armed Services Reserves who meet the qualification requirements qualify for VA Loans
- Qualified surviving spouses of deceased veterans qualify for VA Home Loans
- The above criteria are the basic eligibility requirements to qualify for VA Home Loans.
- Once a borrower has met the above eligibility requirements, they now need to qualify for a VA Loan with credit and income.
- Like any other loan program, the U.S. Department of Veteran Affairs and lenders require that the Veteran Borrower qualify for under 2017 VA Guidelines.
2017 VA Guidelines On Credit Scores And Debt To Income Ratio
2017 VA Guidelines are very lax and the main reason borrowers qualify for FHA Loans and cannot qualify for VA Loans is not because of 2017 VA Guidelines but because the lender the borrower consulted with has overlays on VA Loans. VA Loans are easier to qualify than any other loan programs, however, most lenders have a lot of lender overlays on VA Loans than they do on FHA or Conventional Loans. The Gustan Cho Team at CrossCountry Mortgage does not have any overlays on VA Loans with the exception of requiring a 580 FICO Credit Score.
Here are the 2017 VA Guidelines and VA mortgage qualification requirements of The Gustan Cho Team at CrossCountry Mortgage:
- Minimum credit score requirement of 580 FICO
- As long as you get an approve/eligible per Automated Underwriting System at The Gustan Cho Team at CrossCountry Mortgage and can meet the automated approval conditions, CrossCountry Mortgage NMLS 3029 will close on your VA Loan
- VA does has Residual Income Requirement
- There is no debt to income ratio requirements on VA Home Loans as long as you have sufficient Residual Income
- VA Home Loans do not require any down payment on a home purchase
- VA allows up to 100% Loan To Value on a cash out refinance
- VA does have a one time VA Funding Fee but the VA Funding Fee can be rolled into the VA Home Loan and/or can be paid with a sellers concession and/or lender credit
- VA offers one of the lowest mortgage interest rates than any other loan program, including lower than conventional mortgage rates
- VA does not require mortgage insurance premium no matter what the loan to value
- Veteran borrowers can qualify for VA Loan after 2 years of a Chapter 7 Bankruptcy discharge date
- Veteran borrowers can qualify for VA Home Loans two years after a short sale where FHA requires a three year waiting period after short sale to qualify for a FHA Loan
- Veteran borrowers can qualify for VA Home Loans two years after the recorded date and/or sheriff’s sale date of a deed in lieu of foreclosure and/or foreclosure where FHA requires a three year waiting period
- VA exempts deferred student loans that has been deferred 12 or more months from debt to income ratio calculations where other loan programs will not exempt them
- CrossCountry Mortgage closes most of their loans in 21 days or less and has no overlays on all of their government loans and Conventional Loans
- CrossCountry Mortgage offers TBD FAST TRACK CREDIT/INCOME ONLY Underwriting where you can get a conditional loan approval without a property. Once you get a property, all our underwriters need to do is underwrite the property and title and you can close on your home loan
2017 VA Guidelines On Bad Credit
The Gustan Cho Team at CrossCountry Mortgage is one of the most aggressive VA mortgage lenders in the country. We approve and close VA Loans where other lenders cannot due to their lender overlays on VA Home Loans.
Here are some facts on The Gustan Cho Team at CrossCountry VA Home Loan Program:
- Over 75% of our borrowers at The Gustan Cho Team at CrossCountry Mortgage are borrowers who either gotten a last minute mortgage loan denial or are going through a stressful mortgage process due to not being properly qualified by their current lender
- CrossCountry Mortgage closes majority of their loans in 21 days or less
- CrossCountry Mortgage is a five star nationally recognized Fannie Mae, Freddie Mac, and Ginnie Mae Direct Lender with no overlays and licensed in 50 states
- We properly qualify the borrower so we can close 100% of all of our pre-approvals and not just close the loan but close it on time
If you have any questions on VA Loans and see if you qualify for a VA Home Loan, contact Gustan Cho NMLS 873293 of The Gustan Cho Team at CrossCountry Mortgage Inc. NMLS 3029 at 262-878-1965 or text Gustan Cho on his cell at 262-716-8151. You can also email us at firstname.lastname@example.org. Gustan Cho and The Gustan Cho Team at CrossCountry Mortgage NMLS 3029 is available 7 days a week, evenings, weekends, and holidays to take your call, text, or email and answer any questions you may have.