Do you want to help our veterans unlock the potential of a VA home loan? Welcome to the first episode of Helping Heroes Become Homeowners! Richard will discuss the benefits of a VA loan and how to qualify and debunk the myths surrounding it. Veterans can purchase a home without a down payment or mortgage insurance with their Certificate of Eligibility. He'll cover what that document is, how to get it, and what credit score you need to get pre-qualified for a VA loan. He'll also discuss all the different factors lenders consider when qualifying an applicant, such as income, assets, back-end ratio, housing ratio, and more. 

Tune in for helpful tips and advice on using your entitlement to purchase a home with a VA loan.

[00:01 - 05:21 ] Debunking Myths About VA Home Loans

• VA loan benefits usually outweigh conventional or FHA loans

  
  



• A certificate of Eligibility is the "golden ticket" to prequalification

  
  



• VA home loan is a great loan for veterans as it provides a guarantee of 25% of the loan amount

  
  



• Interest rates on VA home loans are lower than on conventional or FHA loans

  
  



• Certificate of Eligibility and credit score are important factors in getting a VA home loan

  
  



• Minimum credit score requirements may vary from lender to lender.

  
  

[05:22 - 10:41 ] Maximizing Your VA Loan Benefits

• Veteran or active duty member's income and spouse's income will be taken into account for joint application

  
  



• The debt ratio and housing ratio will be determined by gross monthly income divided by debt load and housing maintenance, respectively

  
  



• Richard shares the steps to get pre-qualified for a home loan

  
  

  
  

  
  

Quotes:

"What better way to say thank you than to give veterans a benefit to purchasing a home with nothing down?" - Richard Sarey

"The more reserves you have, the better chances of the qualification you're going to receive from the lender on your purchase price." - Richard Sarey