VA Home Loans

VA FIXED RATE LOANS
Fixed Payments for the Life of Your Loan

With today's many VA Home Loan options, buying and selling a home - even many times in your military career and through frequent military moves - can be profitable.

The VA Home Loan Fixed Rate is the simplest way to purchase the home of your dreams. With this type of VA Loan, you know from the start what the monthly payment will be for the next 15 to 30 years, depending on the life of the mortgage.

Because even when you reach for your dream home, you don't want carry a financial burden that's more than you can manage, and find yourself buried under an unmanageable financial weight.

To protect veterans, the VA has set financial requirements that borrowers and/or their spouses must meet, with a debt-to-income ratio that will allow you to see if you can truly afford your VA mortgage. The VA Home Loan debt-to-income ratio lets you to determine upfront whether you can comfortably meet all the expenses of home ownership.

Your debt-to-income ratio alone won't determine if you're eligible for a VA home loan. For complete eligibility, there are many other factors including your credit history that count. Check your credit rating and make sure it's as high as possible before you apply for your VA Home Loan....get started as soon as you know you're in the market for a new home.

TO BE ELIGIBLE FOR A VA HOME LOAN, YOU WILL NEED:

• An excellent credit history
• A history that shows a conservative use of consumer credit
• Minimal consumer debt
• Long-term employment
• Significant liquid assets
• Military benefits and more

DOES MY FIANCE'S INCOME COUNT IN MY DEBT-TO INCOME RATIO?

If you are a veteran engaged to be married and you're thinking of purchasing a home for $300,000 using your VA Home Loan entitlement at $0 down payment, but you don't qualify on the Debt to Income Ratio without your fiance's income, can you as the veteran be the Co-Borrower?

Until you are legally married, the answer from the VA is no. When a veteran wants to bring an unrelated, non-military cosigner, the VA allows this with one major exception: the VA guarantee is limited to the amount of the veteran's interest in the property. Keep in mind that VA loans are pooled into Ginnie Mae (GNMA) securities and they require a full 25% guarantee from the VA.

ARE VA HOME LOAN BENEFITS TRANSFERABLE TO CHILDREN AND SPOUSES?

How about sons, daughters and spouses of deceased veterans or veterans who never used their VA Loan Benefits - are VA Home Loan benefits transferable?

For children of veterans, the answer is no. But for spouses of deceased eligible veterans, there are unique circumstances where spouses qualify: the unmarried surviving spouse of a veteran who died as a result of service or service-connected causes, and 2. the spouse of an active duty member who is listed as missing in action (MIA) or a prisoner of war (POW) for at least 90 days. Eligibility under this MIA/POW provision is limited to one time use only.