Page 7 - The Panozzo Team - VA Home Loan Guide

WHY THE VA LOAN IS A GREAT PRODUCT! (CONT.)

MYTH #11: MILITARY MEMBERS DEPLOYED OVERSEAS CAN’T GET A VA
GUARANTEED LOAN.

- The VA loan program is focused on helping veterans and service members purchase
homes they will live in year-round as their primary residence and a spouse or
dependent child can satisfy the occupancy requirement on the service members
behalf. The VA will also allow for delayed occupancy under Certain circumstances.

MYTH #12: QUALIFYING FOR A VA HOME LOAN IS HARDER – THE BORROWER HAS TO
HAVE GREAT CREDIT TO QUALIFY.

- The VA loan is one of the most flexible loan programs when it comes to past

credit hiccups. The VA actually has no credit score requirement and let’s each
lender determine the credit score they will accept. The VA also has more relaxed
underwriting guidelines helping more Veterans qualify.

MYTH #13: SURVIVING SPOUSES DON’T QUALIFY FOR VA MORTGAGES.

- The VA offers a variety of benefits and services to spouses of service members who
are deceased. Unmarried surviving spouses are often eligible for the VA home loan
benefit with VA approval.

MYTH #14: MY BANK TURNED ME DOWN SO NOW I HAVE TO RENT.

- The VA has implemented “underwriting” guidelines that you must meet in order
to qualify for a VA home loan. On top of the criteria set forth by the VA, many
lenders have the ability to impose additional criteria or “overlays” that are more
stringent than the VA rules. Every lender is different so you may qualify with another
lender even if you’ve been turned down already.

NOW LET’S GET STARTED ON LENDER REQUIREMENTS FOR
VA LOANS.

1. THE CERTIFICATE OF ELIGIBILITY.

*Always make sure the lender has pulled a certificate of eligibility before issuing the
prequalification form.

- This is the most important document on a VA home loan! The Veteran is able to
pull their own Certificate of Eligibility or “COE” or the lender can pull it for them.
Typically, with post 9/11 veterans it’s already in the VA’s web system.

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