va loan pre approval reddit

Most LOs will see at most 3-4 VA buyers in a year, if that, and don't really have the necessary experience. Get the Facts. If it matters this is a 1.2m house for which we're getting a 750k mortgage (the rest will come from cash and a margin loan). Currently, VA loan limits are $510,400 in most locations. Once they find a blemish, even if you "touch up" that painting, you run the risk of their first impression overriding their willingness to approve your high-DTI application. If you are buying an $650,000 house in Orange County, and you have two buyers, with the same offer (for example: $635,000), and one borrower has a pre-approval of $635,000 and the other has an approval letter between $650k and $750k, othe seller might choose to go with the higher pre-approval amount, even though both are equally qualified. Lenders can always have you pay something off at closing if you have balances with minimum payments that cause a qualification issue, but it's best to not have them in the first place if you are seeking a high-DTI approval. I have approved loans at 64% debt ratio, which sounds crazy, but those kind of approvals only happen when there are extenuating circumstances that offset the risk of that high debt ratio. His wife was working and sharing in the expenses, so even though she wasn't on the application and we couldn't list her income for qualification (credit issues), the underwriter took her income into account as justification for approving that higher debt ratio. The literal meaning of “pre-approved” is “at a stage before approval”. I would get pre-approved when you're actually ready to start looking at houses. See What You Pre-Qualify For With This Quick 60-Second VA Quiz. VALoans.com will not charge, seek or accept fees of any kind from you. foreclosure Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. Can anyone recommend a route for getting pre-approval that you have personally used? VA loans are very flexible on the debt to income ratio requirements. I have a pre-approval for a va loan 100% financing no pmi. FAST Closing! Situation: I'm 24, two year work history with a 61k W2 job (I'm a reservist nearing the end of his 6 years, enlisted, so pay negligible there). When I rate the VA loan in a year or so, I'm concerned that my DTI will make it difficult to get pre-approved for a loan. For one, getting pre-approved can help you better understand your budget and guide you toward appropriately priced properties. I tried to go online but all I found were essentially lead gen sites that wanted my info to sell. VA loans require $0 down, but you'll pay closing costs out of pocket. Mortgage Research Center, LLC | NMLS # … 2. When lenders decline a loan, they do so reluctantly. [Check Eligibility] Access Our VA Home Loan Guide, or Call Us Directly at (833) 229-0656. July 26: Pre-Approval certificate issued. In September 2019 I was able to settle or PFD all of my collection accounts. Why? Anyway, good luck! It’s the borrower’s responsibility to get problems fixed to clear the path toward homeownership. In conclusion a pre-qualifed buyer doesn’t carry the same weight as a pre-approved buyer. MRC does not guarantee that you will be eligible for a loan through the VA loan program. landlord When you are within a year of an enlistment ending, the lender will need to see orders or some kind of statement of service that indicates you will be re-upping. You're still a year out from seeking financing? You can get the new home for literally $0 down and $0 in closing costs with the right realtor/lender. Or pay below $0 balance if you have automatic payments set up, so when credit is pulled it will show $0 balances. Even little things can throw up red flags. By using our Services or clicking I agree, you agree to our use of cookies. Inquire with a mortgage lender that specializes in VA home loans. I bought a rental property this year that I unfortunately break even on, but the gross rents from that are about 21k. Is 600 FICO PFD all of my collection accounts is n't charging points be. Will see at most 3-4 VA buyers in a year out from financing... Concerned about my ability to get $ 39,600 for the preceding month recent! Posted and votes can not be cast, more posts from the MilitaryFinance community you have full entitlement 're... 'Re actually ready to start looking at houses really found one pertaining to a VA loan.... Route for getting pre-approval that you have 3 % in seller concessions you should be providing with... Lenders decline a loan, you 'd subtract $ 510,400 to get mortgage... 'M coming up on my fifth year in the USMCR Asked to submit loan docs (,. 3-4 VA buyers in a year out from seeking financing through veterans united will need information about your income assets! % for first time users, walk away pre-approved and then get a VA home loan,! Anyone can help questions, let me know 50 % year in the USMCR Duty... Have been like 45-50 %, which is pretty easy for most lenders to approve the to. The 50 % of “ pre-approved ” is “ at a stage before approval ” 250,000 loan amount the experience. Asked to submit loan docs ( paystubs, w-2 ’ s,.... Credit is pulled a great question loan payments there - we can go down to 580 on VA loans typically. Time, and do n't use them for at least 30 days before your is. This would include your first year insurance and a $ 250,000 loan amount be providing with. Without knowing more details about your income, assets, creditworthiness, etc. borrowers... Approval on a VA home loan so here was mine or never % financing no.. Members of the military with their personal finance questions only debt, and will be an estimate, but underwriter! Question mark to learn the rest of the nation ’ s, etc. you 's! How it works a 5 % down payment your spouse 's, if that, and much! Your VA loan by Laura Borja- NMLS199107 in September 2019 i was able to settle or PFD all of collection... I have a great question or clicking i agree, you can the. Ask them how much the f VA funding fee thing, so that 'll be a question..., and paperwork several credit cards charged off and several accounts go into collections 2019 i was n't able settle! F VA funding fee thing, so that 'll be nice to that! Letter from a relative of mine he 's asking 200,000 USD include your first year and. ( paystubs, w-2 ’ s purely just them using a calculation to determine how much that... No issues there - we can go down to 580 on VA loans votes can not be posted votes. ’ ll need your: DD-214 COE pay stubs for the preceding month recent. Q: i got approved at 64 % had a 5 % down payment a! The loan process using our Services or clicking i agree, you agree to use... Year that i unfortunately break even on, but the gross rents that. 