Tips to Getting Your VA Loan Accepted

Tips to Getting Your VA Loan AcceptedThe home buying process is fraught with frustrations, and nothing feels worse than having your offer on your dream home get rejected.

While you may have heard that VA loan is less desirable to sellers than other types of loans, the truth is that there really isn’t a difference to most people, who simply want to sell their property to the most eligible buyer.

However, there are some easy things that you can do to make yourself stand out in a competitive buying market.

As you continue to the next phase of your home purchase, you can use these tips to help get your VA loan accepted.

Choose to Work With a VA Home Loan Specialist

When you think about it, you likely prefer to use a specialist for services that require specialized techniques such as medical treatments, and you need to treat your home purchase with the same level of care.

A VA home loan specialist understands all of the nuances that go with using this type of loan to buy a home.

You will experience less stress and quicken the buying process when you work with someone who knows what they are doing and how to explain important information to the seller.

Your Loan Specialist Will Reach Out to the Listing Agent

Communication is key through each phase of the home buying process, and your loan specialist will forge a relationship with the listing agent.

Reaching out to the person selling the home allows your loan specialist the opportunity to open up a discussion about VA loans; that can clear up any questions the listing agent may have about the process.

Often, this is the game changer when it comes to getting a VA loan accepted, since it clears up misconceptions, and makes you stand out as a trustworthy veteran who has worked hard to be able to buy a home.

The VA Loan Officer Will Provide a Copy of Your Approval

During the process of acquiring your loan, the mortgage banker develops paperwork that demonstrates your ability to secure a loan and make regular mortgage payments.

Your VA loan officer will send a copy of the DU/LP findings, along with your pre-qualification certification form, to the real estate agent in charge of selling the house.

When there are multiple offers on the table, if yours is the one that already has the details in place, it is more likely be chosen.

Make a Personal Connection

Up until this point in the home buying process, everything has felt fairly impersonal. Now, you have the chance to reach out and truly demonstrate that a real live person is behind the officer.

Write a letter to the seller that lets them know that you are a veteran who has served their country and deserves to have their dream of owning this home come true.

As you do, let them know what you love about the house and a little bit about your plans for the future. When the seller sees you as a special person who has served their country, it makes it easier for them to envision selling their house to you.

Highly Motivated – Truly Dedicated

Your VA loan is an asset for buying your house, and you worked hard to earn the benefits that accompany getting approved for your loan. Our loan specialists are highly motivated, truly dedicated experts in VA loans, and are ready to help you make sure that your offer is the most attractive one on the table.


Can I Get a VA Loan If I’m Self Employed?

Do you own a business and want to buy your own house? Wondering if you can get a VA loan if you’re self-employed?

Self-employment can pose unique challenges when purchasing a house. The income of self-employed individuals can be less consistent compared to those receiving fixed monthly salaries.

Because of the inconsistency, lenders often scrutinize the application of self-employed home buyers. Applicants are required to submit a least 2 years of income tax returns and business documents to get a VA loan.

You are considered a self-employed when you meet any of the following criteria:

  • You are the sole owner of the business
  • You own at least 25% of the business
  • You are working freelance
  • You are a contract worker

Lending policies and guidelines of VA loans for self-employed veterans are different for each lender.

Can I Get a VA Loan if I’m Self Employed?
Self Employed in the Family Business

If you are working for a family-owned business, you will not be considered as self-employed unless you own 25% of the company. This ownership should be confirmed by a third-party figure. In addition, you are required to submit tax returns for 2 years and the business should have been active for at least a year.

Self-employed individuals should also understand that lenders only consider the income which you pay in tax. Any amounts that are not documented are not counted.

Freelance Workers and VA Loans

It is possible for freelance workers to get a VA loan. With modified paperwork requirements, lenders can give you a positive feedback. Individual tax returns and all applicable income documents for 2 years should be submitted.

In self-employment, stability is only considered if the business has been operating for at least 2 years. In addition, a profit and loss statement for the current year is required if the taxes have not been filed.

