Tarpon Springs, Florida VA Home Qualifications
Qualifying for a VA Home Purchase in Tarpon Springs, FL
Once you’ve determined that you’re eligible to apply for a Tarpon Springs, 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 Tarpon Springs, 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 Tarpon Springs 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 Tarpon Springs 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 Tarpon Springs, 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 Tarpon Springs, 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 Tarpon Springs, 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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Tarpon Springs is a city in Pinellas County, Florida, United States. The population was 23,484 at the 2010 census.[6] Tarpon Springs has the highest percentage of Greek Americans of any city in the US.[7] Downtown Tarpon has long been a focal point and is currently undergoing beautification.[8]
The region, with a series of bayous feeding into the Gulf of Mexico, was first settled by white and black farmers and fishermen around 1876. Some of the newly arrived visitors spotted tarpon jumping out of the waters and so named the location Tarpon Springs. In 1882, Hamilton Disston, who in the previous year had purchased the land where the city of Tarpon Springs now stands, ordered the creation of a town plan for the future city.[1] On February 12, 1887, Tarpon Springs became the first incorporated city in what is now Pinellas County.[1] Less than a year later on January 13, 1888, the Orange Belt Railway, the first railroad line to be built in what is now Pinellas County, arrived in the city.[9] During this time the area was developed as a wintering spot for wealthy northerners.