St. Lucie County, Florida VA Home Qualifications
Qualifying for a VA Home Purchase in St. Lucie County, FL

Once you’ve determined that you’re eligible to apply for a St. Lucie County, 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 St. Lucie County, 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 St. Lucie County 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 St. Lucie County 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 St. Lucie County, 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 St. Lucie County, 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 St. Lucie County, 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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    Get Qualified for a VA Loan Near St. Lucie County, Florida

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    St. Lucie County is a county in the U.S. state of Florida. As of the 2010 census, the population was 277,789.[1] The county’s seat is Fort Pierce.[2] As of the 2019 Census Estimate, St. Lucie County has a population of 328,297. St. Lucie County is included in the Port St. Lucie, FL Metropolitan Statistical Area, which is also included in the Miami-Fort Lauderdale-Port St. Lucie, FL Combined Statistical Area.

    The area was originally inhabited by the Ais tribe, a hunter-gatherer culture whose territory extended from south of the St. John’s river to the St. Lucie Inlet. Spanish explorers frequently encountered the fierce tribe as the Spanish treasure routes ran parallel in order to take advantage of the strong Gulfstream current. The area was given several names by the Spanish including Rio de Ays (later changed to Indian River) as well as Santa Lucia, named after the short-lived late 16th-century Spanish fort that bore its name farther south. The fabled 1715 Spanish treasure fleet sank off the area that is now St. Lucie County, leading to the regional naming of the area as the Treasure Coast.