Obtaining A V.A Home Loan
Obtaining A V.A Home Loan – This loan enables a buyer the chance to purchase a house with no money down.
WHAT AMOUNT OF TIME
IS REQUIRED TO GET A
This is common in the mortgage industry. There are a number of steps in the approval process and getting preapproved is one way to shorten the closing time.
An agreed upon moving date can also make the process longer or shorter. The VA appraisal also plays a role.
Should the appraiser make the loan based on necessary repairs, the closing date could be extended by weeks and sometimes even months.
After an appraisal, the VA loan must then go through the underwriting process. This is the final step.
The need for more documentation or resolving eligibility issues can cause the closing date to be extended.
HOW MUCH INCOME DO I HAVE TO MAKE TO GET
A VA LOAN?
When a person applies for a VA home loan, they will hear about a formula known as the debt-to-income ratio (DTI).