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Video instructions and help with filling out and completing Va loan contingency
You can think about loan pre-qualification as a first interview of sorts it's usually just a 10 or 15 minute conversation where we'll talk about your service history your income debt and your credit different lenders may take different approaches to this conversation but it's common for loan officers to also ask you about your current and previous employment your assets like bank accounts and retirement funds your monthly liabilities things like day care costs child support or alimony if you've had any previous bankruptcies foreclosures or judgments or any delinquencies or defaults on any federal debts like student loans and more with your permission lenders will also conduct what's known as a hard inquiry to obtain your credit score's a heart and creak and in your credit score although it's typically only a few points if any when you're shopping for a mortgage the credit bureaus won't count every hard inquiry against you instead they'll usually consider all mortgage credit polls within a 30-day period as one single inquiry this helps buyers comparison shop without hurting their credit score different lenders can have different credit score requirements generally a 625 coat is typical for VA lenders eneko borrowers on the loan would also need to meet the lenders credit score requirement if you're purchasing in one of the nation's nine community property states lenders can also consider your spouse's credit and debts even if they won't be on the loan with you lenders will also get a good look at your major monthly debts from your credit reports they'll use these debts and the income information you prto calculate an initial debt to income ratio or DTI this key metric divides those debts by your gross monthly income lenders usually have in a maximum allowable DTI ratio they'll calculate this figure largely in part based on the loan amount you're seeking high DTI ratio and low credit are two of the most common reasons why some perspective buyers cannot get pre-qualified so what happens if you don't meet the lenders credit score cut off some lenders may just say sorry we can't help you we wanted to take a different approach turns United we created an entire department dedicated to helping service members veterans and military families repair their credit and get on the path to loan pre-qualification if we're not able to prequalify borrowers they have the opportunity to work with the credit experts in our lighthouse program our lighthouse consultants will help you develop a personalized plan to boost your credit reduce your debt and strengthen your overall financial profile this is a free service offered only to veterans service members and military families the lighthouse program has helped more than 6,000 veterans and service members overcome their credit challenges and go on to close on a home loan it's an incredible service and something we're really proud of here at veterans united so let's take a step back and sum up everything we've talked.