VA Loan Credit Score Requirements

Credit Scores for VA LoansWhat are the VA Loan credit score requirements?

Oftentimes Veterans are told they don’t qualify for their VA Loan when they still may be actually able to get one elsewhere.

The reason behind this is that different lenders have different credit score requirements.

For example First Choice Loan Services (the company that I work for) requires that the Veteran have a minimum credit score of just 600 in order to be able to obtain a VA Home Loan. While I am familiar with other institutions whose VA Loan Credit Score Requirements are a 620.

So again, just because you may have been told that you don’t qualify for your VA Loan does not mean that you are not be able to seek financing elsewhere, which is exactly why I am here to serve you.

Video About VA Loan Credit Score Requirements

If you have questions about your VA Loan and the specifics of the credit score requirements I would be honored to serve you! My name is Jimmy Vercellino and I am a United States Marine Corps Veteran Specializing in VA Loans.

Feel free to roger up with my by emailing me at jimmy@valoansforvets.com

Thank you and may God bless you for your service to our great country!

Semper Fidelis,
Jimmy Vercellino


The 2 Forms Needed on the VA Home Loan

The VA Home Loan requires 2 forms. The DD-214 and the VA Certificate of eligibility. Simple enough right? Wrong. These 2 forms have caused much confusion for Veterans when applying for the VA Home Loan. First we will take a look at the DD-214 which we all know as our discharge paperwork. The reason why the DD-214 is so important on the VA Home Loan is because it tells the lender what type of discharge you had from the military which will determine if you are eligible for your VA Home Loan Benefits. As many Veterans know this form is incredibly important for more reasons than just using your VA Home Loan. So if for some reason you have misplaced, or lost it, thats okay. This form can be ordered from the Veterans Archives Website at http://www.archives.gov/veterans/military-service-records/ Now please understand that you MUST have this form prior to applying for your VA Home Loan. I say this because if for some reason it’s lost or misplaced it can delay your home buying experience causing stress for you and everybody involved on the transaction.

The VA Certificate of Eligibility causes much confusion for Veterans when attempting to use their VA Home Loan benefits. Furthermore this form is designed to tell both lender and the Veteran that the Veteran has sufficient entitlement/guarantee to use the VA Home Loan. Veterans please understand that just because we may have a VA COE does not mean that we automatically qualify for the VA Home Loan. A Veteran can have a VA COE and be eligible for the VA Home Loan and still not have the minimum credit score that the lender requires which is 600. To apply for your Certificate of Eligibility you may do so by contacting me directly at https://www.valoansforvets.com/contact-me/

Semper Fidelis,
Jimmy Vercellino


AZ VA Loan Specialist

When purchasing a home and using your VA Loan it’s critical that you work with a VA Loan Specialist. Simply stated VA Loans are very unique, and if you are not working with the right Mortgage Originator it could cost you time and money, and quite possibly the home under contract. A VA Loan Specialist is able to help you navigate through the complex VA Home Loan process and help you avoid potential pitfalls and hazards that lurk within the unique VA Loan guidelines. For example often times Loan Officers forget to ask questions like: Do you pay child care? Do you have any Dependents? Have you ever used your VA Loan before? A VA Home Loan Specialist understands that questions like these can literally be the difference between moving into your home or quite possibly not being qualified at all. For the past 7 years I have devoted myself to the Veteran and Active Duty Military Homebuyer and their families while specializing in the VA Loan Process. Furthermore veterans are often told things by Lenders and people within the Real Estate Community that simply aren’t true. For reasons like this, along with many others, I continue to stress that it is critical for the Veteran and Active Duty MIlitary home buyer to speak with somebody that can relate, understand the process, and most importantly a VA Home Loan Specialist that will get their VA Home Loan closed.

If you are in the market to purchase a home and would like to speak to a VA Home Loan Specialist roger up with me, I speak your language and I know what it means to serve.

If you would like to submit an application you may do so by clicking on the link below and and either myself or another VA Home Loan Specialist from my team will follow up with you between 12-24 hours.

https://www.valoansforvets.com/apply/

Thank you and may God bless you for your service to our great country.

