Just like in any other deals, there is no one-size-fits-all formula when it comes to VA loans, El Paso, TX. Each individual is different and so are his needs. A particular deal might be favorable for one but not for the other. That is why, if you are planning to apply for VA loan, it can be a great help if you consult a professional who can make an assessment of your unique case and can effectively walk you through the process of your mortgage application.
Before you sit down with your mortgage broker or advisor, however, it makes sense that you have some idea about what you are getting into. After all, applying for a mortgage loan is one of the most important financial decisions you will ever make in life. It is imperative that you get it right.
So, let’s go back to the question at hand: Should you go for VA loans, El Paso, TX? Assess yourself. Here are some items to check out to get an idea on your qualifications.
Who may qualify for VA loans?
Here are the service requirements set forth by the VA:
- For military members, you should have served 90 days on active duty during wartime or 181 days during peacetime.
- For National Guard or Reserves members, a six-year service is required to qualify.
- Spouses of service members who died in the line of duty can also apply.
Homebuyers planning to apply for VA loans are not obliged to reach any kind of income threshold to be able to use their home loan benefits. But, applicants are expected to have stable, reliable income stream that will cover monthly expenses, which include their new mortgage payment.
How to start
To start with your application, you need to acquire a Certificate of Eligibility, which verifies to the lender that indeed you qualify for VA loan benefits.
If you have more questions regarding the three items above, note it down and ask clarificatory questions when you finally sit down with your broker or advisor.
Looking for professional help on VA loans, El Paso, TX? Contact us at 800-958-7587 (PLUS).