Understanding VA Loans and Mortgages

A VA loan is a Veteran Administration Loan which means the Federal Government  guarantees this loan and will back it.

  It is easier to get a VA loan for 100% financing than a conventional loan and more people usually qualify for it.  There is not a lot credit requirement for a VA loan and interest rates can usually be lower. Unlike conventional loans the underwriter really can say one way or another about your approval rather than just a number on your credit score.

  For those returning from the Iraq war, a VA loan is a great option and mortgage lenders make it easy for Veterans to qualify for these types of loans. They are safe and usually a lower fixed rate.

Similar to an FHA loan, you will need some documentation as stated income is not usually accepted. Documents like w-2's and pay stubs are needed as well as employment verifications. A VA loan lender works a little differently in approving your loan in that if you have mistakes on your credit that can be explained such as a missed payment due to a death or illness, they are usually excused. These mistakes though must be submitted in writing to be approved.

VA lenders also need to make sure your income supports your lifestyle. That you are a smart, common sense consumer and are careful with your income and your debt.

If you have average to decent credit and you have paid your rent and/or bills in the past, the VA loan might be the best way to go for you. For more information on Veteran realty services and anything VA in the Everett real estate area, don't hesitate to contact my office. I can put you in touch with a VA lender I trust and will help you meet the needs you are looking in owning real estate.

Useful Sites:  We have excellent connections east of the mountains in the Methow Valley real estate area and Ephrata real estate.