Lenders need to verify your income in order to approve you for a mortgage. Does this mean that every lender will ask for your tax returns, though?Compare Offers from Several Mortgage Lenders.Luckily, the answer is ‘no.’ Not everyone has to provide his or her tax returns. Only certain borrowers must provide these documents to prove their income. If you are an employee of a company and … [Read more...]
Is it Possible to Have Two VA Loans at Once?
If you bought a home with your VA benefits, you probably think you can’t get another VA loan. Technically, you are right - you are only supposed to have one VA loan at a time. However, the VA allows a one-time exception that makes it possible to have two VA loans at once.Compare Offers from Several Mortgage Lenders.We’ll tell you how below. Your First VA Loan If you used your first VA … [Read more...]
What FICO Score does Mortgage Lenders Look At?
Your credit score or FICO score tells the lender a lot about your ability to afford a loan. It’s the lender’s first glance at your financial responsibility. If you have a high FICO score, a lender is likely to move forward with your loan application to see if you can afford the loan. If you have a low FICO score, the lender is more likely to decline your application without moving … [Read more...]
Can Child Support be Counted as Income for a VA Mortgage?
In order to qualify for a VA mortgage, you must prove that you can comfortably afford the payments. Sometimes this can be done with your regular income, but sometimes you need that little boost to give you the chance to obtain approval.Looking for Current Mortgage Interest Rates? Click Here.The VA, like any other mortgage program, wants to make sure that your income is stable, reliable, … [Read more...]
What are the Typical Closing Costs for a VA Loan?
Veterans have the distinct advantage of securing 100% financing with a VA loan. Just because you don’t need a down payment doesn’t mean you won’t pay closing costs, though. Luckily, the VA does have a say in which closing costs you pay, helping you to keep your loan costs to a minimum.Compare Offers from Several Mortgage Lenders.Below are the typical closing costs you’ll find on a VA … [Read more...]
