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VA Home Loan
Qualifications
MORTGAGE.INFO
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
A VA Home Loan is a home loan program accessible
specifically to qualified veterans and is guaranteed by
the Veterans Admi...
Conventional Loans and VA Home Loans
The qualifications for a VA home loan are a little different
from the conventional lo...
VA Home Loan Uses
While it will depend on what your lender is capable of doing, the
below shows what VA loans are good for...
A VA qualified lender can assist you with any
type of loan, but some lenders will not process
loans for mobile homes. It’s...
What to Avoid While Your VA Home Loan is processing:
Except for minimal use of your credit cards that may be
necessary, do...
Features of a VA home loan
Assigning your mortgage to other qualified borrowers
Receive a loan for a manufactured or mobil...
T O L E A R N M O R E
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
C L IC K HE R E
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008
Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION P...
LEARN MORE ABOUT MORTGAGE.INFO
MORTGAGE.INFO
FACEBOOK.COM/WWW.MORTGAGE.INFO
PINTEREST.COM/MORTGAGE_INFO
_MORTGAGEINFO
LEND...
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VA Home Loan Qualifications- Mortgage.info

MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

A VA Home Loan is a home loan program accessible specifically to qualified veterans and is guaranteed by the Veterans Administration, also known as the VA. The guaranty provided by the VA was designed to protect the lender from any loss in the event the qualified veteran were to default on their loan. As a result to this beneficial incentive, veterans can purchase their dream house and won’t have to put any money down.

Conventional Loans and VA Home Loans

The qualifications for a VA home loan are a little different from the conventional loan requirements. Conventional loans unlike VA home loans aren’t backed by a government guaranty or insurance. Conventional home loan flexibility is a little better if the amount of the loan is higher than the VA home loan limits. However, a conventional loan will usually require a high down payment and majority of VA home loans don’t require a down payment at all. These are just a few examples of why VA home loans are much easier and more favorable.

VA Home Loan Uses

While it will depend on what your lender is capable of doing, the below shows what VA loans are good for:

Purchasing a single family or multi family home, condo or townhouse

Building a brand new home

Buying and renovating a home that needs some TLC

Upgrading your home with new energy efficient improvements

Refinancing your home (if you have an existing VA home loan)

Purchasing a manufactured home

Buying a mobile home

Buying a home and assuming the existing mortgage.

A VA qualified lender can assist you with any type of loan, but some lenders will not process loans for mobile homes. It’s best to shop around for a lender who can meet your needs.

What to Avoid While Your VA Home Loan is processing:

Except for minimal use of your credit cards that may be necessary, don’t buy anything on credit. Especially big purchases like a new car, a boat or any other assets.
Obviously, don’t buy another house.
Don’t go out spending a bunch of cash on anything, unless you’re paying off some debt. Having that cash in your account could help with your approval and even if you’re not approved for some reason, then that cash could go towards a conventional loan.
Try to avoid any lawsuits.
It’s best if you don’t move as well.
If you already have a mortgage and are trying to refinance, keep paying your monthly bill. Even for other bills or rent, don’t stop paying on those.
Features of a VA home loan

Assigning your mortgage to other qualified borrowers
Receive a loan for a manufactured or mobile home
Buy and renovate a home that needs some TLC
Build your dream home
Reuse the VA home loan

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VA Home Loan Qualifications- Mortgage.info

  1. 1. VA Home Loan Qualifications MORTGAGE.INFO MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  2. 2. A VA Home Loan is a home loan program accessible specifically to qualified veterans and is guaranteed by the Veterans Administration, also known as the VA. The guaranty provided by the VA was designed to protect the lender from any loss in the event the qualified veteran were to default on their loan. As a result to this beneficial incentive, veterans can purchase their dream house and won’t have to put any money down. MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  3. 3. Conventional Loans and VA Home Loans The qualifications for a VA home loan are a little different from the conventional loan requirements. Conventional loans unlike VA home loans aren’t backed by a government guaranty or insurance. Conventional home loan flexibility is a little better if the amount of the loan is higher than the VA home loan limits. However, a conventional loan will usually require a high down payment and majority of VA home loans don’t require a down payment at all. These are just a few examples of why VA home loans are much easier and more favorable. MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  4. 4. VA Home Loan Uses While it will depend on what your lender is capable of doing, the below shows what VA loans are good for: Purchasing a single family or multi family home, condo or townhouse Building a brand new home Buying and renovating a home that needs some TLC Upgrading your home with new energy efficient improvements Refinancing your home (if you have an existing VA home loan) Purchasing a manufactured home Buying a mobile home Buying a home and assuming the existing mortgage. MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  5. 5. A VA qualified lender can assist you with any type of loan, but some lenders will not process loans for mobile homes. It’s best to shop around for a lender who can meet your needs. MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  6. 6. What to Avoid While Your VA Home Loan is processing: Except for minimal use of your credit cards that may be necessary, don’t buy anything on credit. Especially big purchases like a new car, a boat or any other assets. Obviously, don’t buy another house. Don’t go out spending a bunch of cash on anything, unless you’re paying off some debt. Having that cash in your account could help with your approval and even if you’re not approved for some reason, then that cash could go towards a conventional loan. Try to avoid any lawsuits. It’s best if you don’t move as well. If you already have a mortgage and are trying to refinance, keep paying your monthly bill. Even for other bills or rent, don’t stop paying on those. MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  7. 7. Features of a VA home loan Assigning your mortgage to other qualified borrowers Receive a loan for a manufactured or mobile home Buy and renovate a home that needs some TLC Build your dream home Reuse the VA home loan MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  8. 8. T O L E A R N M O R E MORTGAGE.INFO LENDER HOTLINE: 888-581-5008 C L IC K HE R E MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  9. 9. Justin McHood is Americas Mortgage Commentator and has been providing Mortgage commentary for over 10 years. INFORMATION PROVIDED BY: Justin McHood MORTGAGE.INFO MORTGAGE.INFO LENDER HOTLINE: 888-581-5008
  10. 10. LEARN MORE ABOUT MORTGAGE.INFO MORTGAGE.INFO FACEBOOK.COM/WWW.MORTGAGE.INFO PINTEREST.COM/MORTGAGE_INFO _MORTGAGEINFO LENDER HOTLINE: 888-581-5008 MORTGAGE.INFO LENDER HOTLINE: 888-581-5008

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