When you work hard and sacrifice your family’s comfort by serving in the military, you qualify for a particular loan called a VA loan. VA loan is backed by the Department of Veteran Affairs however they are still availed through private NH mortgage companies. Mortgage brokers such as Nextgen Mortgage can help military personnel and veterans when getting a VA loan.
And by going to a mortgage broker, you can significantly increase your chances of getting a VA loan. While VA loans are not difficult to get for military personnel, there are a few ways you can further solidify that you can receive a VA loan. And in this article, we are going to tell you about some ways that you can use to make sure you land a VA loan.
Tips to help you in getting a VA loan from a Merrimack mortgage company
More and more military personnel have started getting VA loans in the past decade. Knowing some essential tips can significantly increase your chances of getting a VA loan from a Merrimack mortgage lender. With that being said, here are some ways that can help you in getting a VA loan:
Keep your credit history in mind: While the credit score requirements for VA loans are not as near as strict as traditional loans, but it still pays to know your credit history when applying for VA loans. Even if your credit history is not in the excellent range, simply having a decent credit report can help you get a better mortgage rate.
In rare cases having a poor credit report can even prevent you from getting a VA loan. While you won’t get a credit score, you should still download a copy of your credit report and look for any errors in them. Correcting those errors in your credit report or improving them can increase your chances of getting a VA loan at a reasonable rate.
Knowing what you can use a VA loan for: VA loans are meant to purchase or refinance a primary home. The primary residence can either be new construction, a single-family residence or a multiunit property. So when you show the intention of using a VA loan to buy a primary home to live in, your chances of landing a VA loan rise considerably.
On the other hand, if you plan to use a VA loan to buy a vacation home, secondary residence, farms or a rental property, then your chances of getting a VA loan can go down drastically. So when you are going to NH housing lenders to get a VA loan make sure to show the intentions of using it for buying a secondary home.
Having a stable income is essential: When you are working at the same job for two years or more, it can significantly increase your chances of getting a VA loan in the eyes of lenders. Keep in mind that lenders want to ensure that they will get their loan amount back within the set period. So when you have a stable income and a steady job, you are a strong candidate for a mortgage in the lender’s eyes. While the government backs VA loans, the lenders still have to ensure that they are giving the loan to someone who will pay it off.
Similarly, having a low debt to income ratio is also an excellent way to land a VA loan. Usually, you will need a debt to income ratio of 41% to get a VA loan; however, you can get a VA loan with a higher debt to income ratio depending upon your situation. It still pays to have a good and stable income and a low debt to income ratio to boost your chances of getting a VA loan here in the Merrimac
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