Orchard City, Colorado VA Home Qualifications
Qualifying for a VA Home Purchase in Orchard City, CO
Once you’ve determined that you’re eligible to apply for a Orchard City, Colorado VA loan, there are some things you need to do to make sure that you will qualify for the loan.
One of the key factors in securing a good deal on a home purchase is having a high credit score. But it’s a little different with VA loans in Orchard City, CO—you can often get a good loan even with a low credit score and a short credit history. The lack of an established credit history does not mean that you cannot get approved for a loan.
A satisfactory payment history for utilities or rent can show that you are responsible with your monthly bills and can substitute for an established credit history. If you’re thinking of applying for a Orchard City VA loan in the near future, it’s a wise idea to pull your credit reports and check for any inaccuracies. If you find any, those inaccuracies should be disputed and taken care of before you start the loan process.
You can even apply for a Orchard City VA loan just two years after Chapter 7 bankruptcy has been discharged. A full explanation of the bankruptcy will be required along with the re-establishment of good credit. In this situation it is an absolute must to show that you have a stable job and steady income.
The situation is a bit different with Chapter 13 bankruptcy. You can still be paying on Chapter 13 bankruptcy and receive a Orchard City, CO VA loan—but you must have been making on-time payments for at least one year. Once again, a full explanation of the bankruptcy, a stable job, and the re-establishment of good credit will be required. There is not usually an income requirement for those who apply for VA loans in Orchard City, CO. But borrowers are expected to have reliable income to show that they will be able to make their new mortgage payment. The VA also requires that borrowers have a certain amount of income left over each month after all of their major expenses are paid. This residual income requirement keeps defaults low by ensuring that applicants can meet financial obligations and have a cushion in case of an emergency.
Your debt-to-income ratio is the amount of your monthly gross income that goes toward debt. The VA’s acceptable debt-to-income ratio is 41%. VA Loan Centers can help you figure out what your current debt-to-income ratio is. It’s a complicated process because there are exceptions and variables that can affect your final ratio. If your debt-to-income ratio is higher than the VA’s threshold, you can lower it by paying off debt before applying for your refinance loan. VA Loan Centers can discuss your options with you so that you will be eligible for a refinance as soon as possible.
Anyone who receives a VA loan in Orchard City, CO will have to have filled out a Certificate of Eligibility (COE). This is what verifies to the lender that you are indeed eligible for a VA loan. You do not have to have the COE before you start the VA loan process. The kind of evidence you need to have to establish your eligibility depends on several factors. It shouldn’t be too difficult to get the required information and fill out the form. We will help you with the COE process, if desired. For those with sufficient data in the VA’s system, lenders can establish and issue a COE in just a few minutes. If you prefer, you have several other options. You can fill out and submit the form online, or you can download it, print it, and mail it to the VA. A side note: spouses must apply by mailing in this form.
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I received two quotes from popular VA lenders. My wife wanted work with a local company so we reached out to Smart Mortgage Centers based on their reviews. When we received our quote we almost couldnt believe the difference. After getting it in writing we went with Smart Mortgage and the rest is history. Online application was simple and the communication with Jon and his team was flawless. Thank you Again!
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We had Brian T and he was excellent from start to finish. Even with having to change the closing 3 times because of the sellers he kept us informed of everything that was going on so I wouldn’t have any surprises. I would recommend them to anyone. We had an excellent time especially since we live in Jacksonville and he in another part of Florida.
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The best experience I have ever had!!! We were clear to close in less than 20 days. Brian gave us a better rate than everyone else we had talked too and made the process feel effortless! Brain T. thank you for all your help and we are telling everyone we know to come talk you at Smart Mortgage Centers!
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Orchard City is a statutory town in Delta County, Colorado, United States. The population was 3,119 at the 2010 census. There are three post offices serving Orchard City: Austin (ZIP code 81410), Cory (ZIP code 81414), Eckert (ZIP code 81418).
Orchard City is located in central Delta County at 38°48′59″N 107°58′37″W / 38.81639°N 107.97694°W / 38.81639; -107.97694 (38.816360, -107.976951). Colorado State Highway 65 passes through the town, leading southwest 9 miles (14 km) to Delta, the county seat, and northeast 6 miles (10 km) to the town of Cedaredge. Eckert is in the northern part of the town, and Cory is in the southwest, both along Highway 65. Austin is in the southeast corner of the town, on the north side of Colorado State Highway 92, which leads west 7 miles (11 km) to Delta and east 13 miles (21 km) to Hotchkiss.