Alex Popovic, the founder and owner of Semper Find My Home, recently wrote a blog on his personal website AlexPopovic.com. Please take a moment to read some amazing statistics regarding the attack on Pearl Harbor. And never forget those who perished on that fateful morning.
I’m often asked by friends of mine who are veterans to help them out during the process of purchasing their home. I actually just helped a veteran here in Phoenix, Arizona with a VA Jumbo loan and we both learned something new during his lending process.
Remember fellow veterans, your VA home loan depends a lot on your Debt To Income ratio, more commonly known as DTI, and just like regular loans they determine whether or not you qualify and for how much. Take a look here at how it’s determined.
Dodd/Frank laws that came into effect in 2014 dramatically changed the lending process and landscape for the entire industry. They now require lenders to ensure borrowers the “ability to repay” a mortgage. DTI ratios and other criteria have made qualifying for a loan a lot more stringent and difficult. Gone are the days of NINJA loans…..remember those? No Income No Job/Assets?
The acceptable Debt To Income ratio for a VA loan is 41% and credit plays a huge factor. I’ve seen personally a veteran who was approved for a loan with a DTI ratio in the 60% range, however, the underwriter has to explain the reason behind approving the loan. Not to say it can’t be done.
So veterans, just because we’re entitled to a VA loan doesn’t mean we’ll be approved for one. Work with your Realtor® who probably has excellent relationships with lenders. At Semper Find My Home we work with the Belmont Group, Matt Belmont happens to be a fellow Marine Veteran who works closely with all my clients to ensure we maximize your experience and utilize your VA benefits to their fullest, he’s awesome!
Semper Find My Home is finally live and reaching out to veterans, first responders and the entire Phoenix Real Estate Community. It’s been a while getting here, due to us being so busy, but you know what they say, “better late than never.” Stay tuned for a ton of information we will be posting and dissmenating regarding using the VA loan, which happens to be the best product ever created, and other really useful bits of real estate information.