Any Advice When Applying For Va Home Loan?

[mrsvet28]

MrsVet here,

Mrvet and I are interested in a place we found at a good price and we need some peace and quiet now-this city here is becoming not a good place to be--we qualified and got the certificate years ago, but never used it for various reasons , we were free spirited and moved around-but realtor said we need updated one-I sent out the form today to Cleveland - along with the dd214- any advice on what to watch for -and since we are in the remand level does it matter? We are growing weary, now I am getting sick from all of this stress with this claim and need some peace and quiet on the mighty river- where I will write a bestseller!! -Any tips much appreciated Thanks to all-

[Stretch]

When I paid my GI loan off, I requalified for the GI loan again, about 5 years ago. I haven't tried to purchase anything with the GI loan certificate, but I think it is still good.

[broncovet]

Mrs Vet

Your VA loan approval will ride partly on your credit score. While you are waiting for your benefits, take steps to "clear your credit". Order the free yearly credit report from the

"big 3"..transunion, equifax, and I cant think of the other one.

Write a dispute letter for each "negative" item on your credit report. If they cant confirm it, they have to remove it in 30 days. This should improve your credit score and get it high enough for you to get your loan.

Get a payment calculator..maybe at:

http://www.bankrate.com/calculators/mortga...calculator.aspx

Then, find a home that is for sale in your payment range. Your mortgage payment will need to be no more than about 38% of your income. Example: You earn $2000 per month. Your house payment should not be more than about $ 760 per month which will include taxes and insurance.

A mortgage person can help you, or send me a PM and I can help you figure it out for you.

[12R3G]

Last week, my lender requested an Automated Certificate (ACE) from the VA which showed that my 2 previous loans were paid in full, but the benefit had not been restored Very interesting since I have all 4 certificates the VA has issued to me which contradict what the ACE report to the lender shows.

Turns out that several years ago, the VA centralized the home loan guarantee program--according to my response in iris, the VAROs were not following the rules (ironic, huh?) and granting restoration of benefit in too many cases where restoration should not have been allowed to the tune of zillions of dollars in guarantees. My guess is the certificate you have was issued by a VARO and now you need a new certificate from the central eligibility office.

Did your lender go online and get an ACE. or just decide you need a more recent date on your certifcate? Supposedly, the lender can use the online system to request a new certificate/restoration, although my lender asked for the 26-1880.

Home Loan is seperate from compensation, so a remand for disability compensation should not affect getting a new certificate. If you are already receiving compensation, you are exempt from any funding fees (even if this is not your first VA home loan).

Good luck...

[LarryJ]

:where I will write a bestseller!! -Any tips much appreciated"

Well, I need more information:

Is this going to be one of those novellas.......set in the early 1800's....where the guy and gal are on the cover of the book and he's all buff and has his shirt off and she is climbing his leg? Something with a title like: My Life, My Love, My Plantation Manager. If so, I'm sorry, no help here.

Otherwise, you need to keep it at about 300-400 pages. Needs some drama and some intrigue, lotsa gratuitous sex, all the characters must be beautiful people and they must either know someone in "power", or at least hold some important management position. They have to have a dog, but no kids, and a brand new, very expensive, automobile.

And, lotsa sex, or did I already say that. :D

[Josephine]

Larry J,

Is this the qualifications for a VA Home Loan?

If so, I am surely out.

I am lost in this "Novel"?

Always,

Betty

[Josephine]

The VA Home Loan process is not that difficult.

Just go to your local bank and tell them you want to apply for one.

They can bring all of your information and eligibilty up for you and talk you through the process.

No money down and closing cost are included in the loan if you wish.

Always,

Betty

Edited June 12, 2009 by Josephine