VA Loans Can Make It Easier For Service Members to Purchase a New Home
- brandinord
- Aug 30, 2023
- 2 min read
In today's market, purchasing a first home seems almost unattainable. But for service members, veterans, and eligible surviving spouses, VA Loans allow you to finance a home with no downpayment and no mortgage insurance. This, along with more lenient credit requirements, makes buying a home for your family a real possibility. Ian Jouett (NMLS #320263), President of Louvier Mortgage Group, LLC (NMLS #1013945), explains, "A VA loan is a great product for members of our armed forces. By not requiring a downpayment or mortgage insurance, theoretically, you can purchase a home with 100% financing."
Who is Eligible for a VA Loan?
Current service members who have served for at least 90 continuous days and meet the minimum active-duty service requirement.
Veterans - The minimum active-duty service requirements depend on when you served. For more info, visit: www.va.gov/housing-assistance/home-loans/eligibility
Surviving Spouses of veterans need to apply for and receive a Certificate of Eligibility (COE) to show your lender that you qualify for this benefit. For more info, visit: www.va.gov/housing-assistance/home-loans/surviving-spouse
Are there any other requirements? Lenders will review your credit, debt, and income to decide whether you qualify and to determine the interest rates they will offer.
VA prefers a debt-to-income ratio (DTI) of no more than 41%. However, borrowers with higher DTI ratios can get approved with enough "residual income."
VA mortgage lenders usually set minimum standards for FICO credit scores, typically in the low- to mid-600s.
Lenders will also review your credit report, particularly your history of making timely payments.
How do I begin the process of applying for a VA loan? Once you have determined you may be eligible, contact a VA-approved lender. They will walk you through the loan requirements and options.
For further information on VA loans and mortgages, please contact:
Ian Jouett (NMLS #320263)
Louviers Mortgage Group, LLC
(NMLS #1013945)
Phone: (720) 851-1007
Email: ian@loansmartloans.com
If you have any questions about selling or buying a home, don't hesitate to contact Chadwick V.R. Williams at Denver Real Estate Professionals. We are happy to be a free resource for all your Colorado real estate needs.
Chadwick V. R. Williams, SRES, CRS, GRI, SRS, Luxury Certified
Broker | REALTOR® | Property Manager
720-666-9805
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