VA Loan Eligibility
A VA loan is an earned benefit that allows eligible veterans, service members, and surviving spouses to qualify for a low-cost mortgage when looking to purchase or refinance, even with imperfect credit.
5 Ways to Improve Your Credit Score in 2022
It is never too late or too early to improve your credit score. Whether you have a poor credit score, a good credit score, or little to no credit history, you can only benefit from monitoring, maintaining, and taking steps to improve your credit score. And with the New Year just around the corner, what better time than now to begin working on your credit score?
How Debt-to-Income (DTI) Impacts Your Mortgage
Have you ever heard someone say you should only spend 36% or less of your income on bills? The concept they are referring to is that of debt-to-income, or DTI. Debt-to-income divides the total of all monthly debt payments by your gross monthly income, giving you a percentage. As a lender, we focus on your projected DTI calculated with your new monthly mortgage payment, because it’s a representation of your ability to pay your bills. Borrowers with high DTIs often have more trouble making their payments.
Credit Score 101
Credit scores are an important benchmark of your financial health. It’s also one of the first things your lender will determine when you start the VA Home Loan process. At VeteransLoans.com, we’ll soft pull your credit score when we work to get you pre-qualified, and then we’ll hard pull your credit score to get you pre-approved. Not all lenders are the same, though. What is the difference between a hard pull and a soft pull, what do they mean, and will they affect your credit score? Let’s break it down.
What is the VA Appraisal?
In this article, we are going to go over the VA appraisal. We’ll talk about what things the appraisal process looks like, what it looks for, and what options you have if it doesn’t go as well as you would like.