Semper Fidelis,

Jimmy Vercellino, NMLS 184169
VA Loan Specialist


PCS Orders to Luke AFB

For Active Duty Military PCS orders are a part of life. Once PCS Orders to Luke AFB are received Airmen and their families are faced with many difficult decisions. With so many moving parts it often times can be a tough choice when deciding if it’s better to live on base, rent, or buy a home in the civilian sector. If you have received PCS Orders to Luke AFB you may be asking those questions right now. That said understand that you have choices. The Luke AFB community offers many great options for Airmen and their families when moving to Arizona. If you have given any thought about purchasing a home but are intimidated by the process please understand that it is not as hard as many say it is.

First off understand that living on base while it may be convenient can have a waiting list and leave you with no decision other than to move out into the civilian sector. Secondly, a question that you need to ask yourself if this. How long will you be stationed at Luke AFB? If you will be stationed at Luke AFB for more than 2 years (and in some cases shorter) it may make sense for you to purchase a home. As you are aware if you live on base Uncle Sam pockets your full BAH where as if you rent or own in the civilian sector you get to keep the difference between your rent or mortgage payment.

Lastly, if you are debating between renting and purchasing understand that often times you can own a home for just as much, if not less, than what you could rent a home for in the Luke AFB area. Furthermore receiving PCS Orders to LUke AFB as an Active Duty Military Service Member you are entitled to home purchasing benefits that civilians could only dream of. With the VA Home Loan an Active Duty Service Member may be able to purchase a home with no down payment and limited closing cost. In some cases I have personally assisted Airmen with purchasing a home and literally not paying $1.00 out of pocket to do so.

So if you have received PCS Orders to Luke AFB then and you are interested in purchasing a home and would like to find out how much you qualify for we would love the opportunity to give you a free pre-qualification and discuss your budget with you to see if purchasing a home is right for you and your family.

To apply for you VA Home Loan and see how much you simply click on the link below and apply and somebody from our team will follow up with you in less than 24 hours.

https://www.valoansforvets.com/apply/


VA Loan Foreclosure Rules

Dependent upon who you talk to and on which day VA Loan Foreclosure rules may change and vary. However, one thing is absolutely certain. VA Loan Foreclosure rules require that a Veteran or Active Duty Service Member must usually wait a minimum of 2 years before they can purchase a home again. Having said that it’s important to understand that the VA Loan Foreclosure Rules are probably the most lenient in the industry. I took some time to put together the video below that reviews the VA Loan Foreclosure Rules and even goes into detail regarding VA Loan and Short Sales, Foreclosures, and Bankruptcy’s.

Enjoy!

When I think about how many Veterans that are out there that may have foreclosed on a VA Loan in the past I am sure they are probably thinking…”Gosh VA will never lend me any money again.” However, please understand that all is not lost. The fact is that there are a lot of Veterans out there that may have foreclosed on a VA Loan that have no idea that they could use their VA Loan benefits tomorrow. Here’s how it works.

First off, VA Loans require that the Veteran must wait the minimum 2 year waiting period when seeking new VA financing. Secondly, once the Veteran has waited the required time period he may obtain a new certificate of eligibly that will show us (the lender) how much of your VA Loan entitlement you have remaining. Once we determine the amount of entitlement you have left we will then calculate your new maximum VA Home Loan loan amount that that may be eligible for. From there it’s off and running and time to put your VA Loan to work.


What is the VA Funding Fee?

Any Veteran that ever uses a VA Home Loan will pay a VA Funding Fee. There are exceptions to this which we will cover shortly.

Simply stated, the VA Funding Fee is fee required to reduce the loan’s cost to taxpayers by making Veterans contribute towards the cost of using the his or her VA Home Loan benefit.

Typically the VA Loan Funding Fee is paid one of 3 ways…

  1. Financed into the loan
  2. Paid for out of pocket
  3. Paid by the seller

In my experience most Veterans have opted to finance the fee into their loan amount so they can avoid paying it out of pocket.

