To qualify for a VA home loan, you must fall into a certain debt ratio. Your income, credit card debts and the new indebtedness created by the VA mortgage are all tallied up to see where you land in terms of debt. The maximum debt ratio you may have and still qualify for a VA home loan is 41%. This is only one factor used to determine eligibility, the others include your reliable income and credit rating. If you are considering applying for a VA home loan, you may wish to make an appointment with a financial planner and debt counselor to see how you might improve your standing in advance of the application process.
FREQUENTLY ASKED QUESTION # 29 [ -more VA Loan questions- ] - - - - - - Q: VA Foreclosures - Can I use a VA loan to buy a repo house? Does the VA have any such homes?
A: It's true, the VA does get control of properties with VA loan foreclosures. VA foreclosures are offered to the public in the same manner as repossessed HUD and USDA Development homes. If you are interested in one of these foreclosed single family houses, check the government website http://www.homesales.gov/ to see what might be available in your area. There are many different agencies offering homes on the website. Eligible buyers should contact a broker to have the Offer to Purchase And Contract of Sale VA form completed and submitted. All the routine eligibility and credit terms apply, as with any housing purchase. Check with your lender if you are unsure of the terms and conditions of purchase.
VA Loan Rates
for 7/04/2009
30 year fixed
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0.000 points
5.500%
5.610% APR
15 year fixed
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0.000 points
5.500%
5.686% APR
Serving the military community with personal loans from $500 to $10k.
