Attention: First Responders with Fannie Mae Loans!
Exclusive refinance is available and expiring soon. Give us a call and get your rate locked. - 855.688.5626
The work you do is vital. That’s why JMJ Financial and Union Choice have banded together to give back to some of the most essential members in the community in this time of crisis; First Responders. With programs designed just for you, now is a great time to give us a call.
http://www.unionchoice.com/apply-now/
You’ve sacrificed your well-being and time with loved ones to show up to work while others stay home.
We want to help, which is why we’ve launched our First Responder Program.
And now, first responders can apply securely straight from their smart phones via our app/website!
http://www.unionchoice.com/apply-now/
Now you can refinance from home with our new app!
http://www.unionchoice.com/apply-now/
WE WILL NEVER FORGET!
#HonoringOurVeterans #UnionChoice
To obtain a VA loan, the guidelines requires that:
• The applicant must be an eligible veteran who has available entitlement.
• The loan must be for an eligible purpose.
• The veteran must occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan. There are exceptions and workarounds in some cases. Talk with a lender about your particular occupancy situation.
• The veteran must be a satisfactory credit risk.
• The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support.
An experienced mortgage lender will be able to discuss specific income and other qualifying requirements, such as credit history, debt-to-income ratio and more.
Credit & DTI Ratio
The VA doesn’t require a specific credit score for veterans and military members who want to use this benefit. But VA lender typically will, and it’s often around a 620. Credit score requirements can be different among lenders.
Similarly, lenders will compute debt-to-income (DTI) ratios. This measure is a snapshot of a borrower’s monthly debts and payments compared to his or her gross monthly income. Despite the VA’s preference for borrowers to have a 41 percent DTI ratio or lower, lenders will often allow for higher DTI ratios. That, too, can be different depending on the lender.
Residual income
VA also has a requirement for residual income, or monthly income remaining after all major debts and obligations are paid. Residual income is measured to ensure borrowers and their families will have enough money to cover basic living costs (e.g. food, transportation), and amounts vary based on family size and part of the country. The VA loan program’s success in terms of low foreclosure rate is due in part to these residual income requirements. In all, make sure you find a qualified lender that is able and capable!
Shelor Young recommends Union Choice.
February 5 at 5:09 PM ·
Union choice is awesome! Tanisha, Lou, Demy were very helpful. No questions went unanswered. Very professional. All paperwork was done in a timely manner. I recommend them to anyone who is looking to refinance. Blessings to Union Choice 🙏
Union choice is awesome! Tanisha, Lou, Demy were very helpful. No questions went unanswered. Very professional. All paperwork was done in a timely manner. I recommend them to anyone who is looking to refinance. Blessings to Union Choice 🙏
