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The VA Loan program is a loan program that is offered to those who have served in the military, or the spouses of those who have served in the military and passed away while on duty. If a borrower qualifies for the VA Loan Program, this program is easily one of the least expensive in the short term AND the long term due to low interest rates. This program allows veterans to become suitable borrowers, allowing them to buy safe and sanitary homes that allow a bit of a lower restriction on down-payment requirements and credit score eligibility. Veterans can qualify for a VA home loan that covers 100% of the home loan For the next part, we’ll be talking more about Eligibility Requirements and borrower categories.

The VA Loan Program does have property requirements, but only that the home being purchased is deemed eligible by the Department of Veteran Affairs. However, as mentioned before, this loan program is very lenient on income and assets requirements for a borrower. None You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability Remember, you only need to fulfill only ONE of the above conditions to be eligible for a VA home loan. For VA Loan Programs, the borrower has to meet credit requirements and VA’s definition of a Veteran.

In order to submit for a VA Home Loan, the applicant will need to meet the credit score thresholds and decide how much of a down payment they wish to pay. More specifically, the borrower will need to submit the last 30 days of pay stubs, the last 2 years of W-2 forms for all jobs, the last 2 years of tax returns, and the most recent 2 months of official bank statements Bank statements can be a huge part of the VA Loan submission process, as these items are audited a bit more strictly than other loan documents. If there is evidence of child support, than the full child support order will need to be furnished as well.

The FHA loan program is similarly restrictive when it comes to Appraisal reports but less restrictive for homeowner’s insurance requirements than the USDA Loan program! If the seller chooses not to lower the price to meet the appraised amount, the transaction can be canceled and this can force the would-be home buyer to look for another home. If the home’s appraisal value does not cause any issues, the appraiser must also confirm if the home satisfies the conditions set by The US Department of Housing and Urban Development in the most recent HUD Handbook. The Homeowner’s Insurance requirements for the FHA Loan program indicates that in order for the loan to be able to be closed, the policy must have the following items: If it’s lower than the loan amount, the Insurance Company must provide what is called a Replacement Cost Estimator, or RCE for short.