How Much is the VA Funding Fee?

VA Funding Fee

Let’s talk about how much this fee will cost you, the Veteran. For a first time user the VA Funding fee is typically 2.15% of the loan amount.

However, for a first time user that happens to be a Reservist or National Guard, the fee goes up slightly, to 2.4%.

Anybody that has used a VA Home Loan more than once is considered a subsequent user and is subjected to a higher fee. For these Veterans using a VA Home Loan for a second time or more are required to pay a 3.3% fee.

How to Reduce the VA Funding Fee

There are ways to reduce the VA Funding Fee or possibly not pay it at all.

To reduce the fee the Veteran has the option of putting anywhere from a 5%-10% down towards the purchase of their home.

  • With as little as 5% down, the fee will be reduced to 1.5%.
  • With 10% down the fee will be reduced to 1.25%.

As you can see the VA encourages Veterans to put money down towards the purchase of their home if they are able.

VA Funding Fee Waived for Disabled Veterans

For Disabled Veterans, meaning you are have a service connected disability from the VA, and are as little as 10% rated, your fee is waived.

Needless to say if you are a Veteran and have this benefit, it can literally save the you tens of thousands of dollars over the life of the loan.

Keep in mind you must prove this to your lender in order for it to be waived. To do so, simply provide a copy of your VA service connected disability paperwork to the company originating your VA Home Loan to get the fee waived.

Fore more information about the VA Funding Fee and your VA Home Loan please click on the link below and fill out an application and we can follow up with you shortly thereafter.

https://www.valoansforvets.com/apply/

Semper Fidelis,
Jimmy Vercellino


Why VA Home Loans Matter in Arizona

Here in Arizona there are over 500,000 Veterans living among us right now. Kind of a big deal right? The reason why I say this is because I know how many Veterans that are out there that don’t know the full description of their VA Home Loan benefit and how it works. I am also reminded of how many of our nations finest men and women that are still serving and deployed overseas that will eventually exit from their branch of service and join the ranks of the civilian sector. Keep in mind that this is a number that I believe will continue to increase due to the ending of military operations in places like Afghanistan. Which leads me to my next question…Are Veterans prepared to purchase a home and use their VA Home Loan Benefits when returning from the military or at any other point in their lives?

VA Home Loans are so unique. In reality there is really no other type of home loan out there that exist that allows a Veteran to purchase a home up to $417,000 with no down payment (and in some cases higher). Furthermore, Veterans must also understand that in order to use your VA Home Loan Benefit you do not need to have a 800 Fico score as much of the media may lead you to believe. With VA Home Loans, most lenders require a 620 credit score allowing Veterans with less than perfect credit to purchase homes. Lastly, the VA Home Loan allows Veterans to purchase a home with limited closing cost, saving the Veteran in some cases as much as $1,500 in closing cost.

So why do VA Home Loans matter? Simple, because they are the bridge between Veterans and home ownership! In closing, I am often times asked the question… “Jimmy is there ever a time when a Veteran should not consider a VA Home Loan?” No. I say this because in most circumstances that I see on a daily basis the VA Home Loan is just as competitive as a Conventional home loan and certainly more competitive than a FHA Home Loan.

To apply for a VA Home Loan please click on the link below.

https://www.valoansforvets.com/apply/

Thank you and may God bless you for your service to our great country.

With gratitude,
Jimmy Vercellino


AZ VA Home Loan

AZ VA HOME LOAN STREAMLINE REFINANCE-

All but 2 months ago here in Arizona we thought the AZ VA Streamline Refinance was gone forever, a victim to the ever increasing interest rate climate over the last few months . But the funny part about the mortgage industry is that just when we think we have it figured out it throws us another curve ball. I say this because over the past couple of weeks we have seen a large decrease in VA Streamline Refinance rates putting Arizona Veterans and Active Duty Military homeowners back into play who may have missed out on the last refinance boom affording them the opportunity to possibly save hundreds of dollars a month and even thousands of dollars over the life of the loan.

