Want to know how to buy a home with no money down, no real credit score requirements, and no private mortgage insurance? Stay tuned! Hey there, it’s Katrina Halterman, your local Washington State REALTOR® serving JVLM and all surrounding areas. In today’s video, I’m going to share with you an incredible opportunity to buy a house with no money down, no real credit score requirements, and the best part, no mortgage insurance. It’s called a V-Ink loan. It’s one of the best home loans out there if not the best home loan you can get, that is only extended to qualifying current active duty soldiers, reservists, veterans, and surviving spouses. And they are backed by the United States Department of Veteran Affairs. In this video, we’ll dive into the VA loan requirements for 2023,
VA loans offer incredible opportunities for homebuyers. VA loans require no money down, have a flexible debt-to-income ratio, and no mortgage insurance. Credit score requirements are flexible, but a higher score makes it easier to qualify and get better rates.
VA loans can be used for multiple primary home purchases. Entitlement on the certificate of eligibility determines eligibility for a second home purchase using VA financing. Shopping around for rates and finding a trusted local mortgage broker is essential for getting the best deal.
VA loans offer benefits like no down payment and flexible loan limits. A certificate of eligibility from eBenefits determines your entitlement and eligibility for VA loans. VA loans can be used for a variety of property types including single-family homes, duplexes, and certain condos.
VA loans offer financial advantages to veterans without down payment stress. Veterans can borrow more and purchase homes worth 1 or 2 million dollars with no money down. Credit score requirements for VA loans are not set in stone, with exceptions possible for lower scores.
VA financing has advantages and disadvantages. Upfront funding fee required by VA financing, exemptions, and impact on loan amount. All condos must receive VA approval, reducing potential inventory and primary residence requirement
VA loans offer flexibility in property occupancy and debt-to-income ratios. VA allows for the purchase of up to a four-plex property, as long as you occupy at least 25% of the multiplex. VA financing has a maximum debt-to-income ratio of 41%, but higher ratios can be approved based on certain factors.
VA appraisals and income requirements explained. VA appraisals have specific health and safety concerns but also provide the opportunity to challenge low appraisal values. Income and employment stability are important, with exceptions and flexibility in considering individual circumstances
VA loans have flexible requirements for employment history and assets. VA doesn’t strictly require a 2-year employment history in the same line of work; it can be explained to the mortgage professional for consideration. Having assets can enhance overall qualifications and act as a compensating factor during manual underwriting.
Watch the video to learn more.