Wednesday, May 18, 2016

What a VA loan ISN'T

A VA loan ISN’T a guaranteed loan. If you have bad credit you might not qualify for a loan. However, VA does allow for a higher debt to income ratio. It is not a preapproval or pre-qualification. You will need to work with a lender for the specifics of your loan. It is not a one-time benefit. You can use your housing eligibility more than once. You will have to pay off any outstanding loans linked to a certification of eligibility and submit the proper paperwork before restoring your entitlement. The funding fee is higher for subsequent uses of your entitlement after the first unless you have a VA service rated disability percentage, which would waive the funding fee.

Catherine Seybold
Sales Agent
Coldwell Banker Residential Brokerage
Military Relocation Professional
Senior Real Estate Specialist

"The postings on this site are my own and don't necessarily represents Coldwell Banker positions, strategies or opinions."

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