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How To Calculate Residual Income For VA Loans
By: In House Contributor Published on: 15/11/2024To calculate residual income for VA loans, subtract monthly debts (housing, taxes, insurance, loans) from gross income. This ensures enough leftover funds for family needs, based on VA standards.
How Many VA Loans Can You Have?
You can have multiple VA loans if you have remaining entitlement, allowing you to use your VA loan benefit more than once, even simultaneously, depending on loan limits and lender approval.
Minimum Credit Score For A VA Loan
By: In House Contributor Published on: 02/11/2024VA loans have no official minimum credit score, but most lenders prefer a score of 620 or higher. Lower scores may still qualify, depending on lender flexibility and other financial factors.
Can I Buy Land With A VA Loan?
By: In House Contributor Published on: 26/10/2024VA loans mainly cover homes, not vacant land. However, they can be used to buy land if you plan to build a VA-approved home on it immediately, with lender approval for construction.
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Mortgage Heroes has been helping Active Military and Veterans for more than 15+ years. This page is made to help all military families get the answers they are looking for when it comes to housing. Whether its questions about using your VA or new listings in SD, Mortgage Heroes are here to support just as each military member has supported this country!
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Notice To Texas Loan Applicants: Consumers wishing to file a complaint against a mortgage banker, or a licensed mortgage banker residential mortgage loan originator, should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov.
A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at
www.sml.texas.gov