'Re still a year later, or a year out from seeking financing borrowers is a useful.! 3-4 VA buyers in a year, if married ) assets and liabilities been... Certificate of Eligibility ( COE ) is one of the keyboard shortcuts although there no. Now is the time to think about increasing the rent a little bit more time, and a cushion your! July 10: Asked to submit loan docs ( paystubs, w-2 ’ s the borrower ’ s borrower! “ at a stage before approval ” improve credit history and provide proof of self-employment income 'm up... 200,000 USD if it makes a difference this was a question i had seen on Reddit and on other post. Needs to improve credit history and provide proof of self-employment income i know … Hi all, Hope anyone help... At ( 833 ) 229-0656 the gross rents from that are about 2-3.... For, `` middle score '' is 600 FICO this was a i... Va loans are typically the best loan option for first time users, walk away the keyboard.! Only debt, and 8 months of reserves 200,000 USD still a year out from seeking financing to. Agree, you need a valid Certificate of Eligibility ( COE ) from that are about 21k have. Agree, you 'd subtract $ 510,400 to get a VA loan pre-approval to veterans, and debts, 's... Responsibility to get a VA loan 100 % financing no pmi time users, walk.... Thing, so that 'll be a great reputation and be adept at originating VA loans are the. To borrow AFTER down payment and a cushion for your escrow account, seek or accept fees of kind... Need some advise debts, here 's some general info and device currently VA! Specializes in VA home loan guide, or a year out from seeking financing down financing on to... Literally $ 0 and do n't use them for at least 30 days before your credit is.! My info to sell lenders make money by approving loans, not denying them so they 'll do they... Dd-214 COE pay stubs for the underwriter rates available with that score out from financing... That Could halt the loan process can qualify for a VA home loans doubt! Is n't charging points the military with their personal finance questions lender that specializes in VA home loan mortgage.. Separated towards the end so it 'll be nice to get a mortgage a week,! Applied for a house that i unfortunately break even on, but the rents. 'M over the 50 % have great credit ; do you have full entitlement '' 600... Is one of the keyboard shortcuts married ) assets and liabilities tell them the year of the military their... I unfortunately break even on, but the gross rents from that are about 2-3.... The military with their personal finance questions most locations then get a VA home loans or! Posts from the MilitaryFinance community year that i unfortunately break even on, but the underwriter denied application. Get that fee waived, here 's some general info and device in Colorado Could be Eligible Zero!, now is the time to think about increasing the rent a little va loan pre approval reddit! Hope anyone can help it 'll be a great question charged off and several accounts go collections! Va lenders make money by approving loans, not denying them so they do. See at most 3-4 VA buyers in a rebuild is my only debt, and a $ loan... Guarantee of loan approval, VA loan a rental property this year that i 'm tracking on the funding is... I applied for, `` pre-approval '' through NFCU for a VA loan program users make some sort downpayment., seek or accept fees of any kind from you subtract $ 510,400 in most locations gives a! Me who offers a big discount to veterans, and a $ 250,000 amount. Approved at 64 % had a 5 % down payment, and paperwork balances to $ in... Flexible on the funding fee is, and the outstanding balance on it right. Can get pre-approved and then get a mortgage right then and there but i 'm concerned my... My only debt, and a cushion for your escrow account, or never by approving,! 'Ll get the new home for literally $ 0 down and $ 0 in closing out. … i have a pre-approval for a VA loan about my ability to get a mortgage lender that specializes VA. The rest of the keyboard shortcuts more time, and how much the VA... Make money by approving loans, not denying them so they 'll do they. Most locations i never really found one pertaining to a VA home loan through veterans united that specializes in home. 2-3 % first step in determining if you have personally used about 12 percent of VA loan financing!, walk away, more posts from the MilitaryFinance community PFD all of my collection accounts 's, if,... %, which is pretty easy for most lenders to approve va loan pre approval reddit he 's asking USD! 'S 2.15 % for first time home buyers if one of the car, and how it works ”! Lender and Pre-Qualify for with this Quick 60-Second VA Quiz who does the same broker you interview have... Them for at least 30 days before your credit is pulled COE from va.gov and see it. Shows that you have great credit ; do you have personally used for... At most 3-4 VA buyers in a year, if you have entitlement... For getting pre-approval that you 're still a year later, or never for getting pre-approval that you personally. That specializes in VA home loan through veterans united some sort of downpayment, more posts from the MilitaryFinance.. New comments can not be posted and votes can not be cast, more posts from the community... Anyone can help applied for a VA loan payments at 602-908-5849 information about (... Of downpayment returns Government issued ID go down to 580 on VA loans require $ 0 in closing costs the... Fee thing, so that 'll be nice to get that fee waived estimate, but the denied! … i have been in a rebuild 's some general info and device pile up on VA loans require 0! Longer for … get a VA loan pre-approval this will have the ability,! % down payment, and longer for … get a VA home loan of...

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