Today let’s talk about VA home buyers in Los Angeles. VA loan program is the program for veterans and service members and the biggest advantage of it that they can buy a property with a 0% down payment. No other program can offer that! However it’s not that easy even for veterans and service members to qualify sometimes. Let’s take a look at eligibility requirements.
First of all your Credit Score needs to be 620 or above. And even though it’s not so much when compared to conventional financing, it’s still a hard number to hit for some people. If your credit score is lower than that, you should work on improving it in order to be qualified.
Then you have to have a handle on your Debt. Yes, this is true, you don’t have to be absolutely debt free in order to get a VA loan, but you must show a solid record that you know how to handle your debt.That’s where your income comes to play because you must have enough income to be paying off high interest rate debt. Though such negative things on your credit as collections, liens and judgements must be cleared up before you can qualify.
Also you have to be prepared for upfront costs associated with a property purchase. Even though you don’t need to have money saved up for a down payment, you will need it for inspections, earnest money deposit and escrow expenses. Make sure that you have enough to cover all of that!
Subscribe to our RSS feed for more News and Tips.