2023 has come to an end, and it’s time to reflect on what lies ahead, particularly in the mortgage industry. Is 2024 a good year for a VA loan in Tampa? What are the chances that you will find a great VA loan deal?

Recently, Forbes published an article about mortgage trends in 2024, and part of it says, “the December 13 news that there would be no change in the benchmark rate, known as the federal funds rate, included indications of up to three rate cuts in 2024. Those could bring about a drop in mortgage rates.” Other online financial publications have similar assessments.

But what does this mortgage trend mean? Numbers says 2024 will be an optimistic year for borrowers applying for a VA loan in Tampa. If the interest rate decline continues, you can refinance to shorten the term and pay significantly less interest payments. But the question is, are you ready to apply for a VA loan in Tampa in 2024? Have you gathered all the requirements for applications? Here are some tips to help you find a great mortgage deal:

Improve your credit score. Before considering a loan application, make sure your credit score is healthy. It is one of the criteria that will influence your eligibility, the amount you can borrow, and the interest rate. The healthier your credit score, the better your chances are. If your credit score isn’t that good, improve it before your application.

Know your credit report. Remember that a higher score can help you get a better rate, and your credit history plays an important role.

Understand occupancy requirements. VA loan applications are for primary residences – they expect to live there.

Steady and reliable income. Lenders prefer those applicants with stable, reliable income streams. They will look at your debt-to-income ratio, and make sure you have a favorable residual income.

To conclude, as some industry experts say, all numbers point to 2024 as a year for better mortgage opportunities. Make sure you are ready if you are planning to apply for a VA loan in Tampa.

For more questions, don’t hesitate to contact a qualified mortgage professional from HomePlus.

Call us today at 727-275-0104 for inquiries.