Jimmy Vercellino - Mortgage Banker, Specializing in VA Loans

3. When a person has served
in the military and wants
to purchase a house, one
of the first things they
should do is look into a
VA home loan.

4. This loan enables a buyer
the chance to purchase a
house with no money down.

5. It's possible they may not be
required to pay mortgage
insurance every month.

6. There could be limitations
on closing costs paid by
the buyer.
And an appraisal detailing
the value of a property
could also be provided.

7. WHAT AMOUNT OF TIME
IS REQUIRED TO GET A
VA LOAN?

8. Answering this question with any accuracy can be
difficult.
The majority of VA loans are able to be closed
within 45 days.

9. This is common in the mortgage industry.
There are a number of steps in the approval
process and getting preapproved is one way to
shorten the closing time.

10. Preapproval means a person has met the
lender’s basic requirements for a loan before
starting the process.
The timetable for a seller to move out of the
house and a buyer to move into the house can
impact the closing time.

11. An agreed upon moving date can also make the
process longer or shorter. The VA appraisal also
plays a role.
Should the appraiser make the loan based on
necessary repairs, the closing date could be
extended by weeks and sometimes even months.

12. After an appraisal, the VA loan must then go
through the underwriting process. This is the final
step.
The need for more documentation or resolving
eligibility issues can cause the closing date to be
extended.

13. HOW MUCH INCOME DO
I HAVE TO MAKE TO GET
A VA LOAN?

14. When a person applies for a
VA home loan, they will hear
about a formula known as the
debt-to-income ratio (DTI).

15. The DTI takes the VA loan
applicant’s monthly debt
payments and compares
them to their gross
monthly income.

16. A lender will focus on
monthly debts such as the
cost for housing, unsecured
debts and more.

17. The DTI ratio benchmark for
a VA loan is approximately
41%. When it is more, a
lender may want additional
financial information.

18. Should a person have a high
percentage of debt when
compared to their income,
they shouldn't give up. Some
lenders will provide a VA
loan with higher DTI ratios.

19. HOW MUCH TIME DO I
NEED TO HAVE ON
ACTIVE DUTY TO GET A
VA LOAN?

20. The first step in applying for a VA
loan is to complete and submit
VA form 26-1880.
This is to request a Certificate of
Eligibility. This certificate is provided
by the Veterans Administration.

21. It is proof a person is eligible for a
VA loan. It does not guarantee a
person will be approved for a loan.
The length of time required on
active duty is determined by when a
person was in the military.

22. A person who served in the Gulf War
must have completed 24 months of
continuous active duty or for at least 90
days and received an other than
dishonorable discharge.

23. A person will qualify if they served during
this time for less than 90 days but have
a service-connected disability.

24. To learn specific length of service
requirements for a VA loan, contact the
Veteran's Administration.

25. Jimmy Vercellino, is an Arizona VA
Loan Specialist who helps
veterans obtain the loans they are
entitled to.

26. He served in the United States
Marine Corps, and now devotes
himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion
of his while at the same time helping
others achieve home ownership.

27. Be a proud homeowner today.
For more details call 480-351-5904 or visit the site
www.valoansforvets.com

28. VA Loans for Vets
7702 E. Doubletree Ranch Road,
Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: jimmyv@fcbmtg.com