Real Estate

Your Guide to VA Loans: How to Cut Through The Red Tape and by David Reed

By David Reed

In 1944, Congress enacted the GI invoice to thank the boys and ladies who served within the military for his or her exertions and commitment. some of the most precious merits integrated within the invoice used to be the VA mortgage. yet forms and stringent approaches have made using and qualifying for those loans complex and unwieldy. "Your advisor to VA Loans" is the 1st ebook to steer veterans throughout the strategy. Readers will notice easy methods to ascertain no matter if VA loans are correct for them, tips to practice, and the way to house universal difficulties that come up. personal loan professional and writer David Reed has greater than 30 years of expertise assisting purchasers navigate complex personal loan tactics. entire with a consultant to neighborhood source facilities, pattern mortgage purposes, fee tables and a word list of phrases, this seminal advisor might help all veterans absolutely benefit from the merits they wish and so richly deserve.

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Your Guide to VA Loans: How to Cut Through The Red Tape and Get Your Dream Home Fast

In 1944, Congress enacted the GI invoice to thank the lads and ladies who served within the defense force for his or her labor and commitment. probably the most precious advantages integrated within the invoice was once the VA mortgage. yet paperwork and stringent tactics have made utilising and qualifying for those loans advanced and unwieldy.

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But an interesting twist occurs when applying this practice, and it involves open versus closed accounts. It was long held that closing credit lines no longer used was a good practice of someone having a strong credit report, and for two reasons. First, the longer an unused account is kept open, the greater the chance that someone can steal the credit card. Second, closing old accounts is a responsible thing to do so people won’t be tempted to start charging stuff they don’t need. That’s still good advice, but because credit scores have replaced a manual credit review by a human being, it is the scores themselves that are most important, and they are affected significantly by two factors: on-time payments and available balances.

Brand-new credit. Everything is so far on the up-and-up, but the premise is bad. There’s a lie to begin with. ’’ It is easy enough to understand why that question is there. Now you’re in a real catch-22. If you have altered your name and Social Security number to hide your bad credit past, and if you lie and say, ‘‘No, I have not been known by any other name,’’ then you’ve just committed loan fraud. Or, you answer, ‘‘Yes, I have been known by another name,’’ and your bad credit past is revealed.

VA loans can still be approved the ‘‘old-fashioned’’ way, which means being approved literally by a person . . the underwriter. Sometimes a loan doesn’t get an AUS approval, but that doesn’t mean the loan isn’t VA eligible. It simply means there are some special circumstances that prohibit the automated approval. Most often these circumstances involve credit issues pertaining to bankruptcies. If your loan doesn’t get the AUS approval, your loan officer will tell you. Not to worry here, though, because your loan is merely approved under a different method.

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