Harrisburg, IL VA Refinance Qualifying
Harrisburg VA Home Refinance Qualifications
NO LATE PAYMENTS IN LAST 12 MONTHS
You must have made the last twelve of your mortgage payments on time to be eligible for a cash-out refinance with VA Mortgage Centers. This is important because it shows that you are responsible and are able to make your loan payments on time.
DEBT-TO-INCOME RATIOS
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 Mortgage 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 Mortgage Centers can discuss your options with you so that you will be eligible for a refinance as soon as possible.
CREDIT CHECK
It’s important for the lender to check your credit again with a cash-out refinance, since it’s an entirely new loan. VA Mortgage Centers checks your credit to make sure that you are still financially stable. If you’re thinking of applying for a cash-out refinance 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 refinance process.
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Harrisburg (/ˈhærɪsbɜːrɡ/ HARR-iss-burg; Pennsylvania German: Harrisbarrig)[citation needed] is the capital city of the Commonwealth of Pennsylvania in the United States, and the county seat of Dauphin County. With a population of 49,271, it is the 13th largest city in the Commonwealth. According to 2018 estimates of the Census Bureau,[6] the population is 51.8% Black or African American, 22.6% White, 21.8% Latino, 5.4% Asian, and 0.4% Native American while 3.9% identify as two or more races. It lies on the east bank of the Susquehanna River, 107 miles (172 km) west of Philadelphia. Harrisburg is the anchor of the Harrisburg metropolitan area, which had a 2019 estimated population of 577,941,[7] making it the fourth most populous metropolitan area in Pennsylvania and 96th most populous in the United States. It is the second-largest city in the multi-polar region known as the Lower Susquehanna Valley, comprising the Harrisburg, Lancaster and York metropolitan areas.