The AZ VA Home Loan Streamline Refinance is probably one of the most unique loans that are available for Veterans and Active Duty Military. With no appraisal needed (saving you $450), along with no income documents (Pay Stubs, W-2’s, Tax Returns), or even bank statements required, this loan is a walk in the park. Here is how I explain the AZ VA Home Loan Streamline Refinance process to my Veteran and Active Duty Military clients here in Arizona… “We simply shuffle some paperwork and roughly 20 days later close your loan with zero out of pocket expenses.” Okay, so there is more to it than that, but you get the point right? However what I mentioned was true. The VA Streamline Refinance allows you to roll all of the costs into the home loan essentially allowing you to close escrow and not bring one dollar to the closing table.

If your current VA interest rate is at 5% or higher, the AZ VA Home Loan Streamline Refinance may be right for you. For a free VA Streamline Refinance quote and analysis feel free to give us a call directly at 602-908-5849.

Please know that we are here to serve you with all of your VA Streamline Refinance needs.

MORE THAN 1 AZ VA HOME LOAN AT A TIME-

Many veterans in Arizona and that nation have no idea they are actually able to use more than one AZ VA Home Loan at a time. Yes, it’s true! A Veteran may actually have more than one home loan at a time. How can this be, you ask? It’s called VA Bonus Entitlement. Simply stated, as long as you have sufficient VA Entitlement for the AZ VA Home Loan, you can have more than one at a time. There are a lot of Veterans out there today that would love to be able to purchase a new home – in a more desirable location, better school district, with more square footage – who have no idea that they really can. Let’s take a look at an example below.

A Veteran buys a home with his or her AZ VA home Loan in 2006 for $150,000 and would love to take advantage of the market that we are in today. Our Veteran can actually rent out their current home and use that rental income to offset that mortgage payment up to 75% . Most mortgage products will require you to have 25% equity in the home or you must have rented out that property for two years to do this, but not with a VA Home Loan. Our Veteran now has the ability to go out and shop for a new home with their VA Home Loan from $144,000 up to $267,000 with NO down payment! As a Veteran, you must have sufficient VA Entitlement available and the home being purchased must be owner-occupied. [This summary is based on a $350,000 loan amount, loan term of 360 months and an interest rate of 4.5%.]

Are you interested in seeing if the VA Bonus Entitlement is something that you are eligible for? Give me a call – I speak your language and I know what it means to serve.

AZ VA HOME LOAN MYTHS-

For as long as I have been serving Veterans with their AZ VA Home Loan Benefits I have heard a number of misconceptions as it relates to our VA Home Loan Benefits. These misconceptions, or shall we say myths, can have a negative impact on us for obvious reasons. For example a Veteran may opt to go with a more expensive mortgage product like a FHA Home Loan which can end up being significantly more expensive over time. So back to the myths. What are they? Let’s take a look at the top 5 VA loan myths that heard throughout my career as a Mortgage Banker Specializing in VA Home Loans.

AZ VA Home Loan MYTH # 1. VA Home Loans take too long to close.

Not true. Many lenders quote 45-60 days to close a AZ VA Home Loan. However, just because it may take that particular lending institution 45-60 days to close does not mean that is how long it takes to close a VA Home Loan. The VA Home Loans that we close at PrimeLending typically take no more than 30 days.

AZ VA Home Loan MYTH # 2. VA Appraisal Process is much more difficult.

Again, not true. The reality is I would not be in business if this were the case as90% of the Home Loans that I originate are VA. VA Home Loans have multiple steps in place to protect the Veteran from overpaying for the home.

AZ VA Home MYTH # 3. VA Home Loan qualifying is much more difficult.

The VA Home Loan is the most unique home loan that exist and one of the things that I love about it is that VA has applied common sense lending practices to serve Veterans. However, it’s entirely untrue to say that it’s more difficult. The truth is that in some ways they make it much easier for a Veteran to obtain financing take for example the no down payment option.

AZ VA Home Loan MYTH # 4. You can only have 1 VA Home Loan at a time.

