I have a VA rating of 70%. I want to get a VA Loan. how can I use my rating to get the VA Loan approve?

Sgt Joel Espinoza — Tue, 21 Jul 2020 15:10:34 -0400

How can I get approve

Response by SGT Richard Garza made Jul 21 at 2020 3:11 PM

SGT Richard Garza — Tue, 21 Jul 2020 15:11:40 -0400

Your funding fee is exempt, other than that you need a 580 and above credit score to be approved.

Response by SSG Shyronda Boose made Jul 24 at 2020 6:03 PM

SSG Shyronda Boose — Fri, 24 Jul 2020 18:03:11 -0400

All you need is your DD214

Response by Cpl Roger Cortez made Aug 24 at 2020 5:01 PM

Cpl Roger Cortez — Mon, 24 Aug 2020 17:01:26 -0400

I believe your disability rating has nothing to do with your ability to get a loan approved. Any vet can get a VA loan guarantee approved so long as his credit rating is good to excellent.

Response by SFC Casey O'Mally made Aug 24 at 2020 6:30 PM

SFC Casey O'Mally — Mon, 24 Aug 2020 18:30:22 -0400

Your rating is more or less irrelevant, aside from possibly reducing or avoiding some fees. Almost all major banks work with VA loans, so do some serious rate shopping. I just did a re-finance with a VA Interest Rate Reduction Loan (VA-IRRL), one bank wanted to give me a new loan with the same payment, and I would save a whopping three months of payments. Still a savings, but not worth the hassle. Another bank is giving me reduced payments ($100 less/ month) AND knocking 9 YEARS off the term of the loan (no, that is not a typo, almost 10% smaller payment every month and almost a third of the time cut off). Not all loans are the same, and the ones who advertise VA loans loud and proud don't usually give the best rate.
Honestly, it is ALL about the rate. Shop shop shop. Then shop some more. Don't be afraid to play them against each other.

Response by John Burke made Aug 25 at 2020 12:03 PM

John Burke — Tue, 25 Aug 2020 12:03:17 -0400

Your 70% rating can help in a couple of ways.
1) VA waives the funding fee.
2) Your disability income is tax free which allows a lender to gross up that income by 125%. This reduces your debt to income ratio and can help you qualify. The caveat with grossing up income is that it does not apply to the VA required residual income calculations.
3) Depending on what state you're in, you could see a reduction to your property taxes or you could be completely exempt. For example: In IL Veterans with a service connected disability rating of 70% or more are totally exempt from property taxes while states like FL & TX reduce your taxes if you're under a 100% rating. If you're 100%, they completely exempt you from taxes.

Response by SSgt Justin Taylor made Aug 28 at 2020 8:17 PM

SSgt Justin Taylor — Fri, 28 Aug 2020 20:17:08 -0400

What matters about your rating is the income you receive... your income is a prequalifier to getting a VA loan. You need to be able to make the payments on the loan, and as long as you can, and the home meets the required inspection requirements, then you can qualify for a VA Loan. After, do what was already stated... Shop, Shop, Shop around to find the best rates. The better your credit and income are, the more you can negotiate better rates and terms on a loan.

Response by PO2 Mike Vignapiano made Aug 14 at 2021 12:55 PM

PO2 Mike Vignapiano — Sat, 14 Aug 2021 12:55:35 -0400

Just contact a lender that offers VA loans. Inform them you have a rating above 50%. This will allow them to waive the VA funding fee.

Response by SGT Herbert Bollum made Aug 16 at 2021 9:27 AM

SGT Herbert Bollum — Mon, 16 Aug 2021 09:27:19 -0400

One thing I didn't see anybody else mention--go to VA website and get a certificate of eligibility -- that will save time down the road when you finish shopping for the best rate. Also print out a copy of your rating from VA to show the loan officer/

Response by SPC Paul Valnes made Aug 16 at 2021 9:04 PM

SPC Paul Valnes — Mon, 16 Aug 2021 21:04:07 -0400

Go to your nearest bank, Ask for a loan officer, they will guide you through the whole thing. The zero down payment thing isn't the best. Best to have a few bucks to pay some of the costs.

Response by SSgt Judy L made Aug 31 at 2021 4:14 PM

SSgt Judy L — Tue, 31 Aug 2021 16:14:56 -0400

Use the benefit you get as income.

Response by SPC Philip Andrade made Sep 1 at 2021 1:30 AM

SPC Philip Andrade — Wed, 01 Sep 2021 01:30:49 -0400

The rating is just proof that you have the fees to make a monthly payment, call around and get the best offered rate, I used rocket mortgage for my loan and the rate was fantastic! Shop around.

Response by CPT Larry Hudson made Sep 1 at 2021 4:48 PM

CPT Larry Hudson — Wed, 01 Sep 2021 16:48:25 -0400

Go to a va loan bank, they help as best they can.