Getting a St. Louis VA loan is easier than getting other types of loans available out there. It can be a rewarding experience for all the veterans knowing that they are getting a home without any down payments. There is also no mortgage insurance that needs to be paid which is also a great thing.
However, not all the veterans who apply for a VA loan are given one. There are some qualifications that must be met before the loan can be given. Here are some tips to help you secure a VA home loan easily.
Top 5 Tips to Applying for a VA Home Loan
- Know Your Credit Limit Your credit limit is still going to matter even when you are a veteran. Knowing your credit limit helps you to make plans on how you can improve it to reach the required base minimum to get St. Louis VA loans. However, the credit score that most of the VA approved St. Louis home lenders ask for is way less than what they ask for the other loans.
Having a higher credit score can also give you lower interest rates which you can use to bargain. Before you apply, head on to the websites where you can see your financial reports and check them thoroughly to ensure there are no errors that could lower your score.
- Have Reliable Income
Having a salary is not everything if it is all going to debt repayments. The lender will want to see that you have a reliable income that with a ratio of debt to income that is acceptable. The lender will want to know what your residual income is after you have paid all the major expenses and maybe loans.
If it is not good enough for them your application will be declined. They also need to see that the income you are getting will continue into the future.
- The Uses Of The Home
The St. Louis home lender will only approve your loan if the home is going to be used for the approved purposes. The VA doesn’t approve loans for property that are going to be used for commercial gains. They will only approve if the home is going to be used as your primary residence or if you want to refinance payment of your primary residence.
They also do not approve if you are trying to buy the home for someone else. They can approve a home with multiple units provided that you will be living in one of the units.
- Keep Your Credit Clean
During the preapproval process, your bank statements and account dealings will be under a lot of scrutiny. It is advisable that you keep your credit clean during this time. Do not move large amounts out of your account or do anything that could hurt your credit score or raise a red flag.
- Have Everything That You Need
It is also important that you know everything that you will need and have it with you to make the process move much more quickly and easily.