A Military Spouses Guide to VA Home Loans

Military spouses support their active duty or veteran partners through the trials and tribulations of deployments, PCS, TDY, and retirement. When the time comes to purchase a house, accurately completing a VA home loan application completion is another way military spouses make a positive impact.

A Military Spouses Guide to VA Home Loans

In addition, knowing how to prepare for your loan will improve the probability of procuring a VA loan on your first attempt.

Request a credit report
As a consumer, you may obtain a free credit report once a year. Once you’ve made the decision to buy a home, request a copy of your credit profile. You’ll want to verify the accuracy of what’s being reported so that there are no surprises.
In general, most VA lenders will accept a minimum credit score of 620. If you’re going to be on the loan as a co-borrower, you’ll want to make sure your credit score meets the minimum credit score. By requesting the report early, there will be time to correct any errors, and repair late or delinquency reporting.

Know your state regulations
Find out if your state is a community property state. If you purchase a home in a community property state, even if you’re not on the mortgage loan, your debts are included when calculating the debt-to-income ratio (DTI). Lenders will require maximum DTI ratios, so being informed about your state regulations in advance is essential in the process and will alleviate some of the stress that comes with buying.

Gather documents
Most VA lenders require certain documents to verify specific information. Gathering documents in advance will ensure a smoother process. Collect:

· Bank statements
· Paystubs/ LES/ Self-employment documentation
· Tax returns
· DD214
· VA Disability Awards letter(s)
· Social security statements

Are you eligible for a VA home loan
Maintain your budget
Most military spouses will agree that one benefit taught in the military community is how to live on a budget. Although difficult, understanding the income coming in, and the payments going out, will help you stay on track. Maintaining a budget ensures all bills are paid on time and will limit additional debt accrual, both of which increase credit scores and improves your chances of obtaining a VA home loan.

Time to save
One of the greatest benefits of a VA home loan is the fact that there is no down payment required. However, like most new homeowners, in making your house a home, you’re eager to furnish. Because of your debt-to-income requirements, purchasing new items on credit may not be an option, so saving becomes important. Here are a few ways to cut back on costs:
· Eat in, instead of ordering out
· Plan a stay-cation
· Skip expensive date nights by enjoying a romantic walk or bike ride

Veterans and their families deserve to live in the home of their dreams. Our mission is to help them understand and use their VA benefits to achieve just that. If you’ve made the decision to purchase a home, we will show you how easily VA home loans can become a reality.

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