As a veteran, you’ll need your discharge papers for many things, including getting a VA loan. Your DD214 papers are proof of your service and the type of discharge you had. It can be the first step you take as you try to get a VA loan. Obtaining the DD214 Papers You should receive your discharge papers from your branch of service upon discharge. However, if you lose them, you can obtain an … [Read more...]
The Importance of Residual Income on a VA Loan
There are many factors that come into play when you are applying for any type of loan, but the VA loan puts a majority of its focus on your residual income. In fact, this number could mean more to the VA than your debt-to-income ratio, which is typically a very important factor in the mortgage approval process. In fact, the VA attributes their low foreclosure rate to the fact that they pay so much … [Read more...]