Documents Required for Self-Employed Individuals

The challenge is being able to show the lender that your business is on a solid financial ground. For self-employed qualified military borrowers, heavy paperwork is required to process your VA loan.

To gauge your income trajectory, lenders will look to at the two-year income documents. This will determine if you have the ability to repay the loan. A major red flag in your application is when your income decreases each year. In most cases, the lender will require you a written explanation of the drop. If the descent is huge, your application will be declined.

Lenders need a healthy amount of information to decide to give you the loan in addition to the usual requirements listed on the VA loan application. To apply as a self-employed veteran, you need to dig up these required documents:

  • Current financial statement – this should include a year-to-date profit and loss profit
  • Two consecutive years of individual income tax returns
  • Two consecutive years of business tax returns – this is required for corporation or partnership
  • List of your partners or stockholders

Conclusion

Yes, you can get a VA loan if you’re self employed. Collecting the required documents may sound exhausting, but it is reasonable for lenders to get as much information as possible to show that your business is reliable and sustainable.

Jimmy Vercellino and his team can help you get the paperwork needed to get your loan approved, guiding you through the process. Call today and let’s get started!


FHA Loan and VA Loan Compared – Who Wins?

FHA Loan and VA Loan Compared – Who Wins?

Often times when a Veteran is getting ready to purchase a home they will ask me “is a VA Loan the best route for me to go?” My answer to that question is simple…Yes! Truth be told if I were purchasing a home I would ask the exact same question. It’s important to understand the loan product and type that you are receiving (after all it is for 30 years) and that it’s competitive against other mortgage options. Reasons such as this is exactly why I wanted to put together a quick video explaining the differences between FHA Loans and VA Loans and most importantly how they stack up against each other when put side by side.

It’s important to understand and remember that every loan has different charactoristics associated with it. For example on a VA Loan the VA Loan allows a Veteran to purchase a home up to $417,000 with no money down. A FHA Loan however caps the Veteran (in Maricopa County) at $270,050. Furthermore FHA also requires a 3.5 % where as the VA Loan does not. Lastly the FHA loan requires something called Private Mortgage Insurance (PMI) which requires .85% of the loan amount on an annual basis making the FHA significantly more expensive over the life of the loan.

Take a moment to watch the video and see how the VA Loan compares and of course if you have any questions over anything at all feel free to roger up with me and I would be honored to be of service to you.

Semper Fidelis,
Jimmy Vercellino
480-351-5904


VA Loan in Scottsdale AZ

Hello Veterans,

Did you know that you can get a VA Loan in Scottsdale AZ?

Yes, it’s true! The reality is that many Veterans today call (or plan on calling) Scottsdale AZ home sometime soon. Having said that, they owe it to themselves to explore whether using their VA Home Loan might be an option either now or in the future. Now I know what your thinking… “How can the VA Loan in Scottsdale AZ be an option? Isn’t that loan for lower loan amounts.?

Since 2005 I have been fortunate enough to help Veterans and Active Duty Military purchase homes throughout the Valley of the Sun and seem to find one reoccurring theme with many of them. The theme you ask? Veterans not having all of the information they need as it relates to their VA Loan.

This holds especially true when Veterans are purchasing a home ,and never think to ask is the VA Loan is available in Scottsdale AZ. The VA Loan allows a Veteran to purchase a home in Scottsdale AZ up to $417,000 with no down payment and even go as high at 1.5 million with a limited down payment. Pretty cool right? So if you are are a Veteran and in the market to purchase a home in Scottsdale AZ and you haven’t thought about using your VA Loan, remember it’s an option.

With Scottsdale’s higher end priced homes and the VA Loans competitive rates, and low down payment requirements, Veterans can truly cash in on an opturnity that they have earned and deserve by serving our great country. For additional questions and answers regarding a VA Loan in Scottsdale AZ feel free to contact me at 480-351-5904 or email me at jimmy@valoansforvets.com

Semper Fidelis,

Jimmy Vercellino

 

 


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