False. A Veteran can actually have more than 1 VA Home Loan at a time as long as they have sufficient entitlement. This allows Veterans to seek financing for another home in a more desirable location while maintaining the property they are vacating that currently has a VA Home Loan on it.

AZ VA Home Loan MYTH # 5. A Veteran can only use their VA Home Loan once.

I have heard this from a lot of Veterans that served during the Korean and Vietnam conflicts. However, it’s not true. A Veteran may use his VA Home Loan as many times as they would like as long as they have sufficient entitlement.

So there you have it, the top 5 VA Home Loan myths. My hope is that you learned something about your VA Home Loan benefit after reading this. Of course, if you have any questions you may contact me me directly at my office at 480-538-4980 or email me at jimmy@primelending.com

AZ VA HOME LOANS –

Many Veterans when searching for an Arizona VA Home Loan rarely stop and ask if the company in which they are seeking financing specializes in Arizona VA Home Loans. This is not a question that typically comes to mind when applying for a loan, however I can assure you it’s one that it should. The reality is that there are a lot of lending institutions that may be able to originate a VA Home Loan, but it does not automatically mean that they know exactly what they are doing. I see this time and time again when Veterans come to me frustrated, and feeling defeated because the lender in which they started with seems rather lost and unfamiliar with the process creating feelings of uneasiness and anxiety.

When explaining why Veterans should use a Mortgage Banker that specializes in Arizona VA Home Loans, I often times use this analogy. The United States Marine Corps is famous for every Marine being a basic rifleman. However, within the Marine Corps there are certain specialities that exist. For example you have Infantry Rifleman who trains daily for the front lines of combat, and on the other hand, you may have a Marine who’s job is to work on the electronics of an aircraft. I think it’s safe to say that you would not want the Infantry Marine working on the aircraft, and the Aircraft Marine shooting highly technical weaponry. Why is this? Each Marine has been trained in their own area of expertise and may not be 100% familiar with how each others job works. Keep in mind they are both Marines yet have 2 totally different jobs. That’s kind of like how the Mortgage industry is. Just because somebody is a Mortgage Banker or Broker does not automatically make that person qualified to originate your VA Home Loan.

then-now

You deserve somebody who specializes in Arizona VA Home Loans. Somebody who understands your sacrifice, somebody who speaks your language and knows what it means to serve. Arizona VA Home Loans are unique to any other type of home financing loan that exist today, and you need to be working with somebody that originates VA Home Loans exclusively. So if you are in the market to purchase a home, I would be honored to serve you! Helping Veterans is my passion and purpose! So please call me, I speak your language and I know what it means to serve 480-538-4980.

THE AZ VA HOME LOAN JUMBO-

Many veterans do not understand all of the benefits that exist when it comes to their Arizona VA Jumbo Home Loan. Truth be told, many lenders don’t either… so if lenders are confused, how then do we expect our veterans to know. Sadly, many don’t. This statement cannot hold more truth when it comes to the Arizona VA Jumbo Home Loan. The Arizona VA Home Jumbo Loan is probably one of the most competitive, if not the most competitive Jumbo loan products that exist on the market today. Most Jumbo loans that are available today require down payments of 20% or higher. However with the Arizona VA Jumbo Home Loan this is not the case. Let’s take a look at an example.

va-loan-advantage

Purchase Price: $750,000 VA Down Payment Requirement: $83,250
That’s a down payment of around 11%* . You might be wondering how I came up with that down payment amount? It’s quite simple really. VA Max Guarantee for Maricopa County is $104,250. Both lender and VA require that the loan be guaranteed by 25%. In this case the $104,250 (VA Guarantee) + $83,250 (Veterans Down Payment) = 25% of $750,000 thus giving you an insured VA Jumbo Home Loan. I can assure you that you will not find a lower down payment out there when it comes to a non-VA Jumbo Home Loan. So if you are in the market for your dream home and never considered using your VA Jumbo Home Loan, it’s time to reconsider. Feel free to call or email to see if this product is the right fit for you.
*This summary is based on a $666,750 loan amount, on a loan term of 360 months, with an interest rate of 4.25% and an annual percentage rate of 4.250%.

