Oviedo, Florida VA Home Qualifications
Qualifying for a VA Home Purchase in Oviedo, FL
Once you’ve determined that you’re eligible to apply for a Oviedo, Florida 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 Oviedo, FL—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 Oviedo 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 Oviedo 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 Oviedo, FL 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 Oviedo, FL. 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%. Smart Mortgage 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. Smart Mortgage 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 Oviedo, FL 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. We will assist you if needed. A side note: spouses must apply by mailing in this form.
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Oviedo (UK: /ˌɒviˈeɪdoʊ/, US: /ˌoʊvi-, oʊˈvjeɪdoʊ, -ˈvjɛ-, -ðoʊ/, Spanish: [oˈβjeðo]; Asturian: Uviéu [uˈβjeʊ]) is the capital city of the Principality of Asturias in northern Spain and the administrative and commercial centre of the region. It is also the name of the municipality that contains the city. Oviedo is located approximately 24 km (15 mi) southwest of Gijón and 23 km (14 mi) south of Avilés, both of which lie on the shoreline of the Bay of Biscay. Oviedo’s proximity to the ocean of less than 30 kilometres (19 mi) in combination with its elevated position with areas of the city more than 300 metres above sea level causes the city to have a maritime climate, in spite of it not being located on the shoreline itself.
The Kingdom of Asturias began in 720, with the Visigothic aristocrat Pelagius’s (685–737) revolt against the Muslims who at the time were occupying most of the Iberian Peninsula. The Moorish invasion that began in 711 had taken control of most of the peninsula, until the revolt in the northern mountains by Pelagius. The resulting Kingdom of Asturias, located in an economically poor region of Iberia, was largely ignored by the Muslims. In 720, the area where Oviedo is now located was still uninhabited.