Question by edvariz: Is it easier to get a home loan approved using VA instead of FHA or conventional?
I was told it was easier to get a home loan approved if I used my VA, nurse this web because the government would back a part of the loan in case it foreclosed so lenders are are willing to lend to someone who uses VA. Also, dosage click I was told VA accepts a larger dept to income ratio than the other financing. Are these both true?
Best answer:
Answer by alterfemego
Easy has nothing to do with it. Each have their requirements and inspections. What really matters is your credit history and rating. Each have their own programs and terms, advice so rates may be close but not exactly the same. As an FHA appraiser, I’d say their inspection is pretty indepth. I’d say conventional loans are somewhat more liberal in the criteria the appraiser can use, while there are guidelines, they aren’t as restrictive as FHA or VA. So what you really should be considering is the best terms and rates for financial situation.
Add your own answer in the comments!
FHA and VA (with USDA rural housing) are the ONLY lenders who will allow up to 100% financing. So, ALL FHA, VA and USDA underwriters are BUSY. The approval timeframe is about the same, but the documentation requirements for VA (I think) are TOO MUCH!
FYI. VA has different guidelines for income/assets/credit than FHA. VA considers what the UTILITIES are at the house, your discretionary $ each month. It is not the same as FHA qualifying parameters.
Get with a mortgage professional who can fully explain the process.
Thank you for your service and Best of luck!
PS. Yahoo answers is supposed to be about information, not about marketing. Obviously, some answerers are here only to get loans.