7 Steps to Get Started With a VA Loan in Oregon
VA home loan is an extremely lucrative proposition for veteran military personnel who are dreaming to own a home or build one. However, despite knowing the basic concept of VA home loans, majority of people feel quite reluctant to go ahead and apply for the same. Principally, this is because of the lack of knowledge on how exactly a VA home loan is acquired.
Mentioned below are 7 important steps involved in the process of VA loan in Oregon application that you must go through if you are a first timer. Take a look.
7 Steps to Get Started with a VA Loan in Oregon
1.Meet Your Eligibility Requirements
To fulfill eligibility requirements, you need to understand the criteria.
• Reserve member or a national guard with minimum 6 years of service time.
• Retired army veterans who have exhausted 90 days in gulf war or 181 days of army service with honorable discharge.
• Active duty members of US army after 90 days of gulf war or 181 days of regular service.
• Surviving spouses.
Currently, there are many private lenders under a VA loan, Oregon program available in the internet space. These finance companies offer brochures that consist of complete details on eligibility criteria. You can get in touch with these companies to know whether you stand eligible for a VA loan in Oregon.
2.Go Through the Credit Score
The minimum credit score to apply for a VA home loan is 620. Go through your credit score and see whether you fulfill this requirement. Try to maintain a decent credit score, so as to enhance your chances of loan approval rather substantially.
3.Confirm your Ability to Maintain a Minimum Standard of Living
US dept. of veteran affairs has laid out several parameters in standard of living, so as to confirm your capability of repaying the loan or any other current dept in your name. Therefore, it is advised to loan seekers to establish their capability of affording the loan.
4.Determine the Characteristics of your New Home
Prior to completing you application for a VA loan, determine the characteristics of your new home. Size, location, features are among few specifications that you must confirm before you apply for a VA home loan.
5.Decide the Limit of VA Home Loan
After you have decided what kind of house you need and what exactly the specifications are, it is now time to decide the stretch of the VA home loan. This is especially important since, the loan amount sanctioned to you will largely depend on the value of your home.
6.Decide the Duration for Loan Maturity
After you have settled on the loan amount you require for purchasing a home, it is time you decide the loan maturity time. Depending on the amount, the time frame may vary from a few to several years. There are several companies that offer loan calculators that figure out the exact period of loan maturity as per the EMI you are capable of paying towards repayment of loan.
7.Obtain Loan Pre-Approval
Get everything verified at your end so as to obtain a loan pre-approval. This step primarily involves verification of your credit score, relevant documents and eligibility. Loan pre-approval indicates towards the seriousness of the buyer and builds confidence in the loan provider, thereby enhancing your chances of getting a loan.
These 7 tips will definitely assist you to start on just the right foot while seeking a VA loan in Oregon. If you need some more help in this regard, ask your questions in the comment section below.
For more details visit here- http://valoansfinance.com/states/oregon-va-loans/