Credit & Finances
Article Archives - Future Homeowners
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Debt-to-Income (DTI) Ratio Guidelines for VA LoansVA lenders will take a deep dive into your finance to determine if you are eligible for a VA home loan. One of the most important metrics is the Debt-to-Income (DTI) Ratio.
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How Discount Mortgage Points Work on a VA LoanPurchasing discount points on a VA loan can be a good investment for Veterans looking to lower their interest rate.
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Getting a VA Loan With Marijuana IncomeWithout major changes to federal drug laws, Veterans whose income relies heavily or solely on the production or sale of marijuana will likely remain in limbo when it comes to using their VA loan benefit.
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Can You Use Cryptocurrency for a Down Payment or Closing Costs on a VA Loan?Bitcoin and its crypto counterparts are increasingly popular. Here's what Veterans need to know about using them during the VA homebuying process.
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Getting a VA Loan Using Alternative TradelinesNot all first-time homebuyers will have a robust credit history, and as strange as it sounds, things like your cable bill or P.O. Box can help you land a VA home loan. Using alternative tradelines may convince mortgage lenders that you're a safe bet.
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Buying in a Trust With a VA LoanWhile it isn’t a common occurrence, veterans and military members may be able to purchase with a VA home loan through a revocable inter vivos trust.
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Using Basic Allowance for Housing (BAH) on VA LoansAn incredibly powerful benefit of the VA home loan is military members' ability to use their Basic Allowance for Housing (BAH) towards their mortgage payments. BAH rates depend on several different factors, so it's crucial to verify your amount with the DOD.
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What VA Buyers Need to Know About Hard v. Soft Credit InquiriesLearn about the major difference in hard and soft credit inquiries with a VA loan and how these affect your credit score.
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What VA Buyers Should Know About Verification of Rent (VOR)Lenders may require a Verification of Rent (VOR) to better assess a borrower's likelihood of making on-time mortgage payments. While VORs aren't always necessary, it's important to understand what they are and how they can impact your mortgage process.
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Cash Reserves Requirements for VA LoansYour cash reserves are important to the homebuying journey as lenders want to make sure you have a stable, reliable income that’s likely to continue.
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What VA Buyers Need to Know About Mortgage Credit ScoresKeeping an eye on your credit score is a good habit to keep, especially when looking to buy a home. There are a few different types of credit scores your VA mortgage lender will look at when evaluating your finances, and several terms you should be aware of.
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How Job Gaps & Job Changes Can Affect Your VA Loan Eligibility
Verifying your employment is an important step in establishing eligibility for a VA home loan. However, changing jobs, being placed on temporary leave, or switching careers can all impact the timeline of your VA loan.
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Getting A VA Loan Using Self-Employed Income
The inconsistency that results from self-employment can often lead to applicants running into some hurdles. They will need to verify their income and provide critical business documents to qualify. However, policies will vary depending on the lender.