To see if you are qualified for your Arizona VA Jumbo Home Loan call me today at 480-538-4980!

THE 2 DOCUMENTS YOU MUST HAVE ON AN AZ VA HOME LOAN

Many Veterans know that serving honorably in the military offers benefits of different varieties. However, what a lot of veterans do not know is how to take advantage of them, or even where to start. The VA Home Loan is no exception to this. So if a veteran is interested in obtaining a VA Home Loan, where exactly do they start? The first order of business that you need to do is get a copy of your DD-214 ( discharge paperwork) or a statement of service if active duty. This document is absolutely critical to have. Simply stated if you don’t have your DD-214 or statement of service you will not be able to obtain a VA Home Loan, reason being, it tells the lender that you were honorably discharged or have served the required amount of time to be eligible for your VA Home Loan benefits.

va-loan-advantage

Now that we have the DD-214 we need to take care of our next order of business and that is our COE (Certificate of Eligibility). This particular document creates much confusion for veterans because they don’t know where to obtain it. The COE is a document that is generated from the VA which states that you are eligible, not prequalified, for the VA loan. To ensure that you are in fact prequalified to use your VA Home loan you must speak with a VA lender to ensure that you meet the credit, and income requirements. Now in order to obtain this document you can contact the VA directly, or you can obtain from a VA direct endorsed lender (somebody like myself) which can be obtained in a matter of minutes.

Lastly, please keep in mind you must have these 2 documents. If you don’t simply stated you will not be able to obtain your VA Home Loan. For more information regarding your VA Home Loan benefits you may call me direct at 480-538-4980.

Thank you and May God bless you for your service to our great country.

Semper Fidelis, Jimmy Vercellino


AZ VA Home Loan Checklist

When speaking to a Veteran for the first time who is inquiring about a VA Mortgage in Arizona one of the first things we do is send them out a needs list of all of the required documentation that will be needed in order to submit, and fully approve their, AZ VA Home Loan.

Below is a list of items that are required. Keep in mind each scenario is different and could require more, or at times even less when applying for an AZ VA Home Loan.

Last 30 Days paycheck stubs for all borrowers (if applicable)
Last 2 years W-2′s for all borrowers (if applicable)
Last 2 years tax returns for all borrowers. Including all forms
Last 2 months bank statements (savings and checking)
Copy of Divorce decree, including all pages (if applicable)
Copy of Drivers License for all borrowers
Copy of all Pension Statements, “Award” Letter, etc. (if applicable)
Copy of Social Security Annual “Award” Letter, Statement, etc. (if applicable)
Copy of DD-214
Copy of Certificate of Eligibility (if obtained)

Again keep in mind their could be more or less depending on how your AZ VA Home Loan application looks on our end. Rest assured we will let you know just as soon as we review your application as to what additional information will be needed if any at all.

To apply you can log onto www.VALoansForVets.com and click on the ‘apply’ link located in the top left corner of the site.

Semper Fidelis,
Jimmy Vercellino


How VA Home Loans Work

Ever wanted to know how VA Home Loans Work?

See below!

Many Veterans have no idea how thier How VA Home Loans work and if I am being honest for the longest time I had no idea either. The information posted in this video will help the Veteran as well as the Active Duty Service Member better understand how their VA Home Loan works. Few people understand that the VA does not lend the money on a VA Home Loan the actual bank, or lender does. The VA’s role is simply to insure or guarantee the VA Home Loan allowing the Veteran to purchase a home for as $417,000 in most counties and higher is some across the nation. So let’s take a look at that a little bit more more in detail. If the Veteran were to purchase a $417,000 home with his VA Home Loan that VA would guarantee or insure $104,250 of the loan. This is why lenders like VA Home Loans because it reduces the risk associated with the loan for the bank on VA Home Loans.

Now that we understand that in order for Veterans to use VA Home Loans they must have a copy of their certificate of eligibility. However, just because they have a copy of their certificate of eligibility it does not mean that their VA Home Loan is ready to be used.