Troy, IL VA Refinance Qualifying
Troy 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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Troy (Ancient Greek: Τροία, Troía, Ἴλιον, Ílion or Ἴλιος, Ílios; Latin: Troia and Ilium;[note 1] Hittite: 𒌷𒃾𒇻𒊭 Wilusa or 𒋫𒊒𒄿𒊭 Truwisa;[3][4] Turkish: Truva or Troya) was a city in the northwest of Asia Minor (modern Turkey), southwest of the Çanakkale Strait, south of the mouth of the Dardanelles and northwest of Mount Ida.[note 2] The location in the present day is the hill of Hisarlik and its immediate vicinity. In modern scholarly nomenclature, the Ridge of Troy (including Hisarlik) borders the Plain of Troy, flat agricultural land, which conducts the lower Scamander River to the strait. Troy was the setting of the Trojan War described in the Greek Epic Cycle, in particular in the Iliad, one of the two epic poems attributed to Homer. Metrical evidence from the Iliad and the Odyssey suggests that the name Ἴλιον (Ilion) formerly began with a digamma: Ϝίλιον (Wilion);[note 3] this is also supported by the Hittite name for what is thought to be the same city, Wilusa. According to archaeologist Manfred Korfmann, Troy’s location near the Aegean Sea, as well as the Sea of Marmara and the Black Sea, made it a hub for military activities and trade, and the chief site of a culture that Korfmann calls the “Maritime Troja Culture”, which extended over the region between these seas.[5]
The city was destroyed at the end of the Bronze Age – a phase that is generally believed to represent the end of the Trojan War – and was abandoned or near-abandoned during the subsequent Dark Age. After this, the site acquired a new, Greek-speaking population, and the city became, along with the rest of Anatolia, a part of the Persian Empire. The Troad was then conquered by Alexander the Great, an admirer of Achilles, who he believed had the same type of glorious (but short-lived) destiny. After the Roman conquest of this now Hellenistic Greek-speaking world, a new capital called Ilium (from Greek: Ἴλιον, Ilion) was founded on the site in the reign of the Roman Emperor Augustus. It flourished until the establishment of Constantinople, became a bishopric, was abandoned, repopulated for a few centuries in the Byzantine era, before being abandoned again (although it has remained a titular see of the Catholic Church).