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Shoals, Indiana VA Home Qualifications
Qualifying for a VA Home Purchase in Shoals, IN

Once you’ve determined that you’re eligible to apply for a Shoals, Indiana 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 Shoals, IN—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 Shoals 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 Shoals 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 Shoals, IN 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 Shoals, IN. 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 Shoals, IN 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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If you’re looking for a personal VA mortgage experience near Shoals, IN you’ve come to the right place.  Get the best of both worlds with a designated VA professional plus technology.  What’s even better are the lower rates, no upfront fees and fast closings. 

Rates so low the nations largest VA lenders panic when consumers find out about our Shoals VA Mortgage Rates. Connect with your personal VA Loan Expert by calling 888-208-9797.  

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    In oceanography, geomorphology, and earth sciences, a shoal is a natural submerged ridge, bank, or bar that consists of, or is covered by, sand or other unconsolidated material, and rises from the bed of a body of water to near the surface. Often it refers to those submerged ridges, banks, or bars that rise near enough to the surface of a body of water as to constitute a danger to navigation. Shoals are also known as sandbanks, sandbars, or gravelbars. Two or more shoals that are either separated by shared troughs or interconnected by past or present sedimentary and hydrographic processes are referred to as a shoal complex.[1][2]

    The term shoal is also used in a number of ways that can be either similar or quite different from how it is used in the geologic, geomorphic, and oceanographic literature. Sometimes, this term refers to either any relatively shallow place in a stream, lake, sea, or other body of water; a rocky area on the sea floor within an area mapped for navigation purposes; a growth of vegetation on the bottom of a deep lake that occurs at any depth; and as a verb for the process of proceeding from a greater to a lesser depth of water.[2]