2017 Chicago VA Loans: Great Product
If there is one product that takes care of our military veterans, it is 2017 Chicago VA Loans and I am going to get into why we at Loan Consultants
feel this is one of, if not the greatest loan programs out there. To begin with, one of the main aspects of the VA Loan
is that it is possible for you to get a VA Loan with no money down and 100% financing. If you’d like to have access to this loan, you are going to make sure that you meet the eligibility requirements for a VA Loan. First of all, you must be a veteran of the United States Military, received an honorable discharge when your service was complete, and also have a valid COE or Certificate of Eligibility. Even though it is not required when you are initially beginning your mortgage process, it is still vital to have this document as soon as possible. Without a COE, there is no way you are going to get a VA Loan because there is a minimum requirement for time served and it is as follows:
- Served 90 days active duty during wartime
- Served 181 days active duty during peacetime
- Completed 6 years of service in the National Guard or Reserves
- The surviving spouse of a veteran or service member who died in the line of duty or from a service-connected disability
2017 Chicago VA Loans: Role of VA
Now that you know you can qualify for 2017 Chicago VA Loans due to the service you provided this country, we can now jump into the guidelines that VA Loans have. First of all, VA or the US Department of Veteran’s Affairs acts a lot like the FHA or Federal Housing Administration when it comes to loans in the fact that they are in charge of creating the guidelines for VA Loans. The VA is not a mortgage lender, but they insure VA Loans against default and also offer some of the lowest rates around and in doing so helps to prevent default by offering lower monthly payments than those of Conventional Loans.
2017 Chicago VA Loans: Loan Guidelines
If you are ready to go and 2017 Chicago VA Loans is in your future, then you need to ensure you know the guidelines below so that you can find the right lender for you and we here at Loan Consultants will always get you the right lender as we only deal with lenders without lender overlays that can borrow to the minimum requirements of the loan product. We only have you, the borrower in mind and this is why we are always looking for the best deal for our loyal customers.
- As mentioned earlier, you must ensure that you meet the eligibility standards as mentioned in the paragraph above, but basically as long as you have an honorable discharge and a Certificate of Eligibility you are good to go.
- Even though there isn’t a minimum credit score required for VA Loans, the lowest a lender will go is a 580 FICO score and here at Loan Consultants, this is exactly what we lend to on a daily basis. In most situations, you will be faced with lender overlays that will require a minimum FICO score of 620 or even 640 for VA Loans which is just absurd.
- There is not a clear defined debt to income ratio as unlike other loans, VA Loans use what is called Residual Income Requirements which basically is a calculation of money left over after your housing payment and monthly debt obligations are paid. We have seen loans that have debt to income ratios of 60% get an Approve/Eligible from AUS or Automated Underwriting System.
- Outstanding Collections and Charge Off accounts do not have to be paid in order to qualify for a VA Loan.
- The mandatory waiting periods after derogatory events are as follows
- Chapter 7 Bankruptcy: 2 years after Discharge Date
- Foreclosure: 2 years after recorded date or sheriff’s sale
- Deed in Lieu of Foreclosure: 2 years after recorded date
- Short Sale: 2 years after short sale date as per the HUD-1 Settlement Statement
2017 Chicago VA Loans: Conclusion
If you are looking for a local lender here in Illinois to facilitate your 2017 Chicago VA Loans, then Loan Consultants is right for you. Please reach out to us any time at 888-900-1020 or email us at firstname.lastname@example.org. We work days, nights, weekends, and holidays in order to serve you better!
More From LoanConsultants