milady asked:
It seems that my spouse (100% service-connected disabled veteran) and I can not find the answers we need to acquire VA home loan. We have been told credit issues may play havoc. We have been told VA home loans are guaranteed through the VA system/government; so what is the deal in obtaining a loan? We have been told by many, that my spouse qualifies. We do not want something outrageous; just a comfortable home near the local VAMC. We understand that no matter how your credit is; every vet gets the same rate. We are under contract with someone who claims to be an expert on VA home loans but has told us that we have to repair the credit issue. If we had the money, we would not have issues with credit. The credit issue was developed by a medical situation and can be proven. I do know there are creative mortgage officers/brokers that can make this work; where is a qualified person that can get that can assist us? Yes, I know if I didn’t need money, there would be plenty.
thank you to all those that are assisting… it is greatly appreciated.
DUSTY
It seems that my spouse (100% service-connected disabled veteran) and I can not find the answers we need to acquire VA home loan. We have been told credit issues may play havoc. We have been told VA home loans are guaranteed through the VA system/government; so what is the deal in obtaining a loan? We have been told by many, that my spouse qualifies. We do not want something outrageous; just a comfortable home near the local VAMC. We understand that no matter how your credit is; every vet gets the same rate. We are under contract with someone who claims to be an expert on VA home loans but has told us that we have to repair the credit issue. If we had the money, we would not have issues with credit. The credit issue was developed by a medical situation and can be proven. I do know there are creative mortgage officers/brokers that can make this work; where is a qualified person that can get that can assist us? Yes, I know if I didn’t need money, there would be plenty.
thank you to all those that are assisting… it is greatly appreciated.
DUSTY
RICK
First you must realize it is not the VA who is lending the money. A bank lends the money and the VA insures the loan. Because the VA insures the loan the bank lowers its credit expectations from a conventional loan but doesn’t throw them out the window!
You might opt to speak to the VA directly and ask for a lender referral. Or you could study up on the VA loan program yourself and learn about what is necessary to get qualified
Comment by linkus86 — January 2, 2010 @ 9:21 pm
RICH
Below is a website and contact numbers for veterans that may help with questions on your benefits.
But please keep in mind that even though VA backs these loans there are credit, debt to income requirements, and property standards that VA lenders must adhere to in order to get that loan insured. If you have delinquent credit or other issues which reduce any willingness or ability to repay debts, then it may be a good idea to discuss these issues with VA. There is no creativity in a VA loan. Hope it helps!
Comment by Etta P — January 4, 2010 @ 11:02 am
LESLIE
VA home loans are a unique way of extending support to the US war veterans, who committed their lives in safeguarding the interests of the country. Therefore, understanding these loans is beneficial. VA housing loan program provides financial assistance to veterans so that they can purchase home at a favorable rate of interest and convenient loan terms. Loans provided by the VA are fixedproperty in a safe locality. Next, the veteran has to go to a lender and apply for a home loan. VA guaranteed loans are provided by private lenders that include banks, mortgage companies and savings and loan associations. No prepayment penalties and long amortization terms are another advantage of these loans.
Comment by Isabell — January 5, 2010 @ 3:36 am
TOM
My friend specializes in VA loans. You should email him and he can help you and your husband out.. com
Best of Luck!
Comment by WaveBreaker — January 6, 2010 @ 11:01 pm